The International Organisation for Standardisation has expanded the Legal Entity Identifier technical standard, ISO 17442, to standardise verifiable LEIs, a new form of digitised organisational identity developed by the Global Legal Entity Identifier Foundation (GLEIF). The new ISO standard describes how the LEI can be embedded in digitally signed, tamper-resistant credentials, addressing the global demand for decentralised, automated authentication.
This standard introduces the vLEI, which utilises Authentic Chained Data Container (ACDC) credentials and Key Event Receipt Infrastructure (KERI) protocol for secure issuance and revocation. This ensures the vLEI’s provenance can be traced back to GLEIF, solidifying its position as the ‘root of trust’ for the vLEI system.
A notable advancement, the vLEI can verify the identity of individuals representing an organisation, making it a trusted method for confirming authenticity in official roles. This is crucial for sensitive business transactions and interactions.
Alexandre Kech, CEO of GLEIF, remarked that this development marks a significant milestone in digital organisational identity, establishing the vLEI as the global benchmark for digital verification. He emphasised its potential to revolutionise how businesses authenticate and trust one another, enhancing security, efficiency, and scalability across industries.
The standardisation proposal for the vLEI was initiated by GLEIF, which played an active role in the revision process through ISO’s technical committees. Jim Northey, Chair of ISO TC 68, commended GLEIF’s work, highlighting the importance of this global standard for managing identity in both regulatory reporting and commerce, enhancing the infrastructure for identifying legal entities.
