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From YouTube: Grafting Blockchains into Enterprise Businesses - The LEI and Di... Karla McKenna & Michal Piechocki
Description
Grafting Blockchains into Enterprise Businesses - The LEI and Digital Verifiable Credentials - Karla McKenna, GLEIF & Michal Piechocki, Business Reporting - Advisory Group
Evaluation of credentials of persons acting in officially in a business capacity is a key element of trust in enterprise world. Ability to verify a digital identity of a company, organization or business, linked to a Digitally Verifiable Credential (DVC), provides a fundamental building block for the digital economy.
The Legal Entity Identifier (LEI) can have relevance in the digital world by leveraging the strength of the LEI to provide unique and permanent global identification of organizations/businesses. Coupled with DVCs issued on SOVRIN Hyperledger Indy platform the LEI with DVCs ensure trust in digital world.
This presentation demonstrates the results of the Digital Verifiable Credential Proof of Concept conducted by the Global Legal Entity Identifier Foundation (GLEIF), along with developer BR-AG,in cooperation with its network of regulators, LEI issuers and organizations/businesses developing trusted identification solutions secured by blockchain technologies.
By leveraging the LEI within digital verifiable credentials, counterparties can more easily accomplish the tasks of identity verification, authentication, and authorization.
----
Hyperledger – Open Source Blockchain Technologies
Hyperledger is an open source community focused on developing a suite of stable frameworks, tools and libraries for enterprise-grade blockchain deployments.
It serves as a neutral home for various distributed ledger frameworks including Hyperledger Besu, Fabric, Sawtooth, Indy, as well as tools like Hyperledger Avalon, Cactus and libraries like Hyperledger Aries, Ursa. Learn more about Hyperledger projects: https://www.hyperledger.org/use
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Learn about Hyperledger Membership: https://www.hyperledger.org/about/join
#Hyperledger #HyperledgerGlobalForum2020 #Blockchain
A
A
It's
actually
an
identifier
that
the
global
regulatory
community,
led
by
the
Financial,
Stability
Board,
actually
wanted
established,
so
that
legal
entities
and
their
activity
could
be
traced,
think
for
derivatives
transactions
and
other
other
types
of
activity
that
actually
caused
the
financial
crisis.
So
the
legal
entity,
identifier,
is
an
initiative
in
order
to
be
able
to
establish
a
registry
of
the
legal
entity
identifiers,
along
with
reference
data,
both
entity
reference
data
and
some
relationship
reference
data
about
these
types
of
entities.
The
le
I
itself
is
an
ISO
standard.
A
It's
a
code
stood
up
by
a
standard
set
of
reference
data,
that's
defined
in
the
ISO
standard
itself,
and
we
run
the
global
le
I
foundation.
We
run
a
repository
of
these
these
codes
and
the
attendant
reference
data.
That's
open
to
and
free
to
any
le
iData
user
and
excuse
me
accessible
by
open
charter
and
also
downloadable
and
accessible
in
many
ways.
So
what
does
the
le
I
have
to
do
with
the
digital
world?
A
A
Digital
identity
in
the
le
I
is
based
on
these
three
concepts.
You
have
an
organization
or
legal
entity,
you
have
a
person
or
persons
who
are
associated
or
related
to
on
that
entity
in
some
ways
and
within
those
organizations
those
people
have
roles,
and
so
we
take
this
information
and
we
try
to
be
able
to
put
it
together
in
some
sort
of
standard
way.
A
We
started
to
talk
with
our
partners
about
the
concept
of
organizational
wallets
rather
than
individual
wallets.
The
organizational
wallet
is
kind
of
in
our
minds,
almost
a
melding
of
individual
and
organizational
data
around
a
person,
so
you
get
an
organizational
credential
by
being
part
of
a
legal
entity
being
an
employee
being
a
CEO
having
some
sort
of
official
role
within
that
that
organization-
and
there
is
also
information
about
you
as
a
person-
it
can
be
in
that
credential
as
well,
and
so
we
see
this
as
the
basis.
A
We
started
very
simple:
the
legal
entity,
identifier,
the
legal
name
and
the
official
role
in
the
role
credentials
in
in
effect,
and
then
that
can
be
added
on
as
necessary.
