Electronic signatures or E-signatures have been around from about 100 years and still continue to be used in a lot of settings. This is because of their several benefits and ease of using. The following given article will provide you with more information about E-signatures:
Over 100 years ago, people used Morse code and telegraph to accept contracts electronically whereas the New Hampshire Supreme court validated the electronic signature for the first time in 1869. Later in the 1980s, several companies started using fax machines for the delivery of important paper based documents and about 12 years ago, Bill Clinton signed to ESIGN Act to legalize E-signatures.
The use of E-signatures has tremendously increased since 2000 and some of the reasons for this include the fact that with E-signatures, one can get his/her documents signed easily, people can access the signed documents from secure cloud account, E-signatures reduce the usage of printers and papers, improve audit trails, reduce carbon footprint and also save money as well as time for businesses.
When it comes to large business organizations, E-signatures are considered useful because they diminish the processing errors by about 90% and also suppress the document handling expenses by 80% in banks, save time and money in the healthcare industry and are more secure and tamper-evident in the case of the pharmaceutical industry. On comparing handwritten signatures and E-signature, some disadvantages of the former are that for every signed document, four extra copies of similar documents are required. Infact every year, more than 10000 paper pieces are used by a single office place.
Some of the common uses of Electronic signatures are sign different forms related to schools, colleges and universities, to sign contracts, invoices and other work related orders, to sign agreements related to clients, to approve and conclude project estimates, to sign leasing and rental documents and also to sign various bank documents and insurance forms.