It is no longer painful to make the switch from paper-based transactions (e-transactions), The challenge is to make these transactions secure and authentic. Digital signature technology can be used to counter this problem. It allows transactions to be made faster and more secure, and it also makes them easier and faster.
As we increasingly rely on online communication channels for information exchange and communication, security issues will only get more pressing. We are slowly but surely moving into a virtual realm, where we will have an easier time interacting with others online than in our physical world. Your digital signature (digital identity) will be required to access the virtual world. This digital signature allows you to make transactions and communicate faster.
Traditional methods of sending messages and completing transactions cannot be verified. Digital signatures, on the other hand, can be used to verify the source of messages. A valid signature identifies the sender because it is attached to the digital signature key owner. A digital signature is important for data integrity as messages and documents cannot be altered after they are signed.
Given the criticality and speed of transactions today, businesses are under constant pressure to protect themselves against fraud and misuse. Electronic signatures are now available at an affordable cost for many applications. The risk level is the same for all businesses regardless of their size. This makes it crucial for even small organizations to take effective and affordable measures for transaction protection.
Let's take the example of the banking industry. Today, most banks allow customers to access their accounts via the internet, which is known as e-Banking. Customers can use this facility to check their account balances, transfer funds, send loan applications, view their monthly statements, and do many other activities. Customers and banks are privy to all of these transactions. It is essential to ensure that all security measures are in place to allow customers to have a secure and worry-free e-Banking experience. Banks have had to move beyond password-based login systems due to increasing instances of phishing attacks and pharming. Banks have begun to implement digital signature-based login mechanisms in order to protect customer logins and authenticate transactions.
A common consensus was reached about reducing paper dependence in transactions and processes. Now, efforts are underway to create a more sustainable environment. Digital signatures can be used to endorse green technology and a cleaner environment. Digital signatures offer many benefits, including commercial ones, but they also make you more responsible for the environment and society in general.