Today, The Global Legal Entity Identifier Foundation (GLEIF) said it is working with self-sovereign identity firm Evernym to enable organizations to use digital identity on the blockchain. The two are piloting a solution for ‘organization wallets,’ which would hold digital credentials of an organization and verify the authority of employees to act on its behalf.
GLEIF, established in 2014 by the Financial Stability Board, is tasked with implementing legal entity identifiers (LEI), a global identifier for companies and organizations participating in financial transactions. The blockchain-based solution uses the organization wallet and verifiable credentials to connect an employee’s name to the organization’s LEI.
This blockchain-based identity management system improves the trustworthiness of a business process, so it’s known that an employee is authorized when they sign a contract with new suppliers, or submit information to regulators.
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