It is a Hardware device like Pen-drive. It contains Software code, and rely on a universally accepted format known as Public Key Infrastructure (PKI) to ensure enhanced security. They are a subset of electronic signature technology (eSignature).
Digital signatures function similarly to digital “fingerprints.” The digital signature, which takes the form of a coded message, securely links a signer with a document in a recorded transaction.
Types of Digital Signatures
Generally, Digital signatures are three types
Class 1: This type of signature offers a fundamental level of security and is applied in situations where there is little risk of data compromise. Class 1 signatures have only specific certification on an email ID and username, so they cannot be used for official business documents.
Class 2: This type of digital signature checks the identity of the signer against a database that has already been confirmed. Class 2 signatures are used in contexts with minimal risks. Class 2 digital signature is useful for the electronic filing (e-filing) of tax papers, such as returns for both the Goods and Service Tax (GST) and income taxes.
Class 3: This type of digital signature is used in e-auctions, e-tendering, e-ticketing, court filings, and other contexts where there are significant risks to data or consequences. To get a Class 3 digital signature, the signer requires to present themselves before a certification authority to verify their identity.
Benefits of digital signatures
Digital signatures make office paperwork far more efficient, but laws regarding this technology vary between countries. The benefits of digital signatures have more offices and companies getting on the bandwagon in favor of e-signatures, making for a far more efficient and secure workplace, digitally.
In many parts of the world including North America, the European Union, and APAC, digital signatures are legal and have the same value as hand signatures.
Advantages of digital signatures:
It Saves time, Cost savings. Anybody Workflow efficiency and get better customer experience. Digital Signatures have high Security and are considered as Legal validity / Identity of the firm
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