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The success rate of various electronic mechanisms such as E-Governance, E-Learning, E-Shopping, E-Voting, etc. is absolutely dependent on the security, authenticity and the integrity of the information that is being transmitted between the users of sending end and the users of receiving end. To attain all these parameters, these sensitive information must be digitally signed by its original sender which should be verified categorically by its intended receiver. Since digital signature schemes are basically various complex cryptographic algorithms which are embedded with the plain text message, the performance level of these E-services vary based on certain attributes like key size, block size, computational complexities, security parameters, application specific customizations, etc. In this paper the authors have made a thorough study of the industry standard digital signature schemes to obtain optimum security level for the electronic mechanisms and explored its probable applications in various domains.