Businesses, especially those involving huge amounts of money, make use of a lot of contracts for transactions and documents for record keeping. For example, companies that provide services like removals in Thailand need proper documentation of properties that they would be working with, as well as insurance for both the company and the clients, and all other things in the transaction that needs proper documentation. This becomes a hassle for many companies and clients, which is why many are moving towards paperless transactions, like Digibyte.
Digibyte is a Thailand-based platform that offers digital transactions. Now, the company is also offering Digusign— a service that allows users to sign various documents digitally. This makes transactions faster as it does not rely on traditional verification processes for online transactions. For example, clients needing removals in Thailand as well as the company they hired for the service can simply use Digusign to sign the necessary documents without the hassle of meeting at a set time and place and worrying about having all the necessary documents on hand. This would also make record keeping easier, as digital copies could be stored by authorized individuals, making it more convenient for everyone.
Security, still, is a major concern as these transactions often involve huge amounts of money and properties. Digibyte uses an online identity verification to protect its users, whether they are business entities, or clients seeking service from one. In Europe, Antum is a digital identity company that uses Digi-ID to protect the identity of their users over the internet.
Digi-Sign is another example of how companies are moving towards paperless transactions. While more and more companies are moving towards this trend, there still is a need for development in the complexity and scope of these contracts, especially in preserving its legality. For example, real estate uses a lot of paper documents because of its nature. It deals with property ownership which needs proper documentation so that ownership is properly stated.
Indeed, paperless contracts would soon become a norm, but needs to be secure enough to maintain its sanctity and see to it that the concerned parties are protected just like, if not in a better way, with paper contracts.