Digital Signature For e-Tenders
E-procurement (Electronic procurement) is the business to business or business to consumer or business-to-government sale and purchase of supplies, work and services through the Internet and other information systems and networks, such as EDI and enterprise resource planning
E-procurement is done with a software application that includes features for supplier management and complex auctions. The new generation of e-procurement is now on-demand or software-as-a-service.
The value chain of e-procurement is the management script, eTendering, eAuctioning, supplier management, catalog management, integration orders, Order Status, Ship Notice, electronic invoicing, electronic payments and contract management. Indent Management is the workflow involved in the preparation of tenders. In the procurement of goods, the generation script is done online. The final result of the step is taken as inputs for the issue of NIT. Public sector organizations use e-procurement for contracts to achieve benefits such as increased efficiency and savings (faster and cheaper) in procurement costs and improving transparency (to reduce corruption) in procurement services. E-procurement in the public sector has experienced rapid growth in recent years. An e-procurement system managed through a web site. This can be accessed anywhere in the world and has greatly improved the accessibility of tenders.
Why do I require a Digital Signature Certificate ?
A digital Signatur certificate (DSC) provides an electronic means of proving your identity. It also provides a high level of security for online transactions. You can use certificates to encrypt information so that only the recipient can read it. You can digitally sign information to provide assurance that the recipient has not been modified in transit, and allow verification that actually sent the message.
How does Digital Signature Work ?
Digital Signature Certificate, in simple terms, is a file created by a Licensed Certifying Authority through encryption and is then issued to you, in the USB eToken. When signing any particular document this file is accessed, which acts like a 'key' (Private Key) and locks & securest the document being signed (through encryption). [This is similar to using a key in a physical lock to secure your valuables in a bank locker - a lock can only be opened by its own key].
In addition to locking the document being signed, this file also adds a Digital Certificate to it containing your identity details, viz. name, Organization's name, email ID, etc.
It also adds a key code (known as public key) which is the same key that resides in the certifying authority server, thereby allowing the other party to validate the authenticity of your DSC. Contrary to popular myth, the DSC does NOT contain a scanned copy of your physical signature.