Chainlink & GLEIF Team Up for Trustworthy Blockchain Identity
Chainlink and GLEIF have joined forces to create an institutional-grade identity solution for the blockchain industry. This partnership aims to enable trustworthy, verifiable, and compliant digital asset transactions across jurisdictions while preserving user privacy.
The solution combines GLEIF's verifiable Legal Entity Identifier (vLEI) with Chainlink's Cross-Chain Identity (CCID) and Automated Compliance Engine (ACE). vLEIs are stored onchain as CCIDs, allowing for real-time verification of onchain assets and counterparties across blockchains using Chainlink.
Institutions can now embed these credentials directly into their onchain workflows for automated digital asset solutions. This includes automated business onboarding, simplified know-your-business checks, and seamless compliance with regulations across different jurisdictions. The IOTA Foundation has also partnered with GLEIF to integrate this solution into their Identity Framework and TWIN platform, further automating processes in global trade, supply chains, and trade finance.
Through this collaboration, GLEIF's vLEI serves as the trusted issuer of verifiable credentials for onchain wallets and smart contracts. This enables stablecoin issuers to prove their legal identity at the contract level, while custodians and Virtual Asset Service Providers (VASPs) can verify receiving addresses without exposing customer data. The partnership aims to foster trust and efficiency in the blockchain industry by facilitating verifiable, compliant, and trusted digital asset transactions.
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