Today’s technologies enable digital conduct of business, however may also lead to possibilities of unauthorized actors being able to intrude in electronic transactions with malicious intent.
Therefore, Digital transformations of business are faced with rising concerns over Authentication, Validation, Trust, Recognition, Security and Reliability of digital transactions. Several advanced and emerging technologies are being made available in response to such concerns.
To simulate the real-world scenarios and use-cases in the digital world, the next crucial step is to replace hand-written (“wet”) signatures with legal digital signatures.
Digital signatures provide several advantages over wet signatures, like reduction in costs, significant improvement in service turn-around-time, improved efficiency, increased confidence in trust and integrity of transaction, reduction in possibilities of fraud, ease of maintaining records, and enhanced security, to name a few. It also enables making legal business transactions, truly paper-less and presence-less.
Digital signature provides Authentication, Validation, Trust, Recognition, Security and Reliability for digital transactions.
Every penny saved matters. Smart cost savings eventually add up to significant profits for businesses in the long run. emdha offerings also provide a seamless and easy-to-use way to enable secure electronic transactions. Our clients no longer need to spend large sums of money on traditional paper-based processes, or on related logistics. Businesses can also rely on emdha’s Trust and Certification services to offer industry-leading and standards-compliant Digital Signature infrastructure at a fraction of cost in comparison to building an in-house setup.
Digital Signature will be the corner stone for Electronic Government and Digital Transformation Kingdom wide which is part of Saudi Vision 2030.
Enhanced Security: Minimize risk and reduce fraud with added assurance and reduction in misuse of wet signatures.
Increased trust and confidence: Improvement in confidence on the transaction.
Cost Savings: cost saving by improving processes ie. Human interaction, paper, printing, postal/courier charges, archiving, transportation, etc.
Improved quality of data: With integrity improve quality and accuracy of exchanged data.
“Green” Environment: Paperless transformation reducing excess use of paper.
Better Efficiency: Time-Savings, reduced visits, avoidance of personal presence, etc.
Anytime-anywhere transactions: Possibility of 24x7 presence & paper less transactions.
Trust and Secure: Encourage irrefutable business transactions.
Accelerate: Digital growth and process automation.
Time Savings: the entire signing process can be completed within seconds, irrespective of physical location.
Legal Recognition: As per the e-Transactions Law in the Kingdom of Saudi Arabia
Notarization of Time: Evidentiary proof that a transaction existed at a certain point in time
Futuristic Innovations: Be part of innovative digital transformation
International Standard: Follow International standard processes.
Digital Signature allows the full digitization of business processes, eliminating the time and costs of printing, faxing, mailing, copying, scanning and filing in paper formats which presents many disadvantages:
risk of loss, destruction and incompleteness.
difficulty to search, edit and share.
need for bulky, physical storage space for archiving.
By eliminating these burdens, governments, companies and citizens implementing the digital signature will:
save significant time and increase productivity.
enhance the security of the processes ie. minimizing or eliminating human error by automation and digitization of the workflow.
Paperless archiving and document management.
reduce operational costs.
cut carbon footprint.
improve all parties’ satisfaction and increase the loyalty of the existing customer base.
fulfil legal compliance.
The use cases for Digital Signatures are extensive. Initial adoption began across front office, or customer-facing functions. For example:
Front office and customer facing applications.
Digital portals and cloud-based service applications.
Financial services organizations using e-signatures for credit card applications, account opening etc…
Real Estate industry working to make the home-buying process digital.
Company’s back office, or internal, functions—including human resources, legal, supply chain management and finance (approve purchase orders, accelerate invoice processing etc…).
The digital signature market is still an uncharted area across MENA, thus offering ample opportunities for market players to exploit its potential. Although digital signatures are prevalent in developed economies, including the U.S. and the European Union, the market is still small in developing countries. However, significant expansion in the insurance and banking industries in developing countries is providing lucrative opportunities to the market players for growth.
Some of the emerging technologies that are empowered by PKI and complement digital signatures, are: