GLEIF and ENS Labs are exploring how a globally standardized verifiable organizational identity can be linked to a persistent on-chain reference of the organization through Ethereum Name Service.
A blockchain address indicates where a transaction is sent but does not identify the legal entity behind it. The proposed approach links the ENS name as a persistent on-chain reference and vLEI as a verifiable organizational identity. LEI – is a unique globally standardized identifier for legal entities. vLEI extends verified identity into the digital realm, allowing counterparties to computationally verify the identity, authority, and role of individuals acting on behalf of the organization. Through a signed association between the ENS name and vLEI, applications and counterparties will be able to establish greater trust in the on-chain identity of the organization.
Blockchain applications: counterparty risk management when one participant uses multiple wallets and networks; asset tokenization where a link to the legal entity behind the issuance is needed; authenticity of on-chain accounts, as anyone can create a wallet and claim to represent an organization. Working with ENS Labs is part of GLEIF's broader efforts. GLEIF is also collaborating with Chainlink to implement vLEI identity in the blockchain environment, enabling verification of legal entities behind on-chain wallets, smart contracts, and digital assets.
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