So
what
we're
going
to
describe
to
you
and
I'm
going
to
turn
it
over
to
Christophe
in
a
moment
that
the
chain
of
trust
starts
with
the
global
lui
foundation
that
is
overseen
and
and
overseen
and
governed
by
global
regulators
around
the
world.
A
So
we
have
a
regulatory
mission
and
that
is
tied
to
the
financial
crisis,
but
we
see
digital
identity
and
the
role
for
the
la
I
across
domains,
not
just
in
financial
services
and
not
just
in
regulatory
reporting
frameworks,
but
gly
factors.
The
chain
of
trust.
We
have
a
network
of
over
30
organizations
that
actually
issue
le
eyes
and
collect
the
reference
data
that
we
put
in
the
repository.
We
would
grant
them
digital
identity
through
some
sort
of
accreditation
process.
A
We
would
then
have
the
le
AI
issuers
issue
legal
entity,
digital
verifiable
credentials
to
any
holder
of
an
le
I
who
wanted
a
digital
identity
and
then
that
legal
entity
would
be
free
to
create
its
organizational
wallet
for
its
own
purposes,
whether
it'd
just
be
for
people
with
official
discoverable
roles
and
business
registries
or
as
part
of
just
regular
employee
credentials.
And
then
all
of
this
can
be
accessed
and
verified
by
the
LA
I
data
user
and
between
Christoph
and
Michael.
They
will
take
you
through
the
rest
of
this
as
to
how
this
happens.
A
B
All
right,
so
let
us
look
into
more
detail
how
this
chain
of
trust
works
by
exchanging
digital,
verifiable
credentials,
and
we
will
briefly
revisit
the
roads
that
Carla
already
introduced.
So
on
the
top
of
the
slide,
we
have
life
to
global
le
I
Foundation,
who
does
part
of
the
governance
and
the
the
operational
management
of
the
le
I
system
and
as
part
of
this
accredit,
so
called
le
I
issuers,
which
you
see
on
the
right
hand,
side,
and
we
have
34
of
them
who
a
global
coverage.
B
So
wherever
you're
on
a
planet
with
a
legal
entity,
you
can
get
an
le
aya
prom,
at
least
one
of
those
organizations
and
on
the
other
hand,
on
the
left
hand
side.
We
have
the
legal
entities.
These
are
the
owners
of
le
is
currently
we
have
some
good
one
and
a
half
one
and
a
half
million
of
them
and
at
the
bottom,
is
the
le
I
data
user,
who
wants
to
consume
the
early
idea
at
a
reference
data
and
identify
legal
entities.
B
So
what
already
happens
today-
and
it's
not
new-
is
that
Elia
issuers
issue.
Elly
is
two
legal
entities.
That's
a
very
normal
thing.
It
happens
about
thousand
times
per
day,
but
now
legal
entities,
if
they're
working
with
an
earlier
issuer
who
is
and
digitally
accredited
one
and
has
such
a
credential,
they
can
request
also
their
digital
Elly
I,
based
on
the
usual
processes
that
we
have
already
in
place.
So
we're
piggybacking
on
existing
communication
channels
and
processes.
B
Here
so
there's
there's
not
a
long
way
to
go
basically
to
to
be
able
to
achieve
this
so
and
based
on
such
a
request.
The
Elia
issuer
could
in
turn,
then
issue
the
verifiable
credential
to
the
legal
entity.
Who
then
can
prove
that
it
is
that
legal
entity
leveraging
the
Elly
I
and
do
something
in
addition,
because,
as
we
all
know,
legal
entities
themselves
don't
act
in
business
processes,
but
it's
human
beings
that
act.
So
we
have
another
role.
B
So
now
everybody
has
to
verifiable
credentials.
That's
fine!
Nobody
knows
about
it,
so
there
would
be
the
potential
to
basically
have
a
register
on
that
by
legal
entities,
basically
reporting
back
there
issued
credentials
or
the
existence
of
these
issued
credentials
to
their
Elly
I
issuer
in
this
federated
system
and
then
in
turn,
the
Elly
I
issuer
could
aggregated
and
reported
back
to
life,
which
already
has
the
so
called
global,
Ellie
I
index
a
central
register
of
legal
entities,
and
there
could
also
be
a
lookup
functionality
for
these
publicly
discoverable
roles.
