The Global Legal Entity Identifier Foundation (GLEIF) has developed the verifiable Legal Entity Identifier (vLEI), a digital version of the traditional LEI. The vLEI enables instant and automated verification of legal entities and their authorized representatives in digital interactions. This innovation aims to enhance trust and efficiency in global digital transactions.
The vLEI system integrates the Key Event Receipt Infrastructure (KERI) protocol, ensuring compatibility with various technologies, including blockchains and cloud services. GLEIF serves as the root of trust, maintaining the integrity of the vLEI trust chain.
In February 2022, GLEIF published the vLEI Ecosystem Governance Framework, outlining the operational model and qualification processes for vLEI issuers. The framework aligns with standards from the Trust Over IP Foundation.
The vLEI offers legal entities a secure method to digitally assert their identity and that of their representatives, facilitating trusted digital engagements across various sectors. Potential applications include streamlining client onboarding, expediting supply chain due diligence, and securing remote execution of business contracts.