GLEIF Showcases ‘One Digital ID for Every Business Globally’ with First Verifiable LEI Deployment
First use of the vLEI – a digitally trustworthy version of an LEI – to sign GLEIF’s 2021 annual report shows the power of automated entity verification in official filings
The Global Legal Entity Identifier Foundation (GLEIF) achieved a new milestone today in the realization of a global ecosystem for digital business identity with the first use of a verifiable Legal Entity Identifier (vLEI) to sign its 2021 annual report.
The vLEI – a digitally trusted version of the LEI - meets an urgent, unmet need for automated digital verification of the legal identities of businesses everywhere. It enables a ‘zero trust security’ approach to be enacted across online platforms. This makes a critical contribution to the future health and stability of the digital global economy, where the concept of ‘never trust, always verify’ is crucial in the fight against cybercrime. The vLEI instills confidence in the verified identity of digital counterparties, allowing them to interact, innovate and collaborate across borders, free of the requirement to perform ongoing arduous and time-consuming verification of an organization’s LEI and persons that represent their organizations manually.
This pioneering use of the vLEI in GLEIF’s annual report demonstrates the true potential of the cryptographically verifiable credential to create trust in digital transactions and to offer flexibility to accommodate official signing requirements. It does this by showcasing how multiple vLEI digital signatures can provide cryptographic assurance of the contents of the annual report.