C
So
if
you,
if
you
think
about
it,
it's
the
user,
basically
that
that
wants
to
get
some
information
about
the
roles
and
the
person's
the
people
connected
to
specific
legal
entity
with
a
speci
Rico
assigns
legal
entity
identifier.
So
thank
you
Cala.
So
here
we've
got
a
situation
where
first
of
all,
I
need
to
discover
more.
Are
those
roles
that
a
particular
entity
created
for
themselves.
C
Let's
say:
we've
got
a
CEO
who
assigned
specific
roles
depending
on
the
different
functions
of
the
organization
or
depending
on
the
different
types
of
projects,
or
maybe
further
specific
to
eight
particular
legal
circumstances.
We
need
to
discover
those,
so
we
want
to
use
a
lookup
function
to
see
what
roles
were
registered
by
the
organization
with
the
global
IDI
foundation.
That's
sort
of
like
a
little
bit
of
an
authoritative
source
for
us
about
what
can
I
know
about
individuals
linked
to
this
particular
organization
registered
with
the
Le
I
were
a
registry
of
their
glide
registry.
C
So
the
first
thing
that
I
need
to
do
is
I
need
to
do
the
a
little
bit
of
a
look-up
on
the
glide
website.
Probably-
and
the
second
thing
I
will
need
to
do-
is
I
need
to
obviously
check
on
the
possibility
of
or
check
the
proof,
so
to
say
of
all
these
credentials
that
have
been
registered
so
I
want
to
verify.
I
want
to
ascertain
that
these
credentials
that
have
been
presented
to
me
are
still
valid.
C
They
have
not
been
revoked
in
business
operations,
quite
naturally,
as
you
can
assume,
we've
got
multiple
of
these
and
many
of
these
situations,
where
we
basically
change
because
of
the
of
the
movement
and
and
the
circulation
or
rotation
of
staff
assignment
of
the
different
roles
within
the
organization.
So
the
fact
whether
something
is
up-to-date
is
absolutely
critical
when
it
comes
to
linking
an
organization
to
a
specific
person
in
the
position,
the
particular
capacity
in
a
particular
role
assigned
by
the
entity.
C
So
here
we've
got
this
entire
notion
of
first
looking
up
of
what
can
I
know
about
the
particular
entity
and
the
linked
individuals
and
further
can
I
verify
that
all
this
is
still
up
to
date
according
to
to
the
entire
infrastructure,
and
then
we
can
basically
provide
the
the
requests.
We
can
issue
the
the
verification
in
those
multiple
so
to
say,
processes
between
the
EDI
data
user
between
the
legal
entity
and
I
can
also
get
back
to
the
entire
chain
up
to
life.
C
To
see
you
know
whether
than
tie
a
chain
of
trust
that
Karla
was
talking
about
is
still
valid
is
still
up
to
date.
That
provides
me
a
fairly
powerful
toolkit
for
verifying
who
am
I
dealing
with
whether
they
do
possess
the
credentials
they
claim.
I
can
see
what
of
which
of
these
parts
have
been
changed
in
the
past.
I
can
actually
verify
all
these
different
circumstances
of
what
the
specific
credential
assigns
or
allows
the
individual
to
do
or
represent
in
the
context
of
a
specific
entity.
C
All
that
leads
to
a
relatively
large
set
of
use
cases
in
in
the
business
world,
as
you
can
probably
imagine
so
we
are.
We
have
now
enabled
the
process
that
links
those
entities
that
are
grounded
and
in
the
governance
framework.
That
is
an
international
governance
framework
of
the
global
early
I
foundation
of
the
Ellie
I,
and
we
have
actually
linked
different
types
of
individuals.
We
can
discover
them.
We
can
see
how
they
are
related
to
the
particular
entity.
What
can
we
do
about
it?
C
So
we
would
not
create
something
that
exists
already.
We
would
actually
use
as
much
as
possible
the
things
that
are
built
by
smarter
people
around.
So
in
that
sense
we
have
actually
created
those
four
layers
and
first
question
may
be
because
you
are
all
familiar
with
those
different
components
here
they
are
being
spoken
about
sovereign
foundations
or
in
network.
