If you are reading this blog, you may know what a Digital Signature is, but do we really know the extent of the transformation it can bring to your business and other document-related processes?
According to a research survey conducted by airSlate, more than 50% of businesses switched to Electronic Signatures, whereas more than 30% of individuals moved to an electronic signature platform. An interesting statistic to note here is that even with such large numbers, more than half of the surveyed businesses had serious concerns over the security, privacy, and legality of electronic signatures.
In response to these concerns, let us first learn what an electronic signature means and how exactly does it work?
In the Philippines, Electronic Signatures are legally recognized and provided for in the Republic Act No. 8792 and the Electronic Commerce Act of 2000 (the “E-Commerce Act”). The E-Commerce Act defines them as “any distinctive mark, characteristic and/or sound in electronic form, representing the identity of a person and attached to or logically associated with the electronic data message or electronic document or any methodology or procedures employed or adopted by a person and executed or adopted by such person with the intention of authenticating or approving an electronic data message or electronic document.”
It is of essence to note that while Electronic Signatures prove who signed what, solidifying the intent and consent, the term ‘Digital Signatures’ refers to the encryption technology that supports Electronic Signatures.
Also Read : https://drysign.exelatech.ph/blog/industries-integrating-e-signatures-their-modern-arsenal-technologies
The E-Commerce Act was designed to create electronic contracting that was legally enforceable and was intended to settle legal doubts about whether electronic types of contracting were lawful. It recognizes and legitimizes electronic documents as the legal equivalent of paper documents and Electronic Signatures as the legal equivalent of handwritten signatures.
While the definition of Electronic and Digital Signatures is quite simple, comprehending the way it works is a bit more complex. Between uploading a document, signing it, and sending it to the receiver or another signatory, highly secure encryption technology is at play. This technology works in the background to make your Digital Signature highly secure, while all you need to do is upload, sign, and send.
Once you know that your electronic information is encrypted and digitally secure, the following question is, almost always, “Well, is it legal?”
To answer simply, YES, Electronic Signatures are legal and carry the same significance as traditional wet-ink signatures.
Source link to Read More About "Guide to using digital signatures legally in the Philippines!" : https://www.exela.digital/75d
The adoption of e-Signature software within the retail sector has a bit sluggish compared to most.
Maybe it’s because it looks less evident how retailers can benefit from using e-sign.
Let's find out how retail industry can benefit from eSignature solution.
Electronic signatures guarantee the smooth sales process of a digital transaction to a real-world situation.
The time and cost involved in sending contracts, copying them, and storing for filing; not forgetting the possibility of contracts being forged, lost, or damaged – can be avoided via the use of e-signatures.
Research from MultiBriefs revealed that U.S. companies spent about $80 per employee on paper yearly, and 50-70 percent of office space was used for filling and/or storing printed documents.
In this fast-paced and competitive digital landscape, Electronic Signature and Digital Signature are an important parts because businesses conduct almost all their activities digitally.
Electronic Signature and Digital Signature may seem like similar concepts, but the difference between the two, although slight, is still prominent.
The confusion arises as they are more often than not used interchangeably.
In this blog, ePillars, one of the well-reputed leading Digital transformation solution providers that offers the best and trusted esignature in UAE, explain the difference between an electronic signature and a digital signature.
