A new collaboration between the Global Legal Entity Identifier Foundation (GLEIF) and WaveBL has unlocked new opportunities for the global maritime industry to increase operational efficiency, enhance security, and reduce the burden of regulatory compliance. These benefits have been realised through the digital transformation of electronic Bills of Lading (eBLs) and related trade documents.
WaveBL is a leading blockchain-based platform for digitizing electronic trade documents. Its growing global network is designed to facilitate the fast, efficient, and cost-effective transmission of eBLs globally.
By introducing the Legal Entity Identifier (LEI) with its digital counterpart, the verifiable LEI (vLEI), WaveBL is aiming to obtain and utilize accurate, verified digital identity data of the shippers, consignees, and other legal entities engaged in the movement of goods around the world.
By encouraging companies to use data from their LEI records or to obtain new LEIs, WaveBL is enhancing the reliability and accuracy of the information within its global network address book.
This will increase transparency across the shipping industry and boost the confidence of all stakeholders involved, including regulatory supervisors.
An LEI is a unique ISO-standardised 20-character code assigned to a legal entity. Each LEI links to a verified company identity record held in the Global LEI Index, an open, globally recognized data bank that is free for all to access.
This enables anyone to verify that an organisation is indeed who it claims to be. To date, over 2.6 million LEIs have been issued globally. A vLEI is a digital counterpart to an LEI. It makes automatic recognition of an entity’s LEI possible in digital processes.
WaveBL CEO Noam Rosenfeld said: “The integration of the LEIs into our platform represents a monumental step towards achieving a seamless digital trade environment. By ensuring the accuracy of digital identities, we are enhancing trust and transparency within our network and setting the stage for global interoperability.
“However, enabling automatic verification of digital credentials is a prerequisite in this regard. Currently, WaveBL handles verification processes on a platform level. As WaveBL is in search of a globally accepted standard, we have found that, the introduction of vLEIs could radically streamline this process by providing a trusted automated and universally accepted solution for verifying companies’ digital identities worldwide.”
Alexandre Kech, CEO of GLEIF, said,”By introducing LEIs and vLEIs into its platform, WaveBL is expected to enhanced the speed, accuracy, and reliability of its digital identity verification, fostering greater interoperability and security in global trade.
“By integrating the LEI into digital supply chain systems, enterprises are not only increasing efficiency and reducing the costs of paperwork but also equipping their industry with the tools needed to fight fraud and other forms of financial crime. I applaud WaveBL’s efforts and am excited to see our collaboration continue as the vLEI ecosystem continues to gather momentum around the world.”