C
The
hyper
ledger
India
is
the
project
of
the
entire
hyper
ledger
foundation,
so
to
say,
and
then
you
are
probably
very
familiar
with
the
Evernham
company
and
they're
there
developments
as
well
as
the
vom
vo
n
network.
That
john
was
speaking
about.
So
all
these
components
are
familiar
but
Krista.
If
you
could
guide
us
a
little
bit.
Why
and
what
role
do
these
components
play
in
our
in
our
projects?
So,
for
instance,
why
did
we
pick
particularly
sovereign
and
Indy.
B
So,
as
kala
mentioned
already
in
the
beginning
of
the
presentation,
life
is
it's
not,
but
it's
technology
agnostic.
So
we're
not
a
software
company
we're
having
a
specific
use
case
here
and
we
were
talking
to
several
organizations
and
one
of
them
was
sovereign
and
the
the
obvious
software
then
was
hyper
ledger
only
because
that's
the
one
that
was
contributed
by
sovereign
to
the
hyperlexia
foundation
in
the
end.
So
it's
just
just
one
out
of
many,
but
this
is
the
combination
and.
C
B
Don't
think
we
had
to
but,
as
you
mentioned,
we
wanted
to
be
lazy
and
basically
reuse
existing
functionalities.
Instead
of
reinventing
the
wheel
and
as
we
had
met
John
from
the
British
Columbia
government,
who
was
already
doing
something
similar
with
the
one
network,
we
saw
that
they
are
existing
functionality,
which
really
made
it
very
easy
to
create
and
have
additional
functions
of
verifiable
tensions
like
a
revocation.
So
we
were
able,
with
very
little
effort,
actually
to
create
the
functionality
of
this
and
a
proof
of
concept
without
having
to
do
a
lot
of
software
development.
So.
C
Again,
we're
back
to
the
lazy
square
and
also
to
try
to
simplify
now.
This
has
led
us
to
provide
a
bit
of
a
foundation
and
mechanism
to
cut,
therefore
different
use
cases.
So,
let's
delve
a
little
bit
into
those
different
use
cases
thanks
a
lot
Chris
ooh.
So
on
the
use
cases,
if
you,
if
I,
look
back
at
that
when
Carla
and
Christopher
approached
our
company
to
help
with
the
entire
project
and
of
the
entire
concept,
we
were
back
then
already
after
delivery
of
another
project
based
on
blockchain.
C
That
was
for
the
European
Commission,
a
quick
check.
How
many
of
you
have
heard
of
the
European
financial
transparency
gateway,
one
two,
all
right
lovely,
so
you
the
the
two
colleagues
in
the
audience
over
here,
but
for
the
rest,
it
is
a
project
led
by
the
European
Commission
established
by
them,
and
it
is
actually
a
running
project
across
27
member
states
of
the
European
Union.
As
you
know,
since
the
1st
of
February
27,
we
used
to
be
a
bit
bigger,
but
you
know
it
actually,
contrary
to
the
very
common
philosophy
in
Europe,
which
we
apply.
C
Always
when
we
stumble
upon
a
problem,
what
we
do
we
establish
an
organization
to
solve
the
problem
right,
so
here,
contrary
to
that,
the
European
Commission
finally
thought.
Well,
we
have
a
bit
of
a
problem.
The
problem
was
stemming
from
a
piece
of
low
called
transparency
directive.
The
transparency
directive
was
basically
requiring
that
each
of
the
listed
company
in
registered
in
the
different
markets
in
across
the
27
member
states
they
have
to
submit
pieces
of
information,
such
as
annual
reports
and
corporate
actions
report
to
the
registries
established
in
each
of
these
countries.
C
The
registries
were
called
officially
appointed
mechanisms.
Interestingly,
those
registries
could
be
either
private
entities
or
public
entities
that
it
could
be.
There
have
been
a
central
bank
or
a
Stock
Exchange,
or
a
Securities
Commission
or
a
business
registry,
or
an
entirely
private
company,
so
they
had
different
diversified
interests,
allows
creating
already
a
multi-stakeholder
environment
and
the
problem
from
the
transparency
directive.
C
That
was
that
it
required
that
if
I
were
an
investor
in
Europe
and
I
wanted
to
get
access
to
all
these
animal
reports
of
all
the
listed
companies,
I
should
have
one
single
point
of
access.
