A revolution in digital business had resulted in the development of the qualified electronic time stamp. The qualified electronic time stamp will enhance a change from paper-based into electronically regulated processes. In essence, this implies that deals, receipts, and all transactions are steadily evolving into electronically regulated processes.
The tools necessary to execute these time stamps include electronic signatures, electronic stamps and electronic notifications which will totally guarantee the competence of such transactions.
In this article, we talk about the qualified electronic time stamp as it is under the elDAS regulation.
Qualified electronic time stamp and the elDAS regulation
Certain security guidelines which are premised on a legal regulation and aimed towards the uplift of the electronic marketing must be enacted, especially when international transactions are involved. Europe has always been setting the standard with its devotion to developing a Digital Single Market. One of the ways the EU has promoted the Digital Single Market is through the establishment of a legal framework known as the elDAS Regulation. The elDAS regulation which stands for EU regulation EU 910/2014 of the European Parliament and of the Council of 23 July 2014 became operational on 1 July 2016 and has since played a vital role in regulating the use of qualified electronic signature and stamp.
It stipulates that a signature or stamp key will be protected in a qualified electronic signature device. Such a device must meet the specifications of Annex II of the elDAS regulation.
What is a Qualified Time Stamp?
Article 3 of the elDAS regulation defines qualified electronic time stamp as data which is in electronic form and connects another electronic data with a time, thereby verifying the existence of the other data at such time.
The following requirements are stipulated in article 42 of the regulation
- It has a very strong link between the data and the date/time such that it is extremely difficult, if not impossible to alter the data.
- It works on the basis of an interim information source which is linked to Coordinated Universal Time.
- It is signed with an advanced electronic signature or stamped with an advanced electronic stamp of a registered company which renders quality trust services.
Legal Effect of Electronic Time Stamps
An electronic time stamp is highly recognized by law. Article 41 states that the date and time indicated by a qualified electronic time stamp will be presumed to be accurate. In addition, all countries in the EU are mandated to recognize a qualified electronic time stamp issued by another member state. Therefore, if you are seeking to provide proof of the accuracy of date and time when providing legal evidence, then look no further.