As we speak Ubisecure, the corporate behind RapidLEI introduced its assist for verifiable company credentials vLEIs. Using Authorized Entity Identifiers (LEIs), a world customary, began within the monetary sector in 2014 however is now increasing. LEIs purpose to supply authorized entities with a singular id. However vLEIs go a number of steps additional.
The Monetary Stability Board created the World Authorized Entity Identifier Basis (GLEIF) because the umbrella physique that delegates duty to native organizations equivalent to Ubisecure, which carry out LEIs issuance. 4 months in the past, GLEIF introduced it was increasing past finance and exploring the usage of self-sovereign identity (SSI) options for corporates.
Verifiable LEIs can present quite a few advantages. It may allow an organization to each present its id and confirm it. In different phrases, it might show it nonetheless exists and its authorized registration has not been revoked. Moreover, it might share particulars equivalent to company registration, tax identifiers or financial institution particulars. However most significantly, it permits an organization to verify an individual claiming to behave on its behalf is allowed to signal a contract. It introduces the vLEI ‘position credential’ for workers.
Therefore a corporation can have a pockets with these verifiable credentials and share the main points with whom it chooses. Clearly, this could possibly be helpful for know your buyer (KYC) and anti cash laundering processes (AML). And Deloitte is working with GLEIF on a KYC use case.
“For the reason that launch of the vLEI, we’ve acquired an overwhelmingly constructive response from our Native Working Items (LOUs), acknowledging the potential it provides for increasing their shopper base,” mentioned Stephan Wolf, GLEIF CEO.
Ubisecure’s adoption is essential due to its scale. Through RapidLEI it claims to be the most important present issuer of LEIs, bigger than the DTCC and Bloomberg. Since 2018 it has issued LEIs to 80,000 organizations. As we speak it opened pre-registration of its vLEI pilot program by means of its associate community. Nevertheless, it nonetheless must be accepted into the GLEIF pilot program this 12 months.
“We share the G20’s imaginative and prescient for the LEI as the only international organisational identifier. We additionally share the imaginative and prescient that Verifiable Credentials can deal with a mess of use instances as folks take management of their digital id,” mentioned Paul Tourret, Company Improvement Officer, Ubisecure.
He continued, “The vLEI brings the advantages of LEIs to a a lot wider viewers by establishing belief within the id of who you’re doing enterprise with, while on the identical time rising privateness and effectivity.”
Scratching under the floor
GLEIF’s plans are for W3C requirements compliant verifiable credentials, however its resolution is expertise agnostic. It gained’t itself use a ledger as it can use Key Occasion Receipt Infrastructure (KERI) for its decentralized key administration infrastructure (DKMI).
Some verifiable credentials and SSI options use blockchain expertise, and others don’t as a result of it’s doable to do the verification on a P2P foundation utilizing cryptography. Even the options that use blockchain don’t all the time use blockchain for a similar goal. Some retailer a hash or fingerprint of the credential. Others solely use blockchain to retailer public cryptographic keys and a listing of revoked credentials.
Due to its transfer into verifiable credentials, GLEIF is now a member of the Trust Over IP Foundation.
With speedy digitization, and the elevated KYC and AML burdens, some small firms are getting excluded. The G20 has acknowledged the issue.