LEI Solutions > vLEI – Verifiable LEI
The LEI is the ideal foundation on which to establish the vLEI chain of trust for organizational identity.
LEIs already in use today
Driven by and overseen by International Bodies
Defined by the ‘who is who’ standard
Today’s global business presents risk for both transactions and international partnerships. At the heart of reducing such risk is the ability to confirm identity. How do you know your potential business partner is who they say they are? And does the person you are dealing with have the right to act on behalf of that company?
The Verifiable LEI, or vLEI, solves this problem. The vLEI is a digitised LEI service, utilizing digitally verifiable credentials containing the LEI to provide automated identity verification between counterparties. vLEI will provide a cryptographically secure chain of trust that will replace manual processes needed to access and confirm an entity’s identity across all industries.
vLEI is delivered in an agnostic method able to support any of the existing and future self-sovereign identity (SSI) platforms, be they blockchain / distributed ledger based or otherwise self-sovereign identity (SSI). This allows the identity holder has control of his/her personal data over how, when, and to whom that data is revealed.
vLEI provide non-repudiable identification data pertaining to:
Authorized Representatives & Employees
RapidLEI has announced support for the Verifiable LEI initiative and as an already accredited GLEIF LEI Issuer, has applied as a candidate to become a Qualified vLEI Issuer in line with the GLEIF’s qualification timeline for late 2021.
Verifiable LEI use cases include:
Approving business transactions and contracts
Onboarding customers and KYC
Supply chain approvals
Submission of regulatory filings
The vLEI Credential chain of trust
GLEIF asserts that the LEI is the ideal foundation on which to establish a chain of trust for organizational identity.
By combining three concepts – the organization’s identity, represented by the LEI, a person’s identity represented by their legal name, and the role that the person plays for the legal entity, vLEI credentials can be issued and become part of organizational wallets.
- GLEIF is the Root of Trust
- GLEIF issues vLEIs to RapidLEI as an attestation of trust
- Verifiable Credentials are created by RapidLEI – an accredited LEI Issuer
- RapidLEI’s role is to assert information about a subject to which a credential is issued
- RapidLEI cryptographically signs the credential with its private key
Once obtained, the vLEI can be used as a basis to issue additional credentials to confirm roles and rights to members of the organization.
vLEI Roles and Rights
vLEI Role Credentials are issued by Legal Entities to Persons to assert their official roles (ISO 5009 standard in development) that can be verified both by the Legal Entity as well as against one or more public sources. vLEI Roles can also cover roles individuals are authorized to perform on behalf of the legal entity. Examples:
- Legal Entity – Other Employees
- Hospital/Physician’s practice – Patients
- Community/Ecosystem/Exchange/Registered Member
- Trusted Supplier/Provider/Registered Member
Ubisecure, the company behind RapidLEI, offers an IDaaS solution to add further credential augmentation for granular digital rights management for roles and individuals, and the delegation of those rights. Talk to us today or see Delegated Authority for more details.
Participate in Verifiable LEI Pilots
Ubisecure, the identity services company behind RapidLEI, has a long history of building solutions that connect businesses to both global and nation-wide digital identity initiatives.
The RapidLEI Team is working closely with GLEIF and other industry stakeholders on Verifiable LEI Pilots. Get in touch today to discuss participating in our pilot program.
vLEI Infrastructure Plans
The vLEI is an organisation Verifiable Credential following the W3C specification. It is delivered in an agnostic method able to support any of the existing and future self-sovereign identity (SSI) platforms, be they blockchain/distributed ledger based or otherwise.
It enables a cryptographic chain of trust for organisations and their representatives to securely assert their verified identities, roles and (in conjunction with Ubisecure CIAM platform) rights in digital, automated, identity assurance scenarios. Counterparties, or relying parties, will be able to consume the vLEI knowing that the information it contains has already been verified by an accredited LEI issuer like Ubisecure, and because it has already been verified, can trust it.
LEIs will be used for self-sovereign identity (SSI) and other technologies as verifiable credentials. SSI enables an individual or organization to choose with whom to share details about their identity and who is authorized to act on their behalf.
The vLEI infrastructure will be a network-of-networks, developed using the KERI (Key Event Receipt Infrastructure) protocol. It will support the full range of blockchain, self-sovereign identity and other decentralized key management platforms.
vLEIs will be hostable on both ledgers and cloud infrastructure supporting both the decentralization of ledgers plus the control and performance of cloud. Portability will enable GLEIF’s vLEI ecosystem to unify all ledger-based ecosystems that support the vLEI.
The vLEI ecosystem is in full accordance with ToIP (Trust over IP) standards.