Following a series of 2020 research initiatives, the Global Legal Entity Identifier Foundation (GLEIF) invited several stakeholders from across the digital economy to engage in a cross-sector development program. The goal is to globally support the deployment of vLEIs or verifiable LEIs, digitally verifiable credential systems containing LEIs (Legal Entity Identifiers).
InfoCert, formerly a GLEIF-authorized Local Operating Unit (LOU), will adopt vLEIs as an identification standard in DIZME, the decentralized blockchain-based digital identity platform.
Learn more about InfoCert LEIs
About GLEIF and LEIs
LEIs are alphanumeric codes that identify the legal entities involved in a financial transaction. Each LEI code contains information regarding the ownership structure of the legal entity to which it is issued.
LOUs or LEI issuers, including InfoCert, are organizations accredited by GLEIF and authorized to issue LEI codes to legal entities. An LOU is responsible for providing registration and renewal services and interfacing with legal entities requesting LEIs.
GLEIF, on the other hand, is a supranational non-profit organization established by the Financial Stability Board in June 2014 to promote the implementation and use of LEIs internationally.
VLEIs are cryptographically verifiable credentials compliant with W3C standards, containing LEIs. The program launched by GLEIF to promote vLEIs aims to create an ecosystem, a credential governance framework, and a technical support infrastructure.
VLEIs will extend the LEI system and create a fully digital service, enabling immediate and automated identity verification between counterparties across all economic sectors globally.
Through vLEIs, companies, government organizations, and other legal entities around the world will have the ability to identify themselves unambiguously, even outside of the financial markets, to conduct a growing number of activities digitally, such as:
- the approval of transactions and contracts,
- the acquisition of new customers,
- transactions within logistics chain and import/export networks,
- the submission of reports and prospectuses to regulatory bodies.
Also, vLEIs will allow for the extension of identity verification of legal entities to include individuals who fill roles of interest within those entities.
We can consider DIZME as a network of services that brings together organizations and users.
Organizations can play the role of Issuer (which involves the generation and issuance of verifiable digital credentials to users) or the role of verifier (which consists in verifying one or more digital credentials, issued by one or more Issuers, and give access to a service, a good, a resource, etc.).
Users can access the digital services provided by the Organizations participating in the network through the credentials issued by the Issuers and stored within a wallet on their Android or iOS smartphones.
The network formed by DIZME depends on Blockchain and the SOVRIN framework. That means that users on DIZME have full control over their credentials, no longer managed and stored by companies or third parties, but generated and stored within the wallet that each user keeps on their device.
DIZME + vLEI
“We believe that vLEI represents an incredible growth opportunity for the entire global B2B industry. That’s why we have responded enthusiastically to the GLEIF initiative.
Verifiable credentials are already at the heart of the DIZME model, and vLEI is a natural extension of that and will add another layer of trust to our overall platform.”Daniele Citterio – InfoCert CTO
By implementing vLEIs in DIZME, InfoCert can instantly verify the legal identity of both issuers and verifiers.
But that’s not all. Working in synergy with Innolva – another company of the Tinexta Group and a leader for over 30 years in Credit & Information Management services in the corporate and financial sector – InfoCert will integrate a series of detailed information into the DIZME vLEI: credit information, real estate information, prejudicial information, or information relating to signatory powers, which may, in turn, give rise to new business models.
Learn more about DIZME: