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Essay on Digital Signature (E-commerce)
What is digital signature?
Digital signatures are implemented through public-key encryption and are used to verify the origin and contents of a message. A digital signature is prepared by first passing the message through a cryptographic function to calculate the message digest. The digest is then encrypted with the private key to produce a signature, which is then added to the original message. (Warwick Ford, Michael S. Baum, December 4, 2000, p.50)
Digital signature and e-commerce
The digital signatures are essential in e-commerce industry because digital signatures accomplish three goals: protection from data tampering; signature authentication; and nonrepudiation, which means all parties are legally bound by digitally signed agreements. (Donal O'Mahony, Hitesh Tewari, Michael Peirce, April 2002, p.85)
By embracing electronic/digital signatures, companies involved in high-volume, online B2B transaction activity may benefit from several advantages. Digital signatures offer a greater degree of security than handwritten signatures because recipients of digitally signed messages can confirm message origination and can also verify that messages were not altered. Not only this but the paper-based transaction authorization inefficiencies, such as transportation, notarization, deterioration, and falsification are largely avoided; authenticity can be granular from document down to packet level; online commercial interaction can take place from negotiation to relationship agreement through operational transaction certification until ultimate mutual or unilateral withdrawal and most importantly e-commerce can be deployed faster and information mass-marketed more rapidly. Innovative competition will be dynamically rewarded. (Weidong Kou, February 15, 2003, p.201)
Biggest obstacle!!!
The biggest obstacle digital signature companies face is the element of consumer trust. Many people who use the Internet on a daily basis are still hesitant to make online purchases. The same will probably hold true with people using digital signatures. Just because the digital signature law is now in effect does not mean that people will be eager to sign a mortgage with their digital signature. (Jim Carroll, Rick Broadhead, March 14, 2001, p.95)....
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