E-Signatures: A Fast and Reliable Signing Tool

The advent of the digital age has triggered substantial changes in communication, trade, healthcare, and education. In this landscape of noteworthy changes, a central transformation has emerged in the form of shifting away from traditional paper-centric approaches to embracing digital substitutes. A prominent evolution within this context is the ascent of electronic signatures, commonly known as eSignatures, emerging as a catalyst for streamlining operations. These e-signatures have changed the methods of providing authentication in agreements, conducting transactions, and eliminating the bottlenecks of manual processes.

What are Electronic Signatures? 

Electronic signatures or eSignatures rely upon cryptographic techniques to electronically sign documents. Their foundation is rooted in public-key infrastructure (PKI), a combination of protocols, hardware, and software designed to manage digital certificates for utilization, oversight, retention, and distribution. This involves using a pair of public and private keys to establish the authenticity of an individual's signature. The sender requiring a digital signature employs the private key to create the signature, while the recipient, armed with the public key, uses it to verify the sender's identity. This approach prevents identity fraud and provides ample protection for all users involved in the signing process. For instance, the contents of a digital document remain valid only through validation using both private and public keys. This method ensures message security without the necessity of a shared secret key.

Features of E-Signatures 

• Convenience on Mobile Devices: E-signatures are customized for mobile use, allowing you to sign documents directly from your smartphone, making the signing process quick and accessible even while on the go.

• Cloud Integration: E-signature solutions can integrate with cloud storage services, allowing you to access and sign documents directly from your cloud accounts, streamlining document management. It also facilitates fetching documents quickly through saved templates of frequently used business forms or agreements.

• Robust Security: E-signatures offer advanced security and employ multi-factor authentication to protect users from data loss. It helps in keeping malicious actors out and secure sensitive information.

• Legally Binding: Just like signatures on paper, eSignatures are legally binding, provided they meet the requirements of applicable laws. Many e-signature solutions ensure compliance with legal standards, particularly when designed for mobile use.

• Collaboration and Workflow: They often offer collaboration features, enabling you to send documents for signatures, track the signing progress, and complete the workflow—all from your mobile device.

• Notifications & Reminders: They can send notifications to keep you updated about the status of documents, ensuring you stay informed about the progress of your signed agreements. E-signature solutions help in sending out notifications to partners for signing forms on time and expediting the process.

Pros of E-signatures 

• Reliable Identity Verification

  In a digital era, the authenticity of signatures is a pivotal advantage. Electronic signature solutions replace the manual process of printing, scanning, faxing, and storing documents. It helps users sort electronic documents, store, and merge them digitally. Furthermore, concerns about compromised email accounts are alleviated, as electronic signatures provide a secure cocoon around electronic documents, thwarting imposters from injecting false data or manipulating files.

• Expanding Horizons of Online Commerce

  The world of online commerce has witnessed exponential growth facilitated by digital signatures. Since its legal recognition has paved the way for a multitude of business transactions to be conducted digitally, enhancing convenience and efficiency.

• Unlocking Economies Through Efficiency

  A notable financial advantage lies in savings achieved through electronic signatures. The elimination of paper, ink, and postage costs and reduced demand for physical storage space translates into significant economic benefits. This newfound efficiency also extends to time saved and fewer trips to printers, mailboxes, and filing cabinets. The distribution of signed documents is seamless, with the ability to reach multiple recipients effortlessly. In sectors like healthcare and government, where meticulous record-keeping is paramount, cost-efficiency and enhanced operational efficacy are invaluable assets.

• Navigating Risks and Fortifying Security

  While electronic signatures offer remarkable advantages, mishandling them can pose risks. Financial losses, tarnished corporate images, intellectual property theft, disruptions in business flow, and heightened liabilities are potential consequences of mishandled electronic files. Nonetheless, the inherent security of electronic signatures surpasses their handwritten counterparts. To counterfeit an electronic signature, unauthorized access to the computer and the signing certificate password is imperative, providing an extra layer of protection.

• A Balance of Assurance and Concern

  Technology has made forging ink signatures more accessible, casting shadows of doubt on the authenticity of e- signatures. The tangible act of seeing a signature with a pen holds a distinct place in people's perceptions, making them wary of electronic document fraud.

• Elevating Assurance through Virtual Audits

  Going beyond traditional signatures, electronic solutions like virtual audit trails provide enhanced assurance. Detailed accreditations contain specific signer information, including consent to use electronic signatures, signature images, timestamps of key events, IP addresses, and identifying details. However, the level of security in electronic signatures varies among providers.

Are eSignatures Legal?

Electronic signatures are legally recognized and accepted in the Philippines in legal proceedings and business contexts. The Philippines accepts electronic signatures under the Electronic Commerce Act of 2000. Also known as Republic Act No. 8792, it sets the legal precedence for electronic signatures. Businesses must conform to the law to ensure their signature and document remains valid. An e-signature is considered valid if the signer willingly intends to sign the electronic document, affixes the e-signature correctly, retains a copy, and ensures the document's integrity is preserved. These eSignatures are valid in court proceedings if they adhere to the requirements stated and serve to encourage the adoption of e-signatures and e-commerce in online transactions.

It is paramount to select an e-signature service that incorporates robust security and protection throughout its operations. Electronic signatures offer convenience and efficiency and a continuous journey towards building trust and safeguarding sensitive information.

Don’t Miss to Read: Empowering Sales in the Philippines: Embrace the Versatility of E-Signatures!

What is DrySign? 

DrySign, a cutting-edge e-signature solution meticulously designed to enhance and simplify the process of signing documents online, is suited for businesses and individuals moving away from paper processes. With this remarkable platform, generating eSignatures becomes a seamless task, accessible from any device connected to the internet, ensuring both convenience and ease of use.

A notable and significant aspect of DrySign lies in its unwavering commitment to ensuring the security and integrity of sensitive documents. To achieve this, DrySign implements robust security measures, including using one-time passwords (OTP) and implementing two-factor authentication (2FA), guaranteeing that the documents remain protected against unauthorized access.

What sets DrySign apart from traditional wet signatures is the level of protection they offer. Unlike the vulnerabilities associated with handwritten signatures that are prone to forgery and fraudulent activities, eSignature solutions like DrySign provide an additional layer of security by creating a real-time email trail. This trail safeguards all parties involved in the document signing process. In the unfortunate event of any unauthorized changes or modifications attempted after the digital signatures have been applied, this trail springs into action, nullifying the eSignature and alerting all relevant parties to the tampering.

The Final Word 

In conclusion, DrySign stands as an exemplar of how technology can reshape and elevate essential business processes. By offering convenience and fortified security features, it ensures that the authenticity and integrity of documents remain uncompromised throughout the digital signing journey.

Start on your secure journey with DrySign

Sources: pna.gov.ph

DISCLAIMER: The information on this site is for general information purposes only and is not intended to serve as legal advice. Laws governing the subject matter may change quickly, and Exela cannot guarantee that all the information on this site is current or correct. Should you have specific legal questions about any of the information on this site, you should consult with a licensed attorney in your area.

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