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How the GUID s are created in the system

HI

I have a doubt regarding the GUID numbers created by the system

I am working EBP applicaton which is part of SRM. When we create the Shoping basket with several items , the Shopping basket will have a Header GUID and items will have ITEM GUIDs and also the requestor, vendor, Goods recipent and cost assignmetnt everything have GUIDs associated with them

How this GUID s are created.I mean is there any program which creates them??

Is there any format for this GUID. I mean by seeing the GUID of Shopping basket header can we tell something about the shopping basket.??

What exactly the GUID conveys??

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