Now
you
may
think
of
it
as
pretty
much
before
before
United
States
became
United,
we've
got
close
to
27
different
languages.
So
if
you
look
at
the
websites
of
each
of
the
registries,
you
will
find
Croatian
polish
Czech,
etc,
etc.
All
these
different
things
all
different
formats,
it's
a
big
mess.
C
So,
from
the
investor
perspective,
no
single
point
of
access,
we
try
to
convince
the
OEMs
in
a
traditional
way.
You
know,
let's
sit
together,
let's
put
it
all
in
a
database,
because
the
technical
solution
is
a
database.
Well,
political
problems,
a
site
emerged-
and
these
faults
did
not
agree
to
do
that.
They
said
we
will
never
agree
to
put
it
into
one
single
source.
So
the
Commission
at
that
point
of
time
came
up
with
the
idea.
Why
don't?
We
actually
create
a
decentralized
database
that
would
synchronize
itself.
C
But
the
fact
that
you
have
received
this
annual
report
so
just
some
create
something
like
an
index
like
bleib,
old-fashioned
library
index,
that
we
approached
and
are
the
big
card
books
with
research
that
on
this
shelf,
will
find
this
biology
book
right.
So
that
was
pretty
much
it
and
the
the
EFT
G
was
an
interesting
concept,
because
it's
soft
certain
political
problems
and
organizational
problems.
C
Now,
if
you
think
about
it,
there
are
actually
the
solution
is
relatively
powerful,
and
here
what
we
found
out
is
it
is
powerful
because
we
may
be
a
little
bit
unknowingly
applied
three
principles
of
a
very
famous
local
architect:
well,
actually,
a
local
global,
Frank,
Lloyd
Wright.
How
many
of
you
have
been
to
the
Taliesin
West
visited
highly
recommended,
it's
a
beautiful
place
and
the
the
gentleman
is
very
well
known
as
like
knowledge
architect.
Well,
he
has
been
always
doing
and
sort
of
like
promoting
trust.
His
life
were
three
things.
C
First
of
all,
simplify
and
focus
on
the
particular
problem
when
you're
trying
to
sort
of
like
sort
out
the
challenge
here,
Carla
and
kristef
define
the
problem.
How
do
I
prove
in
a
digital
world
that
I
me
healthy,
hot
ski
M
s,
CEO
of
BR
AG,
very
simple?
How
do
I
prove
that,
right
from
the
perspective
of
the
SSI?
It's
not
only
that
I
issue,
my
own
self
sovereign
identity
and
self
sovereign
credential
I
need
to
be
somehow
grounded
to
the
entire
environment,
and
here
comes
the
second
principle
of
Frank
Lloyd
Wright.
C
You
need
to
look
at
the
environment
and
the
environment
has
legal
aspect,
a
certain
governance
aspect,
the
governance
framework,
for
instance,
of
the
ADI,
the
organizational
framework
and
so
on
so
I
need
to
we
needed
to
sort
of
like
respect
that
and
implement
that
and
part
of
the
solution.
And
thirdly,
the
solution
pretty
much
is
by
nature
decentralized,
because
Ellie
is
applied
all
globally
so
and
even
in
this
those
cases
that
I
was
talking
about
the
the
EFT
G
we
combined
EDI,
but
it
was
still
you
know,
sort
of
like
global
solutions.
C
So
what
we
had
to
cut,
therefore,
is
they
need
for
this
to
organically
grow.
So
what
we
needed
to
focus
on
is
the
structure
is
the
foundation
here.
Comes
this
third
principle
of
Frank
Lloyd
Wright
focus
on
the
structure
so
that
actually
the
entire
set
of
use
cases
can
grow
organically.
We
did
that
if
you
look
at
these
use
cases
over
here,
the
solution
that
has
been
built
that
was
built
and
that
that
is
pretty
much
you
have
sort
of
like
operational
in
this
pilot
stage.
I
could
call
it
this
way.
We
are
right
now.
C
The
debating
variety
of
this
different
use
cases,
let
me
focus
on
a
cup
of
them,
so,
first
of
all,
regulators
who
need
to
get
access
to
information
about
who
is
submitting
reports
in
most
of
the
regulatory
frameworks.
