The History and Origin of E-Signatures Answered For You
Have you ever wondered how the electronic signature (E-Signature) came to be? As recent research shows, the E-Signature industry is already worth $6 billion and is only projected to grow in the next few years, reaching $22.8 billion by 2025. With such rapid growth, it’s no wonder that people are curious about the history and origins of this technology. In this blog post, we will answer some frequently asked questions about E-Signatures and their history.
What is the term E-Signature?
An E-Signature is a digital version of a handwritten signature that can be used to electronically sign documents. E-Signatures are legally binding in many countries and are commonly used for contracts, forms, and other esignature documents where a signature is required.
How do E-Signatures work?
E-Signatures work by using cryptographic algorithms to create a unique digital signature for each document. This signature is then verified using a public key infrastructure (PKI) system. PKI systems use a pair of cryptographic keys, one public and one private, to encrypt and decrypt documents. The private key is kept secret by the person who owns it, while the public key can be shared with anyone. When someone wants to verify an E-Signature, they use the signer’s public key to decrypt the signature and compare it to the document. If the signature matches the document, then it is considered valid.
What is the history of E-Signatures?
The first recorded use of an electronic signature was in 1868 when a famous diplomat used a telegraph machine to sign a treaty with a country. However, it was not until 1999 that the government passed the Electronic Signatures type of Act ( which made E-Signatures legally binding in a few countries. Since then, many other countries have followed suit and passed their own laws governing the use of E-Signatures.
Are E-Signatures secure?
Yes, E-Signatures are quite secure thanks to PKI systems. PKI systems use cryptographic algorithms which are very difficult, if not impossible, to break without access to the private key. This makes it nearly impossible for someone to forge an E-Signature or tamper with a document that has been signed electronically.
Why are E-Signatures becoming more popular?
E-Signatures are becoming more popular for a few reasons. First, they are very convenient since they can be used to sign documents electronically without having to print them out and sign them by hand. Second, they are much more secure than traditional signatures since they cannot be easily forged or tampered with. Finally, E-Signatures are becoming more widely accepted as laws catch up with technology and more countries pass laws making them legally binding.
Conclusion
E-Signatures have come a long way since their humble beginnings in 1868. Today, they are legally binding in many countries and are used for everything from contracts to forms. Thanks to PKI systems, E-Signatures are also very secure against forging and tampering. If you need to sign a document electronically, rest assured knowing that your E-Signature is just as legal and binding as a traditional handwritten signature. We hope this blog was helpful for you and it offered you everything.
