CryptoTimeStamp® provides a guarantee for the time of electronic transactions
International professional security solutions provider Utimaco Safeware has announced that German encryption and digital signature technology provider w-form Signware AG has adopted its time-stamp technology, CryptoTimeStamp, within its standard commercial solutions. The time-stamp feature offers users a means of providing concrete proof that electronic documents have been received within a pre-defined time limit. This ensures that all electronic transactions for which the receipt date (or the electronic "posting date stamp") is key can now be carried out securely and reliably. This development facilitates the trustworthy exchange of valuable information over the internet within a legally secure environment.
The w-form product now integrates CryptoTimeStamp as standard. The combined package provides a solution for electronic commerce with which transactions with government bodies, banks and insurance companies for example can be carried out in a secure, reliable and authenticated way, with proof of timely receipt. The w-form system operates by locking documents and applications in a high-security container in which they are encrypted and signed. They are then centrally
assigned a time-stamp via Utimaco Safeware's technology, giving a point of reference for the exact time of a transaction and ensuring that the transaction time is indisputable.
Jackie Groves, managing director for Utimaco Safeware commented, "This application is ideal for any transaction which contains private or valuable information and for which the transaction date is a key factor. Some good examples are online trading and electronic bidding, where timing is paramount. Also transactions that carry a cut off time such as online lottery and betting will benefit from Utimaco's time stamping technology."
w-form has a user-friendly WYSIWIG (What You See Is What You Get) editor which enables the creation of intelligent, fully-functional applications, quickly and easily. A typical example is the creation of "intelligent forms" for generating documents such as insurance policy applications or credit agreements. These can be designed quickly and easily and made generally available within the organisation on a web server. This means that insurance companies and banks can produce policies, bank statements and official statements automatically, which can then be individualised before being signed and encrypted and sent out securely to customers over the internet.
Utimaco Safeware's CryptoTimeStamp service is already being used by the German lottery operator Deutsche Lottogesellschaften, where it provides proof that lottery and sporting bet slips are received before the deadline.
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About Utimaco Safeware
Utimaco Safeware is the leading European manufacturer of professional and certified IT security solutions. Utimaco Safeware develops and sells integrated security solutions based on established standards regulating mobile/desktop security and Internet security. Utimaco Safeware maintains its website at http://www.utimaco.com.
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