FIWARE Foundation and GLEIF: A milestone for global data interoperability

10 grudnia 2024

The FIWARE Foundation has partnered with the Global Legal Entity Identifier Foundation (GLEIF) to promote data interoperability worldwide. This collaboration marks a significant step towards a universal, data-interoperable framework that facilitates the identification of organisations across industries.

Legal Entity Identifier (LEI) is the key to global connectivity

The Legal Entity Identifier (LEI), a 20-digit code, plays a crucial role in the cross-border identification of legal entities. GLEIF, known for its pioneering work implementing the LEI, has introduced a digitalised version with the verifiable LEI (vLEI). The vLEI enables automated and instant trust-building between companies, their representatives and business partners.

Why this partnership is important

The collaboration between FIWARE and GLEIF aims to promote open standards and technologies that increase transparency and security in digital interactions. According to Chandra Challagonda, CEO of the FIWARE Foundation, the vLEI will be integrated into FIWARE’s technical framework to increase the benefits of the LEI globally. This is particularly relevant for mobility, logistics and industry sectors, where data provenance and compliance are essential.

Advantages for companies

The partnership offers numerous benefits for businesses, including

Improved access for different sectors

Through FIWARE’s global network, the vLEI will be introduced to mobility, logistics and industry sectors, creating new business opportunities.

Enhanced data provenance

With vLEI technology, companies can monitor the integrity of their data in real-time and fulfil regulatory requirements such as the upcoming EU AI law.

Global standards and interoperability

FIWARE and GLEIF work together on a framework that facilitates international data exchange and sets global standards.

Accelerated innovation

By initiating new research and development projects, technologies like post-quantum cryptography are being driven forward.

The Future of the Legal Entity Identifier

FIWARE will also join the GLEIF vLEI Technical Advisory Board. This board promotes the vLEI’s scalability and interoperability and strengthens its relationship with the open-source community. Its aim is to drive forward the global introduction of the LEI.

Conclusion

The partnership between FIWARE and GLEIF demonstrates how the Legal Entity Identifier (LEI) and the verifiable LEI (vLEI) can serve as key technologies to ensure transparency, security and efficiency in global business transactions. Organisations looking to improve their digital identities and meet global standards should closely monitor these developments.