RapidLEI unveils pilot for corporate verifiable credentials, vLEI – Ledger Insights

At this time Ubisecure, the corporate behind RapidLEI introduced its help for verifiable company credentials vLEIs. The usage of Authorized Entity Identifiers (LEIs), a worldwide normal, began within the monetary sector in 2014 however is now increasing. LEIs intention to supply authorized entities with a singular identification. 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 accountability to native organizations corresponding 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 might allow an organization to each present its identification and confirm it. In different phrases, it may possibly display it nonetheless exists and its authorized registration has not been revoked. Moreover, it may possibly share particulars corresponding 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 permitted to signal a contract. It introduces the vLEI ‘function credential’ for workers.

Therefore a company can have a pockets with these verifiable credentials and share the small print with whom it chooses. Clearly, this might 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 obtained an overwhelmingly constructive response from our Native Working Items (LOUs), acknowledging the potential it presents for increasing their shopper base,” mentioned Stephan Wolf, GLEIF CEO.

Ubisecure’s adoption is vital due to its scale. Through RapidLEI it claims to be the biggest present issuer of LEIs, bigger than the DTCC and Bloomberg. Since 2018 it has issued LEIs to 80,000 organizations. At this time it opened pre-registration of its vLEI pilot program by its companion community. Nonetheless, 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 world organisational identifier. We additionally share the imaginative and prescient that Verifiable Credentials can tackle a mess of use instances as individuals take management of their digital identification,” 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 identification of who you’re doing enterprise with, while on the identical time growing privateness and effectivity.”

Scratching under the floor

GLEIF’s plans are for W3C requirements compliant verifiable credentials, however its answer is know-how agnostic. It received’t itself use a ledger as it’s going to use Key Occasion Receipt Infrastructure (KERI) for its decentralized key administration infrastructure (DKMI).

Some verifiable credentials and SSI options use blockchain know-how, and others don’t as a result of it’s potential to do the verification on a P2P foundation utilizing cryptography. Even the options that use blockchain don’t at all times use blockchain for a similar objective. 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.

In the meantime, others corresponding to Mastercard are as an alternative trying to supply different options to deal with the company identity hole.