Electronic signatures are paving the way for secure business transactions. Commercial engagements are proving to be more secure than ever due to the high level of integrity and trust placed on E-signatures. Apart from the fact that transaction times have reduced considerably and mobilization in all matters of deal-making has reached peak speeds, e-signatures are recognized as being legally binding and increasingly define laws more robust in their architecture than traditional signatures.
An underlying advantage of adopting e-signatures is the elimination of traditional witnessing procedures. Certain transactions require that traditional signatures be attested or notarized by a governing body, or an official representing the judiciary or a notary public. The purpose of an attester is to certify in a court of law, should the need arise, to the authenticity of the transaction and prove the execution of the deed. Attesters need not know the contents of the documents. They are not bound by the contents and are only meant to affix their mark on paper to prove the validity of the transaction having taken place.
E-signatures are unique for every document due to accurate timestamps and individual IP addresses that change every time a document is signed. In the event of a dispute, the law required that the document be examined. This also called for court appearances by the concerned witnesses. Electronic signatures require no such physical presence of a witness. When a document has been signed electronically, the attester may use the public key to verify the original electronic signature, and upon verification of the same, also sign the document electronically. The attester in this case will not be the primary signatory and his signature, by rule of law, will embody the whole document in question, including the signature of the person who is bound by the contents of the documents.
Electronic signatures can be verified using software and each signature acts as a unique DNA. Difficulty in forging an electronic signature is one of the reasons to enforce these as legally binding. It is easier to prove that a signature has been effected when it is electronic than traditional.
Encryption makes it possible for every electronic signature to be unique with corresponding timestamps, making it difficult to copy the signature. Such a formidable mechanism to authenticate and verify signatures has made it possible to certify e-signatures as legally binding.
SutiSign facilitates the use of e-signature software that is legally binding and can be integrated with existing business applications for quicker transactions, verifications, and approvals. Deals can be closed faster with the added advantage of managing everything online.