We are excited to formally introduce one of our newest LeaseNet features: digital signatures! LeaseNet integrates with DocuSign, further streamlining your contract management process. Digital signatures increase workflow efficiency while decreasing costs and reducing the risk of duplication or alteration.

What are digital signatures?

A digital signature is a virtual fingerprint, unique to a person, that authenticates digital documents and transactions.

How do digital signatures work?

Digital signatures follow a protocol called Public Key Infrastructure (PKI). A mathematical algorithm produces a public key and a private key that are associated with each other. The keys are two long numbers. When someone digitally signs a document, the signer’s private key is being used to create the signature. The mathematical algorithm produces and encrypts data that matches the document, called a cryptographic hash. The hash is unique to the signed document and cannot be reversed. The receiver of the document gets a copy of the signer’s public key and another cryptographic hash is generated. Via the hashes, the public key is used to decrypt the signature and if successful, the document is considered genuine.

Are digital signatures legally enforceable?

Yes. In 1999, the European Union passed the EU Directive for Electronic Signatures. The United States followed suit in 2000 with the passing of the Electronic Signatures in Global and National Commerce Act (ESIGN). Since then, most countries have adopted similar legislation.

Why should I use digital signatures?

Saves time and money

Covid-19 has further exposed the need for work processes that can be done remotely. Whether the person is using a computer, phone, or tablet, documents can be signed from anywhere, instantly. No more waiting for a colleague to return from vacation. Saving money on everything from paper and printing to shipping and travel expenses is another great perk.

Workflow efficiency

Say goodbye to carrying around bundles of paperwork to be signed and the hassle of filing and archiving the data. Digital signatures simplify the document management and tracking process. The signer receives email notifications reminding them to sign and the issuer is notified as soon as they do.

Security

Digital signatures are more secure than paper documents. Each digital signature verifies the identity of the signer, as well as where and when they signed it. Digital signatures also significantly reduce the risk of the document itself being altered.