ny case, how people trust each other over long distances is changing because of Internet technologies such as videoconferencing and the ability to have live text-chats. With these new emerging technologies, even contractual agreements can now be negotiated online with the use of digital signatures.The Internet has also allowed the new technology of digital signatures to be used in business over the Internet. A new act called the Electronic Signatures in Global and National Commerce Act has been imposed recently, which supports the use of electronic or digital signatures over the Internet for business transactions (Ceniceros). These new digital signatures will be legally equal to that of the traditional handwritten signatures. Using this new technology, it is expected to dramatically increase business transactions over the Internet. This new technology will come with a cost as it will be open to hacker attacks, viruses and other possible problems of digitally signed contracts (Nettie). Consultants are now helping with the problem and strong digital encryption programs will help combat potential security problems. With the use of new technologies such as digital signatures, e-commerce will prove to be a very valuable tool in the way business transactions will be handled, especially in the future. There are many questions as to what e-commerce exactly is. Electronic commerce is any transaction conducted over the Internet or through Internet access, comprising the sale, lease, license, offer or delivery of property, goods, services or information (Chi). It has been continuously increasing at a tremendous rate, which is why governments need to take action on how tax will be implemented to Internet transactions. In 1998, e-commerce business-to-business volume was at $14.9 billion, in 1999 it was at $31 billion and it is now predicted to increase to $177.7 billion by the year 2003. It has also been estimated that e-commerce will be six...
