ISO Aims for Organization-level Identity Assurance with vLEI Support

The International Organisation for Standardisation (ISO) has updated the Legal Entity Identifier (LEI) technical standard, ISO 17442, to include a new form of digital identity known as verifiable LEIs (vLEIs). Developed by the Global Legal Entity Identifier Foundation (GLEIF), vLEIs are designed to meet the increasing demand for secure, decentralized, and automated authentication of organizational identities across the globe.

The vLEI employs various technologies such as Authentic Chained Data Container (ACDC) credentials and the Key Event Receipt Infrastructure (KERI) protocol.

ACDC credentials are a type of verifiable digital credential designed to enhance security by chaining multiple data points together in a tamper-resistant structure. These credentials allow for the secure and traceable verification of information, such as identities or organizational roles, without exposing sensitive underlying data. The “chained” aspect refers to the way data is linked, ensuring that any tampering is easily detectable.

Meanwhile, the KERI protocol is a decentralized system for managing cryptographic keys used in digital identity verification. It allows for the secure issuance, rotation, and revocation of keys through a transparent, event-based system. This is done to ensure that an entity’s identity is consistently validated and that any changes to their cryptographic keys are securely recorded and acknowledged, promoting trust and security in decentralized identity frameworks like those using vLEIs.

Integrating these innovations is expected to ensure that vLEIs are tamper-resistant and that their provenance traceable to GLEIF, reinforcing its role as a central trust authority. This system allows for the verification of both organizations and individuals representing them, with the aim of providing enhanced trust and security in sensitive business interactions.

GLEIF’s CEO, Alexandre Kech, hailed the development as a major advancement in digital organizational identity, with the potential to streamline how businesses authenticate each other and manage official roles. The vLEI offers improved scalability and efficiency for industries requiring secure verification, particularly in regulatory and commercial contexts.

The push for vLEI standardization came from GLEIF itself, with active involvement in ISO’s technical committee processes.

Source: Identity Week

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October 16, 2024 – by Tony Bitzionis