Early stage use-cases examples include:1
- Digitally signing regulatory filings and reports
- Expediting supply chain due diligence processes.
- Verifying business payments
- Expediting membership and registration to payment systems.
- Accelerating business entity registration and license issuance
- Streamlining and accelerating client onboarding/ Know Your Customer processes for financial and other providers of certain regulated services.
- Facilitating customs and border control checks
- Confirming authenticity when applying for and vetting trusted network membership.
- Securing the remote execution of business contracts
- To support data protection in all use-cases, including those mandated by regulation
Verifiable corporate documentation and communications
- Company and signatory-specific documents and reports;
- Regulatory filing and reporting by a third-party filer on behalf of the filer/reporting entity or by an auditor;
- Contracts and legal agreements;
- Private, secure, peer-to-peer communication with customers, employees, and other stakeholders.
Counterparty verification supporting digital business interaction/automation
- Client/counterparty due diligence and Know Your Customer (KYC) compliance;
- Import/export, supply chain, customs/border control, payment for goods (e-invoicing);
- Authorized signatory verification;
- e-invoice and e-payment instruction validation.
Licensing and corporate registration
- Trusted supplier/provider network membership and registration;
- Payment systems membership and registration;
- Business entity registration and licenses;
- Educational institutions – qualification certification and verification.
Other use cases
- Digital wallets, digital asset management, and decentralized finance;
- Verification of transacting parties;
- Employee and authorized agent ID for any organizational use-case.
Enhance Security, Reduce Fraud and Simplify Compliance
- Enhance security of Autonomic Identifiers (AIDs) and vLEI credentials by replacing an administrative root of trust with a cryptographic root of trust;
- Ensure complete, cryptographically verifiable auditability of transactions and other interactions involving vLEIs and sub-identifiers;
- Resist quantum computer attacks;
- Combine with other verifiable factors to further increase security, such as:
a. identity / biometrics
b. delegated multi-signature capabilities
Enhance Independent Control, Efficiency, Scalability and Sustainability
- Eliminate dependence on any single SSI utility network by delivering the vLEI infrastructure using an interoperable and technology agnostic approach;
- Reduce dependence on SSI utility network governance structures beyond the control of GLEIF;
- Ensure highly performant global scalability;
- Establish global best practices for key management;
- Aid the development of a competitive market for all the software, tools, and services necessary to implement vLEIs;
- Work with QVIs to ensure a sustainable commercial model for vLEIs for GLEIF, QVIs, and Legal Entities and other vLEI Ecosystem stakeholders.
Read more about use cases of the vLEI at GLEIF.org
- https://www.gleif.org/vlei/introducing-the-vlei-ecosystem-governance-framework/2023-08-30_verifiable-lei-vlei-ecosystem-governance-framework-primary-document_v1.1_final.pdf ↩︎