The Role of Electronic Signatures in the Digital Economy | DrySign By Exela

 

Role of Electronic Signatures

The digital economy, also known as the ‘Internet economy,’ is taking shape and transforming conventional notions about how businesses are structured and how consumers obtain goods, services, and information online. This new way of doing business is the result of the hyper-connectivity of billions of people, data exchange, and processes through the internet.

The term ‘Digital Economy’ was coined in the 1990s and defined itself as the economic activity – commercial and professional transactions that take place online.

“Every industry and every organization will have to transform itself in the next few years. What is coming at us is bigger than the original internet and you need to understand it, get on board with it and figure out how to transform your business.” --- Tim O'Reilly.

This change has been the catalyst for transformative technology that some of us are just now hearing of, like IoT, Blockchain, Automation, Virtual Reality, Electronic Signatures, etc. These technologies help strengthen the trust in the digital economy and have witnessed significant improvements and evolvements through various technological initiatives.

The rise of the use of electronic signatures, during the COVID-19 pandemic, was more out of necessity than a comprehensive understanding of this technology. However, it is to the benefit of today’s business leaders to find out everything there is to know about this new cutting-edge way of doing business.

Swiftly replacing traditional wet-ink methods of signatures, e-signature solutions like DrySign are the future of secure and fast exchange of documents that need authentication via signatures, for ex: contracts, NDA’s, sales agreements, and much more.

Also Read: https://drysign.exelatech.com/blog/economic-impact-digital-signatures

What is an Electronic Signature?

Electronic signatures are symbols or other data in the digital form attached to an electronically transmitted document to verify the sender’s intent to sign the document – simply put, a technology that allows a person to sign a document online. In the US, electronic signatures are legally recognized by the Electronic Signatures in Global and National Commerce (ESIGN) Act and the Uniform Electronic Transactions Act (UETA). Both laws provide the following:

- No contract, signature, or record shall be denied legal effect solely because it is in electronic form

- A contract relating to a transaction cannot be denied legal effect solely because an electronic signature or record was used in its formation A foundation for online signatures, the ESIGN Act, a federal law, was passed in 2000 and was preceded by UETA which was introduced in 1999. These regulations grant legal recognition to electronic signatures and records if all parties to a contract choose to use electronic documents and sign them electronically.

Electronic signatures are represented digitally but can take many different forms and can be generated by various technologies. Some users use e-signatures to electronically sign and manage the execution of contracts by:

  • Contactless transactions through chips and pins
  • Biometric verification and signatures (fingerprints or facial recognition)
  • Clicking on the boxes (I accept or submit) in online transactions
  • Mentioning names at the end of an email

Electronic and digital signatures, although used interchangeably, mean different things. While electronic signatures prove the intent and consent of the person, a digital signature is the encryption technology that supports electronic signatures and makes them as secure as they are. Using an electronic signature solution that employs digital signature technology, like DrySign, is the safest step to enter this world of digital business.

Source link to Read More About "The Role of Electronic Signatures in the Digital Economy" https://www.exela.digital/4v8

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