The Global Legal Entities Identifier Foundation (GLEIF) is making waves in the world of digital trust and identity verification. Through two recent proof-of-concept initiatives, GLEIF has demonstrated the benefits of using standardized entity identifiers (LEIs) in electronic seals (eSeals) and in verifiable LEIs (vLEIs) for digital signing and verification of corporate caller IDs.
Safer digital transactions with LEIs in eSeals
In the first initiative, GLEIF partnered with a Japanese consortium to explore the potential of embedding LEIs within eSeals. The initiative aimed to develop entity-level trust services that could be mutually recognized by Japanese and European organizations. By including LEIs in eSeals, the proof-of-concept showed that international interoperability and enhanced trust could be achieved.
Currently, there is no international uniformity in eSeal format or requirements. This means that there is no mutually recognized way for an eSeal recipient to verify the authenticity of a sender’s identity beyond national borders. However, with the growing need for harmonization in cross-border trust services to support the increasing amount of international trade and commerce taking place digitally, this initiative is a step in the right direction.
Digital signing with vLEIs in the telco industry
Building on this, GLEIF has now announced the first publicly available trials of a new suite of organizational identity services, utilizing its vLEI model of digital identity. These services, which include credential and key management, digital signing, and verification, are provided by the first Qualified vLEI Issuer, Provenant, and are being offered for POC trials to key stakeholders in the business telecoms ecosystem.
The goal of these services is to assist the telco industry in overcoming various corporate identity-related challenges such as nuisance or fraudulent cold calls, robocalls, and robo texts. By adopting the vLEI, enterprise organizations that engage in outbound calling and text messaging can provide recipients with digitized proof that both their organization and the communication itself are authentic, having been digitally signed with trusted vLEI credentials.
Beneficial for both security and customer experience
In conclusion, GLEIF's recent initiatives are taking digital trust to a new level, by leveraging the LEI's power to bring cross-border interoperability and ease of verification of digital identity. These innovative solutions can not only enhance trust and security in digital trade and commerce but also create a more efficient and seamless user experience for customers.
You can read more about the two recent proof-of-concept initiatives on GLEIF’s home page under ‘GLEIF and LEI News’.