E-contracts and outstanding advantages of electronic contracts

  • 04/01/2023
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What is digital signature? 

According to Decree 26/2007/ND-CP of the Government: “Digital signature” is a form of electronic signature created by transforming a data message using an asymmetric cryptographic system in which the person who obtained the original data message and the signer’s public key can be accurately identified.” A digital signature is a form of electronic signature based on public encryption technology. More simply, a digital signature can be understood as a form of electronic signature based on public encryption technology. It acts as a signature for individuals or a seal for businesses and is legally recognized. Digital signatures are signed on documents and digital documents such as word, excel, pdf… These documents are used for online tax payment, electronic customs declaration and other electronic transactions. It doesn’t need to use paper and ink, it attaches identifying characteristics of the parties signing a certain undertaking.

A digital signature will smooth the process of signing any document and keep everything safe and secure. … Being able to authenticate documents while remaining secure, improving efficiency and reducing costs is why the use of digital signatures is so important to organizations today. Plus, you can’t cut paper from a digital signature!

Digital signature in electronic insurance certificate The digital signature is provided and authenticated by FPT.eContract Accordingly, when the customer successfully completes the steps of filling in information and making payment, the competent officer will verify identify and sign. Immediately, the e-Certificate will be stored on the application and the download link of the e-Certificate will also be sent via SMS. The digital signature in the electronic insurance certificate is provided to the policyholder through the following roles: – Confirming that the person signing the data message is the insurance company Insurance – Confirms consent with the content of the signed data message. At the same time, the digital signature is also a proof of the legal validity of the insurance certificate provided by the validator on the application.

Principles of ensuring sufficient reliability of e-contracts in e-commerce transactions The process of forming, storing and managing e-contracts ensures that contract information is not leaked (ON-PREMISE, HASH) -SIGNING) An electronic contract with an electronic seal authenticated by the Ministry of Industry and Trade Ensure the process of verifying contract content over time in accordance with the law, regardless of changes in technology

Types of electronic contracts The parties all use Digital Signatures A combination of Digital Signatures and eKYC One party uses a digital signature and secures the other party according to the agreed contract conclusion process

– The conclusion and drafting of electronic contracts must comply with the provisions of this Law and the law on contracts. 

– When concluding and drafting an electronic contract, the parties have the right to discuss technical requirements, authentication, conditions to ensure integrity and confidentiality related to such electronic contract.

FPT.eContract or electronic contract is used for the following cases: 

Bank Finance: 

– Open an account at home 

– Notice of service agreement change

– Make procedures for loans remotely Insurance 

– Open an insurance policy 

– Signing vouchers for payment of fees, limit change, renewal 

– Signing the voucher of limit change 

– Signing Real Estate Contract Renewal Documents 

– Sign and pay the rental contract 

– Deposit agreement 

– Purchase and sale contract Labor contract 

– Sign labor contracts for factories and organizations with a large number of employees 

– Sign human resource service contracts for seasonal positions 

Healthcare 

– Register for medical examination and treatment 

– Pay fees, sign service invoices 

– Signing with partners and service providers for hospitals

 Multidisciplinary 

– Sale contract 

– Brokerage contract 

– The order 

– Test records 

Education 

– Contract signed between the School and the teacher 

– Contract signed between the school and the student’s parents 

– Contract signed between the University and service providers: meals, books, notebooks, extracurricular activities… 

– Contract signed between the University and agencies at all levels 

Travel 

– Framework contract with suppliers, service providers of restaurants, food and beverage, amusement parks – traditional partners, car services, hotels, restaurants. 

– Cooperation contract with tourism partners for domestic and foreign transactions in the form of inbound and outbound 

– Individual tour contract signed for each incident 

– Various internal document files, multi-party signing process, many forms including review, autograph, authenticated personal photo signature, digital signature

Why does the world sign electronically?

E-signing is rapidly growing due to its outstanding advantages 

  • Allow cross-border and cross-border trade in services. 
  • Companies that begin their digital transformation journey with the adoption of e-signatures and other digital technologies achieve 70%-80% in efficiency improvements. 
  • Businesses using e-signatures close 17% more transactions than non-users.

Factors driving the development of e-signature

  1. Wide range of policies to support the legality of electronic signing 
  2. Internet and cloud computing enable organizations and users to conduct online transactions from anywhere 
  3. The wave of digital transformation applies the latest technologies to help solve operational optimization problems and eliminate paperwork 
  4. Social distancing and teleworking, increasing demand for secure connections and online transactions amid the COVID-19 Pandemic 5. Security concerns and help reduce fraud A feature-rich, easy-to-use e-signing solution on a wide range of devices, meeting the latest security standards and helping to increase operational efficiency and save costs. 

Digital Signing Transactions Digital Signature Transactions grew from 89 million to 754 million in just 5 years Global Digital Signing Market Growing at a CAGR of 26.6% during the forecast period ( 2021–2030). * According to Revitas, 2015 * According to FortunebusinessInsights, 2020

First, the fact that this method does not need to use paper has helped businesses solve the problem of cost, time and resources from printing, transportation, to signing, storing and preserving. contract. 

In addition, all processes will be carried out in an electronic environment, so security and safety will be maximized. 

Another advantage when converting to electronic contracts is that customers can perform digital signatures simultaneously, anytime, anywhere, on many devices without meeting or contacting directly. Not to mention the benefits of streamlining procedures, this method is also particularly suitable and effective in the context of the Covid-19 epidemic, ensuring that the signing can take place smoothly, without worrying about interruptions and delays. malfunction. 

In electronic transactions, information security is always a top important factor that businesses are extremely concerned about. With standard operation, all data about the business as well as the transaction process is committed to maximum security. 

On the other hand, this form also helps to limit the situation of impersonation and fraud that directly affects businesses. In short, when signing contracts electronically, businesses can receive the following practical benefits: 

Simultaneous digital signature, anytime, anywhere 

Maximum data security, information safety 

No-touch, no-contact process 

Easy management – safe storage 

Shorten time – reduce costs

For more information, please contact FPT Electronic Contract:

Phone: 1900.636.191

Email: fpt.econtract@fpt.com.vn

Website: econtract.fpt.com.vn/

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