Draft:Verifiable Legal Entity Identifier

The Verifiable Legal Entity Identifier (vLEI) is a digital counterpart of the traditional Legal Entity Identifier (LEI). It was developed by the same non-profit foundation as the Legal Entity Identifier, GLEIF, with the goal of providing a cryptographic, verifiable identity for organizations that would facilitating automated validation of organizational identities.

Background
GLEIF announced the vLEI in December 2020. It was presented as a fully digitized LEI for automated identity verification across industries. There are currently two Qualified vlEI issuers, Nord vLEI in Europe and Provenant in the United States.

Self-Sovereign Identity (SSI) and Verifiable Credentials (VCs)
SSI allows entities to control their digital identities without relying on centralized authorities. Verifiable credentials are tamper-resistant credentials that are verifiable in a decentralized manner. Together, they form the technological backbone of the vLEI system.

The Role of GLEIF
The Global Legal Entity Identifier Foundation (GLEIF) oversees the vLEI initiative, ensuring its integrity, reliability, and global acceptance. GLEIF acts as the "Root of Trust" in the vLEI ecosystem, maintaining a central database of all issued vLEIs and associated data.

vLEI Ecosystem Components
The vLEI ecosystem comprises several key components:

Qualified vLEI Issuers (QVIs): Validate and issue vLEIs and associated credentials.

Organizations (vLEI Holders): Receive unique vLEIs, serving as their verifiable digital identities.

Individuals Representing Organizations: Linked to organizations' vLEIs, verifying their authority and association.

vLEI Credentials
Beyond organizational identification, the vLEI system includes credentials linking individuals to organizations. The vLEI Credentials have been created in accordance with ISO 5009 and are categorized into two primary credentials:

Official Organization Role (OOR) Credential

This credential links individuals to specific official roles within organizations, based on the official organizational roles listed in ISO 5009, such as CEOs, Directors, or other authoritative roles.

Engagement Context Role (ECR) Credential

This credential allows organizations to define custom roles for specific interactions, such as 'customer of', 'supplier to', or 'partner with', providing clarity in various business situations.

Applications and Potential Benefits
The vLEI has potential applications across sectors, enhancing trust in digital interactions. It streamlines document signing and verification, simplifies KYC/KYB processes, supports delegation and representation governance, automates trusted business transactions, and facilitates global business interactions.