The Electronic Signatures in Global Commerce Act, signed into law by President Clinton in June 2000, went into effect October 1, 2000, making e-signatures as valid as traditional ink, or wet, signatures. As reported in the New York Times, the Electronic Signature Act did not indicate which technologies could be used, leaving the marketplace to make those choices. It further said that 40 states had already “officially recognized” some form of electronic signature before June when the bill was signed into law (probably with an old-fashioned ink pen). How far will e-signatures be accepted? Apparently it will go far, growing use throughout many business areas in the US. As quoted in the New York Times, Byran Keene, an analyst at Prudential Securities, estimates that 80 percent of financial transactions will be by electronic and digital signatures—e-signatures—in the next five years.
Further information can be obtained from www.nytimes.com/technology.