Someone
is
actually
design
ated
to
to
submit
this
sort
of
like
compliance
reports
and
be
the
contact
point
for
the
regulator.
In
those
cases
we
are
talking
and
many
of
these
regulations
around
the
world
are
already
employing
le
I,
as
the
identifier
for
companies
that
need
to
be
supervised
or
monitored
by
the
regulator.
C
So
here
we
are
having
a
very
clear
use
case
for
a
global
solution,
very
simple
one
based
on
these
wallets
of
the
DVLA
ID
BC
client
onboarding.
If
you
are
a
bank
and
you
need
to
verify
things
about
the
new
so-to-say
person
or
entity
here,
it
is
a
very
clear
use
case.
We've
gathered
a
centralized
system.
We've
got
distributed
sources
of
information,
we
need
to
sort
of
like
collate
it
all
into
one
particular
view
that
will
work
also
in
the
context
of
all
the
AML
regulations
and
CFD
regulations.
C
So
from
this
perspective,
again,
we
have
a
clear
so
to
say
need
for
the
application
of
this
particular
type
of
solution.
Is
it
possible
to
be
sorted
out
with
other
types
of
solution?
Maybe,
but
this
seems
to
be
one
of
the
very,
very
efficient
ones
in
those
use
cases
if
you're
looking
at
this
sort
of
like
trade
supply
and
supply
chain
thing,
I
should
not
even
speak
about
it,
because
the
colleague
from
I
think
trainee
art
was
presenting
just
a
moment
ago
and
he
beautifully
described
how
how
this
is
working.
C
The
only
thing
is,
you
know
you
need
to
connect
it
again
to
the
sort
of
the
organizational
framework
to
the
policies
framework
and
the
policies
framework
in
our
case
is
actually
connected
to
the
ADI.
So
if
you
combine
these
pieces
of
the
supply
chain
on
the
trade
partner
supply
chain,
verification
on
the
network
plus
the
le
I,
you
get
actually
the
entire
so
to
say,
structure
that
Frank
Lloyd
Wright
is
talking
about
that
enables
all
these
use
cases
to
be
to
pop
up.
C
Then,
if
we
are
talking
about
things
like
a
trusted
supplier
and
very
ocation
in
Europe,
one
of
the
big
things
is,
for
instance,
whether
we
have
green
so
to
say
suppliers.
So
there
are
lots
of
funds
being
given
by
the
European
Union,
and
the
question
is:
how
can
we
verify
that,
for
instance,
an
investment
is
green
and
so
on,
and
how
can
we
verify
that
someone
who
provides
this
particular
investments,
idea
or
or
plan
is
actually
certified
by
all
these
different
parties,
as
required
by
lo?
C
So
these
are
all
the
types
of
cases
were
which
can
be
built
upon
a
TI
DBC
we've
got
a
clear
identification
of
a
company.
We've
got
a
clear
link
to
individuals
and
the
D
VCS
are
flexible,
as
we
we've
heard
before
payment
system,
membership
I
need
to
be
a
payment.
I
need
to
certify
that
I'm
meeting.
All
these
different
requirements
that
that
comes
back
to
the
entire
Mehta
use
case
of
fit
fit
and
proper.
C
Pretty
much
so
here,
all
the
type
of
use
cases
of
fit
and
proper
when
an
individual
needs
to
be
verified
in
context
of
the
legal
entity
can
be
can
be
supported
by
the
by
this
by
this
relatively
simple
mechanism.
One
of
these
that
one
of
these
that
I
find
my
ticket
particularly
interesting,
is
the
one
about
the
general
data
protection
regulation.
C
Those
of
you
who
are
aware
how
the
gdpr
works,
even
in
my
company,
we
had
to
do
it
this
way
that
we
had
to
nominate
someone
in
order
to,
for
instance,
process
personal
data
of
our
employees,
personal
data
of
our
clients,
personal
data
of
partners
and
so
forth.
Now,
who
is
who
is
delegated
to
do
that
and
who
has
the
credential
on
behalf
of
the
company,
for
instance,
contact
the
authorities
in
case
of
incidents
and
all
these
kind
of
situations
is
precisely
the
use
case
for
the
le
I
DB
C.
