MAC address is an unique identifier assigned to network interface used as a network address in Ethernet and WiFi.
MAC addresses are assigned to certain manufacturer of network controller (NIC). Thus we can identify vendor of a network equipment, whose MAC address we know.
Sometimes, network admins need to know what kind of equipment they have on network in order to "look around". Knowing the vendor of a MAC address can really help to identify problems.
OUI database is updated once weekly directly from IEEE. So it is pretty accurate.
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