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Posted by Bobbi in CT on 2/13/05 1:39pm
In 2000 when digital documents, PKI was ALL the RAGE, the must-have to survive technology and notaries need this .... it fizzled out in 2002.
I have a "smart card" from a company that is now defunct. Used to demonstrate it. Simple, plug into anyone's UBS port, log in etc.
Practical problems
1. Most people (lawyers particularly) did not want to sign digitally. Cool to watch, but no thank you not for me today. In 2006, still getting the same answer.
2. Once encrypted by me nothing could be changed. Oops .... what about those other two signers after my notarization. Add another document to be attached to the first document as part of the first "sealed" document, then add a third document etc. etc.
3. Why bother? Paper document sent via FedEx in 2000 still made the rounds to three states for "wet" signature and notarization and got back to originating lawfirm in a short time. Easier yet, Emailed or faxed to each party, signed in "triplicate original" with an effective date (date all parties agree by conference call, sign their personal original with that date [effective date]) and then paper documents make the rounds. Commercial lenders and title companies just held everything "in escrow" for a day, while parties proceeded as though deal was complete.
It will be interesting to see how many average homeowners or "subprime" borrowers are willing to trust their BIGGEST financial commitment in their lifetime to the internet, particularly with everyone screaming from the rooftops about identity theft, hackers, and "do you really know who is on the receiving end of your data" issues.
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