Redefining digital trust: The vLEI

8 czerwca 2022

The verifiable Legal Entity Identifier (vLEI) is a groundbreaking innovation in digital identity. Developed by the Global Legal Entity Identifier Foundation (GLEIF), it offers companies a standardised and digital way to confirm their authenticity. This new form of Legal Entity Identifier (LEI) enables automated trust between legal entities and their business partners.

Why vLEI is important

With increasing globalisation and digital business processes, trust between organisations is becoming increasingly crucial. Studies show that cybercrime costs companies billions worldwide. This is where the vLEI comes in:

Ensuring the authenticity of organisations and their representatives.

Facilitating the secure participation of organisations in the digital economy.

Making digital interactions more efficient and secure.

Advantages of the Legal Entity Identifier (LEI) and the vLEI

The Global LEI System has provided unique identification for legal entities for years. With over two million registered LEI numbers, this system has established itself as trustworthy. The vLEI builds on this and offers additional benefits:

Real-time authentication:

legal entities can instantly confirm their identity.

Global interoperability:

the vLEI integrates seamlessly with blockchains, cloud services and APIs

Highest security standards:

Maximum security and data protection are guaranteed with technologies such as the KERI protocol (Key Event Receipt Infrastructure).

How the vLEI works

The vLEI converts the existing LEI code into cryptographically secured credentials, which can be issued by a network of vLEI issuers. GLEIF acts as the central root of trust, ensuring the system’s integrity.

A central component is simple traceability: each vLEI authorisation can be traced back directly to the original entry in the Global LEI Index.

Possible applications of the vLEI

The vLEI is used in numerous industries, including

Financial services:

Ensuring the identity of organisations in transactions.

Pharmaceuticals and healthcare:

Secure exchange of data and documents.

Telecommunications:

Protection against digital fraud.

Automotive industry:

Trustworthy digital collaboration.

A look into the future

GLEIF is continuously working on optimising the vLEI. Developments such as open-source beta software and international standardisation (e.g., ISO 5009) are making the vLEI increasingly user-friendly and universally applicable. The aim is to establish the vLEI as a global seal of quality for organisations’ authenticity.

Conclusion: The Legal Entity Identifier in the Digital Age

The vLEI represents a milestone in the development of digital identities. Organisations that already use their LEI number can benefit from increased security and efficiency with the vLEI. For new customers, the Legal Entity Identifier offers the opportunity to shape the digital transformation securely and successfully.

Find out more about how the vLEI can revolutionise your business processes. Register your LEI number now and enjoy the benefits of digital authentication!