The business world is not what it used to be a decade ago. The influx of technology has made many changes. One of the major changes experienced by the business world is the use of online signatures.
Online signatures are the new way of signing contracts and documents. The use of online or electronic signatures comes with a wide range of benefits. One of the major benefits of online signatures is convenience. No matter where you are, you can easily sign documents with the help of online signatures. Another advantage of online signatures is that it is green or environmentally friendly. By eliminating paper from your office, you are doing your part in saving the environment. Another benefit online signatures offer your business is that it saves time. You don’t have to wait for the courier to deliver the documents or scan them before sending them over.
Even after all these benefits, some people are reluctant to use this amazing technology. The reason behind that is because of the misconceptions that surround it.
There are a few misconceptions that follow online signatures. And one of the main ones is that it is not secure.
Online signature is a new technology. That is why a lot of businesses are reluctant to use it as they think it is not secure. This is not true. Online signatures are very secure and reliable. The main reason behind this doubt is because businesses don’t understand how online signature work. Well, we are here to clear away all your doubts regarding the security of online signatures.
Online Signatures – How do They Work?
The process of Asymmetric Cryptography is used for making online signatures work. This method uses the Public Key Infrastructure system to make online signature secure.
You must be wondering – how does this method work? When you use the online signature service, you are provided with two keys – a private key and a public key. The sender uses the private key to encrypt the signed document.
When your document is received on the other end, the person accessing the e-signed document will need the public key. The message could only be decrypted with the help of that public key. To authenticate the signing, the function known as ‘Hashing’ is used.
Did you know that online signatures are actually more secure than handwritten signature? Yes, they are. When the electronically signed document is scanned, a mathematical calculation is created along with it. In order for the online signature to become valid, the mathematical calculations on both ends must match. If the calculations are different, the signature on the document becomes invalid.
It is almost impossible to bluff with encryption and mathematical calculations. Forging signature on paper is much easier. If the person on the other end is not an expert, they will not be able to catch the forged signature.