Showing posts with label electronic. Show all posts
Showing posts with label electronic. Show all posts

Thursday, November 17, 2022

Signatures in The Digital World

 The History of Signatures

It all must have started with a thumb impression as the World moved towards modernization.  As the writing paper came into the existence and a large number of the populace become literature handwritten signatures came into practice. The signatures became a vital instrument for acceptance, and their impersonation and forced enforcement became a crime. All valid documentation intended for legal purposes and otherwise required the producer to sign using an inked pen.   

The first instance of a pictorial signature is recorded in 3000 BC. A series of pictures and symbols represented a person in those days. In Sumeria in 3100 BC, a scribe named Gar Ama first recorded his signature as a composition of words and pictures on a clay tablet.

Modern Signatures

It was the State of Fraud Act 1677 that truly legalized signatures as we recognize them today. Thus, contracts began to be legalized by parties subject to an agreement, a contract, or any legal tender.  Signatures became mandatory from then onwards.

Signatures in the Electronic Age

With the introduction of the Fax Machine, Computers, and Printers a large amount of communication turned into a digitized print form. The Fax machine became very popular and documents were scanned and sent electronically. This was a great challenge to the fast-developing business world thrust into a changing paradigm as technologies advanced.

The E-Signature Technologies

Bill Clinton in the year 2000 signed the E-Sign Act giving a big boost to electronic signature technologies. Thus data or documents could be sent through electronic medium or faxed by legalizing them with electronic signatures. This was revolutionary and the business world was being transformed by technologies. The fast-advancing computerization, the introduction of the Internet, and the World Wide Web. The introduction of email messaging meant complete trade transactions on the Net.   Electronic payment systems plugged the remaining hole in online business a system where most often the two parties did not meet each other but communicated electronically or on the World Wide Web.

Thus, acceptance of electronic signatures revolutionalized online transactions and complete business modes. But there were flaws, since sending documents or signed documents was fraught with risk.  A more secure method was being developed using cryptographical means. A method that could encrypt documents and prevent manipulation by hackers. This development was advancing fast and the emergence of digital signatures was becoming a possibility from 1988 onwards. 

The Emergence of Digital Signatures & Benefits

In 1988 digital signature scheme was launched. In the time to come, it has become a legal instrument in many countries including India. In the year 2006 digital signatures became legal under the Information Technology Act. DS is widely used in many legal tenders all over the world. They are globally popular and help online businesses and e-tendering grow.

 Why Digital Signature Certifications?

DSC is secure and cannot be manipulated and identify the sender. The certification guarantees it hence the acronym DSC.

The DS short for digital signature is certified CA or certifying authority. CA is an entrusted authority that verifies the owner of the digital signature. In India, the CA is authorized by the CCA or Controller of Certifying Authority under the Ministry of Corporate Affairs or MCA. Businesses can obtain DSC Online from the CA Website. Thus there is no need to be physically present in the CA office. The DSC in India is generally issued in five days and sent by post to the registered address.

 

Wednesday, August 17, 2011

Card Banking

Every since the financial institutions started using the electronic payment systems the business World has changed. Most popular has been the ATM card. This can be debit or credit as well. This is used for with drawing money from automatic teller machine. The machines are a virtual banking systems with ability to produce balance receipt as well. 

These are plastic laminated with your signature at the back and a unique number called personal identification number or pin. The versatility of ATM cards have increased with many types om authenticating systems in place.In case of all cards the electronic verification systems verifies the authenticity in seconds for processing.

The credit card was conceptualize from a novel it is a follower of many merchant credit schemes. This is issued mostly by the banks. It has a revolving account with a credit limit as per the assessment of borrower. These are not universal and merchants always advertise the institutions from whom the cards are acceptable. The debit card provides electronic access to the holders bank account. It is also used in ATM machines. It is also possible to use it for merchant banking like paying bills at stores and restaurants. They can be used for making purchases on the cyber space. There are also available virtual cards for making Internet payments with no physical attributes at all.