Negotiable Instruments and its relevance in our present time

First, what is a negotiable instrument? A negotiable instrument is document that

promises payment to a specified person or the payee. The person, who receives the
payment, is named or otherwise indicated on the instrument which is the payee. The
common examples of negotiable instruments are promissory notes and bill of exchange.
The question is, is it still relevant to use negotiable instruments in our present time
as we continue to develop the use electronic transactions? The form of a negotiable
instrument is that for an instrument to be considered as negotiable it is must be in writing
and signed by the maker or drawer, as our technology continues to develop most people
nowadays are reliant on electronic transactions. However, writing includes typing,
printing, lithography, photography and other modes of representing or reproducing words
in visible form. Signatures today can also be done digitally as electronic signature emerge
as we continue to be reliant on technology. Making manual papers less reliant these days
as most people do everything electronically.
In our present time, we are steadily relying on technology as it continues rapidly
develop and revolutionized the way people and businesses handle their business
transactions and continues to grow as a medium to order goods and services. Electronic
transactions indeed has many advantages compared to traditional payment methods. The
advantages raised by electronic transactions are; transactions through online and
electronic devices are faster and better than manual transactions, it gives convenience
as people exert less effort on performing transactions, and better fund management as
people can easily check their funds online.
As electronic transactions has advantages, it has also disadvantages and
problems that needs to be answered. One of it is online security, as we put everything
online it is also expose to security breaches such as hacking. Online transactions may
provide convenience to the user but it also has security risk. System failure is one of the
problem that may arise when using electronic transactions, it can cause inconvenience
on the part of the user and the provider. Next is third world countries which has
widespread poverty that has no access on online and electronic transactions that may be
difficult for them and still has to use manual transactions.
I conclude that negotiable instruments are still relevant in our present time, it may
be convenient and faster to use electronic transactions but is still not fully reliable. Some
people still use checks for their transactions and online security is a major factor that
some may favor manual transactions and not fully reliant on electronic transactions.

Sources:
Staff, I. (2015, July 29). Negotiable Instrument. Retrieved June 23, 2017, from
http://www.investopedia.com/terms/n/negotiable-instrument.asp

Joselito Guianan Chan, Managing Partner, Chan Robles and Associates Law Firm. (n.d.).
Retrieved June 23, 2017, from
http://www.chanrobles.com/actno2031.htm#.WU1KKGiGPb0

Principle of negotiability of negotiable instruments. (n.d.). Retrieved June 23, 2017, from
https://www.lawteacher.net/free-law-essays/tort-law/principle-of-negotiability-of-
negotiable-instruments.php