Secure Digital Identity for the Fintech

Legal basis of electronic signatures

When you cannot sign in-person or don't want to cut down the trees just to record your consent to the agreement, the electronic signature is the way to go.
Advanced electronic signatures

.ID signatures are advanced electronic signatures

Although from country to country there are slight differences in advanced electronic signatures regulation, four common denominators emerge:

Link to the identity of signatory
The signatory can be uniquely identified and linked to the signature
Sole-control of signature key
The signatory must have sole control of the hat was used to create the electronic signature
Authenticity of signed data
The signature must be capable of identifying if its accompanying data has been tampered with after the message was signed.
In the event that the accompanying data has been changed, the signature must be invalidated.

.ID signatures comply with all of those requirements

Legal status of electronic signatures

Here's a quick glance of most important information about legal status of electronic signatures in some countries

eIDAS to rule them all

eIDAS oversees electronic identification and trust services for electronic transactions in the European Union's internal market.

It regulates electronic signatures, electronic transactions, involved bodies, and their embedding processes to provide a safe way for users to conduct business online.

Following Article 25 (1) of the eIDAS regulation, an advanced electronic signature shall “not be denied legal effect and admissibility as evidence in legal proceedings".

More about eIDAS

ESIGN, UETA and others

The Uniform Electronic Transactions Act (UETA) is a United States law which purpose is to harmonize state laws concerning retention of paper records (especially checks) and the validity of electronic signatures.

The Electronic Signatures in Global and National Commerce Act (ESIGN) is a United States federal law passed by the U.S. Congress to facilitate the use of electronic records and electronic signatures in interstate and foreign commerce by ensuring the validity and legal effect of contracts entered into electronically.

More about UETA and ESIGN

Electronic Communications Act

Since the Brexit, the status of the eIDAS in the UK is a bit unclear. However, Electronic Communications Act 2000 Part II clarifies the general status of the electronic signatures as following:

/.../ In any legal proceedings—
(a)an electronic signature incorporated into or logically associated with a particular electronic communication or particular electronic data, and

(b)the certification by any person of such a signature, shall each be admissible in evidence in relation to any question as to the authenticity of the communication or data or as to the integrity of the communication or data.

Full text of ECA 2000
Importance of cryptography

Electronic ≠ Digital

Not all electronic signatures are digital signatures. .ID signatures are digital signatures, because they are based on the cryptography to provide a proof of authenticity, data integrity and non-repudiation of signed documents.

Cryptographic keys
Private-public key pairs for signing the documents.
Signature algorithm
Signature is created when private key is received, combining that with the signed file and digital certificate hashes.
Independent verification
ASIC containers allow independent validation of the digital signatures.
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