C
C
So
again,
these
use
cases
are
possible
because
of
setting
up
the
entire
structure
and,
finally,
so
to
say
summing
up
the
structure,
we
can
look
at
it
from
the
perspective
of
the
value
of
implementing
of
this
le
I
of
implementation
of
this
le
ID
BC
for
the
variety
of
these
use
cases.
So
what
we
are
gaining,
we
are
gaining
clear
identification
of
the
legal
entity,
so
that
is
the
component
that
Karla
was
referring
to.
We
exactly
know
what
entity
it
is
if
you
move
back
for
a
second
to
the
use
cases.
C
Think
of
all
these
issues
that
we
are
having
with
tax
havens
and
shell
companies,
how
do
we
identify
this
or
to
say
beneficial
owner?
In
a
case
of
business
registers,
we
need
to
register
those
beneficial
owners,
but
what
happens
when
you
have
shell
company
upon
shell
company
upon
shell
company
upon
a
shell
company
and
also
distributed
across
geographical
tax
havens?
How
do
you
actually
link
all
these
to
create
this
sort
of
like
to
know
exactly
the
chain
of
trust
and
the
final
beneficiary?
Who
could
be
individual,
X,
Y
Z,
all
right?
C
So
so
we
are
talking
about
this
sort
of
like
clear
value
of
knowing
exactly
what
legal
entity
are
we
specifically
talking
about,
but
that's
not
enough,
because
we
need
to
know
exactly
how
this
entity
spreads
the
right
to
represent
across
the
individuals.
We
need
to
somehow
link-
and
this
is
the
beautiful
part
of
this
solution
that
I,
like
in
business
and
my
company,
for
instance,
for
15
years,
has
been
trying
to
establish
more
transparency
in
in
the
regulatory
world
and
so
forth.
C
One
of
the
big
concept
we
big
trouble
that
we've
stumbled
upon
is:
how
do
you
actually
link
accountability,
and
how
do
you
build
accountability
in
this
business?
You
know
think
back
to
the
crisis
and
think
back
to
the
so
to
say
the
the
possibility
to
to
apply
this
accountability
to
individuals
who
have
been
in
charge
of
certain
operations
and
who
should
be,
maybe
you
know,
tried
or
or
at
least
questioned
in
a
context
of
specific
actions.
C
It's
very
difficult
to
hold
this
accountability
because
you
did
the
chain
of
command
pretty
much
and
the
chain
of
trust
dissolved.
Now,
here
we
are
establishing
it
back.
We
are
bringing
a
little
bit
more
integrity
to
this
chain
and
more
connection
between
the
individual,
so
the
control
by
the
legal
entity
to
establish
this
organizational
wallet
of
DVCS
but
at
the
same
time,
possibility
to
verify
it
and
prove
it
with
all
the
different
stakeholders
that
is
bringing
this
another
big,
powerful
value
component
to
the
solution.
C
And
finally-
and
this
is
what
what
Christopher
was
was
describing
to
us-
how
it
works,
how
this
issuance
and
improved
process
works.
And
finally,
this
is
this
secure,
decentralized,
identification,
management
and
verification.
So
again
we
are
talking
about
this
back
to
the
to
the
source,
a
Frank,
Lloyd,
Wright,
organic
thing.
We
have
considered
the
environment.
The
environment
you
know:
has
mountains
over.
Here.
Has
a
lake
over
here
as
a
couple
of
trees
over
here
we're
not
going
to
cut
those
trees,
and
you
know,
sort
of
like
covered
the
lake
and
ignore
the
mountain.
C
We're
actually
gonna
build
the
house
in
such
a
way
that
we
can
admire
the
mountain.
We
can
actually
benefit
from
the
lake.
Well,
the
tree
in
the
case
of
Frank
Lloyd
Wright.
He
actually
even
established
a
wall
around
the
tree.
He
wouldn't
cut
it
literally
there's
a
tree
in
the
house.
We
don't
need
to
be
so
dramatic
and
Magnus
and
in
a
sort
of
like
particularly
radical
about
the
solutions,
but
in
this
sense,
from
the
business
perspective,
we
need
to
consider
that
there
is
this
legal
organizational
framework
that
we
need
to
cut.
