vLEI: Accelerate Innovation by Enabling Trusted Digital Identity using Verifiable Credentials
Digital innovations are rapidly redefining how businesses connect online. With formal transactions now taking place through our laptops and mobile devices, a solution is needed that can deliver the same levels of trust and confidence as a physical signature or handshake. Without this, businesses will continue to struggle to formally identify and authenticate the individuals and companies they are doing business with.
The verifiable LEI (vLEI) answers this need. It enables instant and automated business verification for all legal entities and their official representatives and interoperates seamlessly and securely with all technology models.
An early example of the vLEI is accelerating innovation in the pharmaceutical industry. PharmaLedger is a project which brings together 12 global pharmaceutical companies and 17 public and private entities to support the adoption of blockchain-enabled healthcare solutions. It is leveraging the vLEI as a critical component within the platform to establish trust in real-time between participants.
This promises to vastly increase the operational efficiency of the global healthcare system and facilitate the digital exchange of data and documentation across a number of use cases, including patient health, clinical drug trials, and supply chain partnerships.