New momentum for digital identity: The verifiable LEI (vLEI) expands the possibilities of LEI numbers

23 helmikuun 2022

With the introduction of the verifiable LEI (vLEI), GLEIF is opening a new chapter in the history of digital identity. The vLEI builds on the proven system of LEI numbers and creates a digital solution that enables organisations worldwide to confirm their identity securely and seamlessly.

In a world where digital interactions and global trade are rapidly increasing, the authenticity of business partners is becoming ever more critical. Organisations need high trust to ensure that their online business relationships are legitimate. The Legal Entity Identifier (LEI) has already become an indispensable tool.

The verifiable LEI (vLEI): A new dimension for LEI numbers

The GLEIF (Global Legal Entity Identifier Foundation) has expanded the Global LEI System and introduced the verifiable LEI (vLEI) – a digitised and standardised version of the LEI number. The vLEI enables organisations to confirm their identity digitally and instantly, significantly increasing trust in business interactions.

Why LEI registration is critical to the future of global commerce

With over two million LEI numbers registered worldwide, the Global LEI System is already essential to international trade. However, increasing digitalisation and the need to trade securely across geographical borders make reliable LEI registration more critical than ever. The vLEI offers an advanced solution that simplifies and automates the LEI registration and verification process.

Technological innovations: KERI protocol and LEI integration

The vLEI system is designed to work seamlessly with existing and future technologies such as blockchain, cloud services and APIs. The KERI (Key Event Receipt Infrastructure) protocol ensures that an organisation’s LEI number can be securely managed and used independently of a specific provider.

2022: The launch of the vLEI and new standards for LEI registration

The year 2022 marks a milestone for LEI registration and the launch of the vLEI. With the development of open-source beta software and upcoming field trials in various industries, the vLEI initiative will come into its own. These developments will not only revolutionise the way LEI numbers are registered and used but also strengthen global trust in digital business transactions.

The vLEI: a glimpse into the future of digital identity

The verifiable LEI (vLEI) could soon become the globally recognised seal of approval for digital authenticity. It will set the standard for LEI registration and use, laying the foundation for a new digital trust ecosystem that will benefit every organisation worldwide.

Conclusion

The introduction of the vLEI represents a revolutionary step in the evolution of LEI numbers and LEI registration. This innovation will help organisations manage their digital identity securely, laying the foundation for a trusted and efficient global economy.