When you hear the word ‘signature’, what comes to your mind? Even 50 years ago, we might not have hesitated to answer this. But today, that ‘pen and paper’ signature is not the only option for approving any document or transaction.
Now there are 3 main types of signatures. Signature or wet signature, digital signature and electronic signature.
It is important to know what these 3 main types of signature are and which type of signature is used for which needs.
What is signature or wet signature?
When someone is physically present and signs a document by hand or on paper, it is a signature or wet signature in English.
This signature is usually done by stylizing a name, drawing it out and twisting it. In some cases this signature is affixed with a special seal. This is called a ‘wet’ or ‘wet’ signature because, in both cases, the signature requires some time to dry.
What is electronic signature?
Electronic signature has several legal definitions. However, in general, electronic signature refers to the authorization of a document or transaction through an electronic message.
*Type the name at the end of the email
- Typing names in any electronic form or document *Attachment of a photograph of hand-written signature to the fax-copy or printed copy *Personal Identification Number (PIN) in Bank’s ATM machine *Clicking on ‘Agree’ or ‘Disagree’ in the electronic Terms and Agreements *Handwritten but digitally captured signatures, i.e. signatures captured on a touch device such as a tablet or smartphone This type of signature is sometimes called a dynamic signature.
What is digital signature?
Digital signatures are sometimes called cryptographic signatures. Digital signature is the most secure type of electronic signature. Various types of certificate authorities include, for example, Windows certificates. This type of certificate confirms the validity of something.
When a transaction or documents are exchanged using digital signature, if something changes in the middle, either party can understand it, because of this digital signature.
The sender sends the message using its private encryption key and the receiver can access the message using the sender’s public decryption key. In this way both parties can be sure that the message has not been modified midway.
What Is Digital Signature Or Encryption
Digital signature and electronic signature are often used interchangeably. But the big difference between digital signature and electronic signature is that electronic signature does not have security features like digital signature, or digital signature is not used. Digital signatures are used for encryption.
No Signature Is Used In Any Function
Different signatures have different uses. Since the enactment of the Electronic Signatures in Global and National Commerce Act (ESIGN) in 2000, digital and electronic signatures now have the same legal value as handwritten signatures. However, some institutions and organizations still prefer hand-pen signatures.
How Do Different Signatures Affect Performance?
Any business or activity that relies on documents, must require a signature. For example, approval of various contracts, invoices, etc.
Manual signing slows down processes and processes, as documents need to be exchanged multiple times, depending on the person’s physical presence and time.
Official proceedings can be completed quickly and smoothly if electronic signatures are properly used and utilized.
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