What is Electronic Signature?

Electronic signature or e-signature is an electronic way of signing a document or data through electronic devices, this means that such a digital form of signing is also seen as legal and authentic like the conventional hand-written one, whereby signatory has read all contents and accepted them, they are widely used and also recognized by law that makes it easier to confirm documents and make transactions secure.

E-Signatures vs Digital Signatures

Although often used interchangeably, they are different concepts, the term e-signature is more general, referring to any form of electronic signing of a document while digital signatures entail particular cryptographic techniques aimed at providing higher level security and authenticity and digital signatures use two keys private key for verifying identity of signer and integrity of signed documents.

Types of E-Signatures

1. Simple Electronic Signatures: Typing one’s name or scanning a signature on paper onto an electronic document are among the basic forms of e-signatures.
2. Advanced Electronic Signatures: These are unique to the signatory and capable of identifying them, often using encryption.
3. Qualified Electronic Signatures: These require qualified certificates which make them most secure kind.

Legality of E-Signatures

E-signatures are legally binding in many jurisdictions, provided they meet certain criteria, laws and regulation outline the requirements for the legal validity of e-signatures, including the intent to sign and consent to do business electronically.

Benefits of E-Signatures

1. Efficiency and Speed: E-signatures facilitate rapid endorsement of documents thus reducing administrative work time.
2. Convenience: Digital devices enable affixation of signatures from any location hence eliminate visiting offices in person.
3. Security: Most e-signatures are enhanced with strong security measures which include encryption and audit trails that make sure that signed papers are genuine.
4. Cost Savings: It makes process paperless, no need for printing or storing paper copies.

Applications of E-Signatures

1. Legal Work: For signing contracts and agreements securely.
2. Human Resources: For onboarding documents, employee agreements, and policy acknowledgments.
3. Business Administration: To make internal approval processes for documents and communications easier.
4. Sales and Marketing: Ensure digital certificates are used to verify such signatures if necessary.
5. Finance: For approving budgets, processing invoices, and managing financial agreements.

E-Signature Workflows

1. Document Preparation: You need to upload and prepare document for signed.
2. Recipient Identification: Point out who shall sign the documents so that they can authenticate them.
3. Signature Placement: You need to place e-signature in designated areas.
4. Verification and Validation: Verify the signatures using digital certificates if necessary.
5. Document Storage: In need to keep copies of such signed document in secure locations for future reference.

How to Choose an E-Signature Product?

1. Security: While looking for products, go for those having strong encryption capabilities with compliance on legal standards.
2. Ease of Use: You have to pick a user friendly interface that will suit both sender and recipient of document.
3. Integration: You need to make sure it has good integration with your existing systems or workflows.
4. Cost: Check whether its pricing model is fair for your business needs or not
5. Support: Check customer support and training resources.

Steps for Providing Electronic Signatures on Content

• Secure Key Generation: E- signatures make use of secured private and public keys for maintaining authenticity. The keys used for the electronic signature process are unique and it is extremely safe to make use of the keys. Private keys are not accessible to everyone only the owner has the private key. On the other hand, public keys are accessible to everyone.
• Digital Signature of the Content: When the private key is obtained, it immediately proceeds to sign the documents or content by providing the signature digitally. The digital electronic signature can be provided by online tools available for this purpose.
• Verification for Authenticity: Electronic signatures are verified by making use of the public key and the owner's signature on the document. Once the identity of owner is verified, the electronic signatures are considered equally significant and important.

Advantages of Electronic Signature

• Quick and Easy way of Signing Documents: Electronic signatures are a quick method of digitally approving the content. They save lot of time and also to sign the content digitally.
• Hassle-Free: Electronic signatures are hassle free ways of signing the content. They can be accessed by simply making use of online tools available for providing e- sign.
• Verifying Owner Identity: E-sign verify owner identity, they are a suitable way available to verify that the owner is verified. They are also a proof that the owner has read the content on which the signature is provided.
• Legally Accepted Document: Electronic signatures are legally Accepted way of signing documents. Electronic signatures are no less than the physical handwritten signatures, they hold equal significance.
• Smooth and Flexible: Electronic signs are flexible and can be created by any digital device. E-signs are accepted and there are smooth in processing for content sign and verification.
• Secure and Safe: Electronic signatures are safe and secure to use. Owners need not worry about the authenticity when they opt for signing their documents digitally.
• Contain certificates of Authenticity: Digital electronic signatures are associated with certificates that ensure authenticity of the data. Certificates are also a proof that the identity of owner is verified and correct in all aspects.

Uses of E-Signatures

Electronic signatures are very useful and find their use in the below fields:

• Legal Work: Agreements and contracts are safe when they are processed for signing electronically. Encryption and decryption process is followed, making the entire legal work safe.
• Human Resources: All human welfare activities for the benefit of employees are conducted smoothly when executed making use of digital signatures.
• Business Administration: All Business documents are fast processed when signed digitally. They eliminate the need of paperwork and make the entire administration activity less time consuming.
• Sales: There are exponential increase observed in sales as the entire process is hassle free and simple. Time consuming activities like sale contracts consume much less time when electronic-sign technique is adopted.
• Finance Activities: All the economic related activities like signing and approving of budgets, purchase orders, invoices is done digitally, which makes the entire process smooth.
• Marketing: Activities related to marketing like campaigns, promotions are carried much faster when the entire process uses digital verification technique of e-sign.
• Procurement: Involving newer activities save cost, similarly when the procurement process is carried through e-sign new vendors are easily on-boarded / educated. Agreements are quickly signed and save a lot of time.

Conclusion

The revolution of e-signatures has brought a new way of signing and validating documents, it is an efficient, secure and legally acceptable method of content approval in different sectors, by understanding the various types of e-signatures and their uses, companies can reduce operation’s time and costs as well as improve safety.