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In the literature, there are various algorithms available for computing the discrete fractional Fourier transform (DFRFT). In this paper, all the existing methods are reviewed, classified into four categories, and subsequently compared to find out the best alternative from the view point of minimal computational error, computational complexity, transform features, and additional features like security. Subsequently, the correlation theorem of FRFT has been utilized to remove significantly the Doppler shift caused due to motion of receiver in the DSB-SC AM signal. Finally, the role of DFRFT has been investigated in the area of steganography.