It’s safe to say that things have changed a lot in the past several years and it’s all because of technology. We live in a digital area where so many things are done online which has streamlined so many tasks.
People these days obtain a lot of things on the web, they make online reservations and many other things. But you know that you no longer need to sign any document in a traditional way, meaning that you can do this digitally as well?
Yes, you heard that right. This isn’t only a lot more convenient, but safer too. If you aren’t too familiar with this latest method, then just pay attention to everything that’s about to be said in this article today.
There Are Different Types Of It
If you think that there’s only one type of digital signature, then you are seriously wrong. In fact, there are various ones, and the most popular include AES (Advanced Electronic Signature), QES (Qualified Electronic Signature), and SES (Standard Electronic Signature).
But can they all be used for the same purposes? The answer is no. You need to know the differences between SES, AES & QES to avoid any further confusion. Let’s begin with SES! This is by far the most basic electronic signature type and it is typically utilized for everyday transactions. It doesn’t demand any identity verification. Those who resort to this type of signature should only ask for the signer’s email address, and that’s about it.
Additionally, it doesn’t require the development of any additional information to confirm someone’s ID. The next one is AES, and it’s intended for high-value transactions. In these types of situations, a signer may need to give a government-issued document that hasn’t expired to prove their identity, and they also need to utilize a particular access code once the signing process is done.
Furthermore, it requires a digital certificate to be produced and added to the envelope during the transaction. What is the main goal of AES? Namely, its purpose is to properly identify the signer and to create a link between the signer and the signature.
Last, but not least is the QES which is employed for highly regulated transactions. It is typically subjected to various regulatory demands and standards, making sure that everything is one hundred percent secure during electronic transactions.
In comparison to others that were previously mentioned, this one provides the highest level of certainty, which makes it almost as reliable as the handwritten signature. It is ideal for different agreements, contracts, and many other essential documents.
Digital Signatures Can Accelerate Signing Process
When compared with wet signatures, these are a lot more efficient and are capable of speeding up the entire signing process. Since wet signatures can only be utilized on physical paper, it just goes to show that all of it must be executed manually.
In other words, if you want to sign something, you must print the paper first. In some instances, several people are obligated to sign a single document, which isn’t always simple and easy, particularly if all of these individuals live or work in different parts of the city.
Then you are forced to go to each of them, so they can sign it, which is very time-consuming. On the other hand, you do not need to worry about any of these hurdles when you have an electronic signature, because, with it, nothing needs to be printed out in order to sign something.
In other words, even if every party involved lives in a different city or even country, they will still be able to finish this in the blink of an eye.
Who Can Utilize Electronic Signature?
Any company that handles various legal paperwork can freely embrace this latest technology. Any business that is interested in incorporating it can put it on their NDAs or NCAs, depending on what they generally use.
Besides business owners, homeowners can also start implementing electronic signatures whenever they are creating lease or rental agreements. Additionally, insurance companies that want to accelerate the entire process, can also resort to this solution.
Furthermore, various financial institutions, such as banks can automate a variety of different processes by relying on electronic signatures. For the time being, they are still utilizing a conventional signing method, however, who knows, maybe in the near future they will replace the traditional one with an electronic version.
If there’s one thing that’s certain when it comes to electronic signature, it is way more practical and convenient when compared to the “old-school” method, which means that it’s about time for everybody to embrace it.