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Flyback is a topology used in SMPS / DC-DC CONVERTER & other power conversion techniques. in this mode the energy is stored in an inductor & is released to the output when the inudctor is de enezised. The energy transfer always takes place when the inductor is broaken away from the supply line through switching transistor / Mosfet , Igbt etc.
You can use non isoleted, isoleted, buck, boost modes with this technique & is the most economical topology. best prefered up to 250Watts of power.