What eIDAS Is
Introduced in 2014, the eIDAS regulation aims to provide a secure and seamless environment for electronic transactions within the European Single Market. It sets the standards for electronic identification (eID), electronic signatures, electronic seals, electronic time stamps, and electronic delivery services. It ensures that electronic interactions across EU member states are secure, legally binding, and trustworthy.
eIDAS Explained in Practice
Imagine you are the owner of an online tire retail company based in Spain. You have an exceptional opportunity to purchase tires from a manufacturer located in Germany at a discounted rate of 30%. This promotional offer is only available until the end of the business day. You cannot visit your office nor you can fly to Germany due to, for example, COVID restrictions.
| Before eIDAS | With eIDAS |
|---|---|
| You cannot complete the transaction, as it requires a physical signature for the order to be finalized. As a result, your business misses out on this valuable cost-saving opportunity. | You can sign the order remotely using eSignature and eTimestampt to certify the time of signing and send the order back to your office and to the manufacturer. The order is not delayed and your business gets the 30% discount. |