Digital signature is an electronically generated stamp of authentication. It is a very easy mode of transaction. Digital signatures are used by the programs on the internet and local to the machines to confirm your identity to any third person. Our digital signature is unique to us. It is a set of encrypted data used with the same validity of a paper signature, but it is done on electronic documents, online transactions and on emails. Even banks, industries and many companies are making their transactions only by digital signature. It is a scheme for demonstrating the authenticity of a document or digital message. Anyone can verify the digital signature in the digital certificate to check the certificate is real or not. This method is commonly observed also in internet transactions. It is also used to validate the source of message.
Digital signature is a type of asymmetric cryptography. It can be automatically time stamped. Traditional hand written signature are equivalent to digital signature. An electronic document which is signed by digital signature is certainly very responsible action. Once if a person has signed the document he/she cannot repudiate from that responsibility. A person digitally signing any document must be very attentive about the content and intent of signing the document. Digital signatures are nothing but scanned copies of a physical written signature. Digital signatures are used to confirm or grant documents. Only the original inventor of a document can add a certifying signature.
REASONS FOR USING DIGITAL SIGNATURE
It mainly ensures the data integrity which ensures that the transaction has not been maliciously altered. It is done cryptographically.
Messages can be read only by authorized intended recipients.
It provides the date and time information by which we can get clear about the time and date received.
ADVANTAGES OF DIGITAL SIGNATURE:
By using digital signature we can get rid of frauds by a phony signing of documents. Since, the digital signature cannot be changed, this makes forge the signature impractical.
We can assure the heir that the document is free from counterfeit or false information.
Digital signature takes care of any formal lawful aspect of executing the document.
DISADVANTAGES OF DIGITAL SIGNATURE:
Every technology has boon and fewer. Some falsified activities also get place in the digital signature.
It involves the primary avenue for any business. It includes more money for buying certificates, and verification software.
BENEFITS OF DIGITAL SIGNATURE:
* It increases contract speed faster and quickly.
* Consultation can be very speed in nature because each step in the process can be authenticated and can be accessed by all parties.
* There is no insulate time for transmission of contract updates for people who have located far apart geographically.
* It provides enhanced security.