Quo Vadis welcomes new e-signature law
Putting pen to paper to ascribe your signature to documents will fast become a practice of the past.
This high technology age has demanded that signatures be translated into a meaningful identification for those conducting business on the Internet.
Responding to this cry, a US law making e-signatures legally binding, came into effect at the beginning of the month.
The new law has been welcomed by local company QuoVadis, which stands to reap huge benefits.
QuoVadis, one of the e-VentreCentre incubator companies, is focusing its operation on digital certification which will support the use of e-signatures, for offshore-based companies.
"The fact that America has so actively committed itself has large ramifications for Bermuda,'' said QuoVadis vice president Stephen Davidson.
"The types of e-commerce companies that Bermuda seeks to attract -- such as business to business exchanges and financial service companies -- are among the most enthusiastic supporters of digital signatures,'' he continued.
QuoVadis' digital certification will act in much the same way as a passport does to verify identification.
"The certificates will enable people to create their digital signatures,'' Mr. Davidson said.
The entire phenomenon should drastically reduce the amount of paper used in a host of transactions and is set to revolutionise paper laden activities like buying a home, and business-to-business transactions.
The US actually lagged behind Bermuda in passing such legislation. US President Bill Clinton signed the Electronic Signatures in Global and National Commerce Act this July while the Bermuda Government enacted the Electronic Transaction Act last year.
And Mr. Davidson hailed the Bermuda law as more user friendly than its US counterpart.
"Ours is a little more specific,'' he said. "In the US, the Act is regulated at the state and federal levels and that can make it confusing. In Bermuda it is all covered in one place.''