E-Notary Software Market Trends

Growth Drivers

• Increasing Popularity of Online Verification- Various government and non-governmental offices are now functioning online, which has surged the demand for online verification of documents. Companies and people alike are choosing digital verification techniques more often to guarantee enhanced security and effectiveness, which has turned into a need as a result of the increase in fraud worldwide. For instance, more than 60% of organizations still utilize digital document verification as their primary technique for digital identity verification.
• Growing Users of Mobile Applications, and Digitalization - Both individuals and companies commonly utilize contract management applications to electronically sign documents as it reduces errors, and makes keeping track of all the necessary signature activities simpler.
• Use of Blockchain in Notarization- A distributed online proof-of-existence for every document can be securely stored and computed by a blockchain notary, which is an open-source tool that expedites the document flow of intricate operations.

Challenges

• Growing Security and Privacy Threats - Electronic notarization, or e-notarization, involves documents that are notarized in electronic form and are more prone to security risks than paper documents. When someone has access to both the private key and digital certificate, they can perpetrate fraud therefore, it is important to notify the reputable company that provided the certificate and the local law enforcement agencies about the loss.
• Additionally, the prevalence of fraud with digital signatures is rising which is the practice of hackers or cybercriminals manipulating, forging, or using digital signatures for fraudulent purposes to trick people or organizations.
• Varying State Laws on Notarial Acts- The term notarial act, refers to actions that this state's laws and regulations permit notaries public to carry out and are crucial legal instruments that support ensuring the legitimacy and authenticity of documents, and they are accepted worldwide under particular legal restrictions that differ depending on the jurisdiction that has an impact on numerous topics and facets.
• Complexity Associated with Standardizing E-Notary Solutions