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4 most common myths about electronic signatures

29. 8. 2021

We may be repeating ourselves a bit, but it always bothered us a little why the whole world of business is moving towards more and more digitization, while the halls of justice don’t allow paper contracts and documents – which are constantly getting harder and more costly to store, time consuming to deliver, and ultimately also burden the environment. This was actually one of the main impulses for the creation of our application… On the other hand, we understand that it is difficult to get rid of the methods and habits that we have cultivated and maintained for so long. Let us therefore jointly dispel some myths concerning the electronic signing of contracts and other documents.

Myth # 1 – Electronic signatures are not legally binding

Thanks to European Union Regulation 910/2014, known as eIDAS, such a claim is invalid. This certification (which we hold) specifies the legal requirements of electronic identification and signatures throughout the European Union. All common contractual documents signed using Signi are thus completely legitimate and binding in the EU. In addition, a large number of court precedents have already been recorded in similar cases, confirming the binding nature and validity of electronically sealed documents.

Myth # 2 – Documents in electronic form cannot be 100% secured

This is, of course, nonsense. Thanks to ingenious encryption and the use of cryptography, digital documents are much better secured than paper ones. Our servers are backed up several times a day andare  protected against attacks, our disks and files are encrypted, and documents are securely stored in several places. Compared to classic paper contracts, which you have loosely stored somewhere in a file in your office, the level of security is incomparably higher. Really, what is stopping an uninvited guest from peeking into your office at any time in an unguarded moment. And hand to heart – who among us locks our contracts somewhere in a vault?

Myth # 3 – The identity of the signatories cannot be verified

It is true that, as of yet, a unified digital identity, such as those in Nordic countries, is still not in place in the Czech Republic. That is why we are working intensively with banks to make Signi the first application that enables the identification and signing of documents using BankID. This could be achieved as early as 2021. However, we already empower you to securely identify all parties of a contract, unquestionably deliver documents directly to the sphere of influence of your company counterparty, and guarantee the integrity and immutability of all documents closed. The strength of our signature and identification is fully sufficient for all agreements concluded in accordance with the Commercial and Civil Code. The only contracts we cannot currently conclude are those that require an officially witnessed and authenticated signature, i.e. notarization, certified signatures, or messages sent via the government system (datové schránky).

Myth No. 4 – Paper documents cannot yet be fully replaced

And where is that true exactly? The reality is that our technologies and platform will save you lots of time. After all, we all know this – how many times have you had a conflict with your counterparty over a single term in a contract, or simply had to rewrite the contract three times, and there are always such queues at the copy center on the corner. With Signi, everything is handled in a matter of minutes.

Our way of life, communication, and work is changing literally every day right before our eyes. Our contracting system, however, has remained almost unchanged for several centuries. We still insist on paper documents, even though this format is now more of a symbol – and certainly not the most effective or safest solution. In contrast, digitization offers completely new possibilities. Signi significantly speeds up and simplifies the process of closing documents.

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