SSI Orbit Podcast

by | Jul 7, 2022

GLEIF – Standardizing Legal Entity Verification (with Karla McKenna)

>>>  Listen to this Episode On Spotify

>>>  Listen to this Episode On Apple Podcasts


Introduction

The main value of a platform such as Uber or AirBnB is that it reduces transactions costs for participants that use their network.

Before smartphones with connectivity and good map functionality, it wouldn’t have been economically viable to stand on a street corner and hope that a driver you don’t know would pick you up and take you to a predetermined place. Taxis were really the only solution – but you had to call one beforehand – sometimes far in advance and there was a price to that.

Platforms such as Uber come along and are able to use these technological advances to connect demand and supply, transfer value through cashless exchanges/credit card in-app; and create trust through a rating system. You can look at a platform like AirBnB with a similar lens.

I see what we’re doing in self-sovereign identity as further reducing the costs of business/transactions. And this incremental value value is achieved by reducing trust costs across silos.

Image 1 – The cost of establishing trust reduces with the elimination of silos

How can an organization trust that a supplier located hundreds of kilometers away is who they say they are? Or, as a person, how can I verify that the organization receiving my personal data is indeed who I believe them to be? 

There is a fundamental principle which often hinders development in the digital economy: trust

As the global economy continues to go digital, overcoming the challenges associated with digital identity management is crucial. The ability to accurately identify legal entities represents a huge part of that effort. Only by establishing trust between legal counterparties can the true benefits of a digitally enabled world be realized.


Note
: my thinking around network effects related to decentralized (non-siloed) ecosystems started while reading this wonderful 2019 blog post by Sam Smith.

 


About Episode
Some of the key topics covered during this episode with Karla are:

  • What is the State of Legal Entity Verification today?
  • What is a Legal Entity Identifier (LEI)?
  • What is a Verifiable LEI (vLEI)?
  • Should Governments be involved in the issuance of LEIs?
  • Who can issue LEIs? Can Issuers monetize the issuance of LEIs?
  • How are Relationships established between Legal Entities and Natural Persons?
  • How GLEIF is establishing itself as a Root of Trust for Digital Trust Ecosystems.
  • How to Chain Credentials and enable dependencies to be set between credentials within a value chain.
  • Can vLEIs work with the Aries/Indy stack?
  • What are some current Use Cases for vLEIs?
  • GLEIF’s Roadmap.

About Guest

Karla McKenna is an international standards specialist in the area of financial services. Ms. McKenna is the Head of Standards for the Global Legal Entity Identifier Foundation (GLEIF) for which she is responsible for facilitating the development and implementation of GLEIF standards and leveraging international standards from organizations such as the International Organization for Standardization (ISO) to maximize data quality and the operational integrity of the Global LEI System. Ms. McKenna also is Managing Director, GLEIF Americas.


LinkedIn
: https://www.linkedin.com/in/karla-mckenna-81051310/

Related Episodes

Decentralized Identifiers (DIDs): Strengths, Weaknesses, Opportunities and Threats (with Markus Sabadello)

Decentralized Identifiers (DIDs): Strengths, Weaknesses, Opportunities and Threats (with Markus Sabadello)

   🎧   Listen to this Episode On Spotify   🎧 🎧   Listen to this Episode On Apple Podcasts   🎧 About Podcast Episode Note: This episode isn't an introduction to DIDs; for those new to the concept, we recommend revisiting Episode 52...

The Digital Travel Credential (DTC) (with Daniel Bachenheimer)

The Digital Travel Credential (DTC) (with Daniel Bachenheimer)

   🎧   Listen to this Episode On Spotify   🎧 🎧   Listen to this Episode On Apple Podcasts   🎧 About Podcast Episode As we look towards 2024, the air travel industry is poised for a historic milestone. The latest forecasts suggest...

Want to Be a Guest?

Come Onto the Show

Stay Connected to Get The Latest Podcast Alerts

Cloud Storage, Management, Issuance and Verification of Verifiable Credentials

Products

 

Orbit Enterprise

Establish your own trusted digital interactions ecosystem with your customers, partners and suppliers

Orbit Edge Wallet

Hold and manage issued verifiable credentials securely and in a privacy-preserving way

Updates

 

Product Updates

Solutions

 

Verified Person

Receive a verifiable credential from Northern Block

OpenID4VC

Try our new OpenID4VC demo

Energy and Mines Digital Trust

Organizational Wallet and Credentials

Receive, store and exchange organizational credentials within your ecosystem

 

 

 

Trust Registry Solutions

Page Coming Soon!

Interoperable Solutions

Page Coming Soon!

OpenID4VC Demo

Exchange verifiable credentials over OpenID4VCI and OpenID4VP.

 

Resources

 

SSI Orbit Podcast

Self-sovereign Identity, Decentralization and Digital Trust

Blog

Insights and News from the Forefront of Self-sovereign Identity