The maritime industry is rapidly evolving with the steady progress in the field of technology. The prospect of newer concepts and better inventions is gradually transforming the present scenario of the marine sector, which is dedicatedly revamping itself to usher in a brighter future. The groundbreaking concept of digital signature is in vogue right now and will eventually spread across the globe as a growing trend.
A digital signature is essentially a mathematical program that is useful in cross-checking and verifying the validity of digital messages and documents. By implementing the mechanism of asymmetric cryptography, the digital signatures have now found their increased application in money-related transactions, software distribution and contract management software.
To put it in a simple manner, digital signatures are similar to electronic fingerprints that are utilized in associating the person who signs with the document he signs in a program that is recorded. Digital signatures employ the use of a standard format called the Public Key Infrastructure (PKI) that further ensures a high level of security and global acceptance. The PKI works well in preventing any breach to the integrity of the digital signature and sometimes needs the cooperation of a trustworthy Certificate Authority (CA).
DocuSign is one of the finest examples of a reliable, digital signature provider that follows the regulations put forward by the PKI. A mathematical code that validates the association of the document with the sender, comes into play and makes sure that the overall security of the document is not questioned in the transaction. Digital signatures go a long way in reducing the time and hassles involved in a time-consuming procedure of acquiring and sending signatures. Also, this technology helps in cutting down the expenses involved in the ink, paper, printing, scanning, and delivery charges. However, the main advantage of using digital signatures in our significant transactions has to the enhanced level of security provided by it.
In order to ensure that the security of the signature will not be breached by any unlawful means, the PKI makes use of a complex, asymmetric key-pair encryption. The key pair is further divided into two, major components - the public key and the private key. While it is okay to share the public key, the private key has to be maintained as a secret. The person who signs the document is the sole owner of the private key and it is his duty to safeguard it. Since the only way to decrypt the confidential information is to use both the public and the private keys, it is safe to assume that the standard of security is indeed high.
Apart from boosting the workflow efficiency, digital signatures decrease the risk of duplication or tampering of the document to a great extent. The digital technology is highly reliable in assuring that the signatures are verified to be absolutely authentic in nature. This technology integrates a whole new level of security features that will positively assure the users that the shared data is kept as truly confidential.
As an added security feature, the person who signs an important document is provided with special PINs, codes and passwords in order to totally approve their digital signatures and confirm his or her identity. This unique, mathematical technique also brings into effective action the modern concept of time stamping that keeps a track of the date and time of the digital signature and eliminates the risk of alteration or fraud.
The digital signatures also come with a legal validity that confirms its authenticity in the long run. Therefore, this has as much power as a signed, paper document in a court of law, if the necessity arises in future. Since time-stamping offers you the ability to keep a track of your documents in the archive, there will be no problem in bringing the audit and compliance into action.
The best part is that the digital signatures are capable of extending the validity into the future. The ETSI PDF Advanced Signatures (PAdES) along with its eIDAS regulations are excellent for promising future validity with its long-term formats. Even if there are modern developments in the field of technology, the digital signatures will still have a solid ground to ensure its validity.
ODeX offers its users an e-digital signature feature where you can fast track your invoices online, instead of going through the manual and long processes of approvals. Want to know more? Write to us at email@example.com !