C
Therefore-
and
there
is
this
sort
of
like
framework
of
organizations
that
we
need
to
spread
the
use
case
across
and
this
these
use
cases
will
be
diversified
so
again,
the
organic
growth
of
this
use
cases,
that's
the
value
of
the
solution
that
we
we
hope.
That
is
the
value
of
the
solution
that
we
have
built,
and
here
I
would
like
to
also
acknowledge
and
thanks
to
to
all
the
different
organizations
that
were
listed,
because
without
in
a
sovereign,
without
hyper
ledger
without
V
over
V
or
n
developments,
it
wouldn't
be
possible.
C
C
B
C
C
A
A
There
we
go
so
life
doesn't
issue
any
le
ice,
we
take
information
and
we
distribute
it
in
the
repository
and
form
the
governance
under
regulatory
oversight
for
the
whole
system.
The
le
I
issuers
issue
le
is,
and
can
also
issue
digital
le
ice
once
it
gets
to
the
legal
entity.
We
prefer
to
call
them
persons
in
official
roles,
because
individuals
sometimes
can
be
confused
with
natural
persons,
and
so
that's
not
within
the
scope
of
legal
entity
identifier.
A
Really
has
that's
a
that's.
An
issue
with
Ellie
is
just
existing
now,
as
opposed
to
digital.
Well,
Ellie
is
so
the
system
was
stood
up
on
a
principle
of
self
registration,
so
all
of
the
registrants
are
responsible
and
sometimes
mandated,
depending
on
what
kind
of
activity
they're
doing
to
get
an
Ellie
I
and
to
keep
it
up
to
date,
we're
putting
a
number
of
things
in
place.
A
While
we
have
something
in
place,
we
have
a
challenge
facility
where
any
Ellie
I
user
can
come
in
and
actually
challenge
a
piece
of
data
on
the
Ellie
I
system.
It
goes
back
to
the
managing
Ellie
I
issuer
and
they
need
to
research
it
and
they
need
to
fix
it
if
it's
wrong
and
the
other
thing
that
we're
doing
is
the
regulators
have
issued
a
policy.
These
are
the
pronouncements
that
are
our
oversight.
A
Committee
looks
at
and
they
want
us
to
implement
a
selected
list
of
what
we
in
the
industry
call
corporate
action
events
but
they're
calling
them
legal
entity
events,
so
they've
picked
a
subset
that
should
have
changes
or
updates
made
to
either
entity
level
data
or
relationship
level
data,
and
when
we
have
that
in
that
there
will
be
much
more
of
a
responsibility
in
order
to
be
able
to
to
report
on
those
changes
and
and
the
updates
that
would
would
need
to
be
made
because
of
legal
entity.
Events.
A
The
other
thing
that
we
hope
that
if
this
takes
takes
off
just
the
business
value
and
the
digital
identity,
value
of
wanting
to
know
that
the
the
data
about
a
company
that
you
want
to
do
business
with
or
that
a
regulator
needs
to
accept
a
filing
from
well
automatically
up
the
timeliness
and
the
data
quality
of
the
global
Ellie
Isis.
So
we
really
want
to
make
that
a
driver.
So
so
the
business
case
chases
the
the
technology,
not
the
other
way
around.
So
if.
C
You
think
about
the
DI
just
to
add
one.
One
comment
to
calais
answer:
the
for
instance,
I
again
I'll
bring
the
the
example
from
Europe.
The
Le
I
itself
is
a
little
bit
like
a
distributed
mechanism.
You
know
so
so
the
its
strength
relies
on
the
strength
of
the
nodes
operating
it,
and
sometimes
the
policies
are
actually
enforcing
or
empowering
the
nodes
to
be
so,
to
say
very,
very
particularly.
C
How
shall
I
say
that
enforcing
or
bringing
up
the
the
value
of
the
IDI
and
that
the
quality
of
it?
If
I
look
back
at
asthma
mandates
the
European
securities
market
Authority,
especially
for
trading
of
OTC
derivatives
and
so
on?
If
you
don't,
if
you
don't,
have
an
le
I
you're,
effectively
excluded
from
the
system,
so
you
know
from
this
perspective
again,
the
power
comes
from
a
regulator
considering
a
DI
in
the
context
of
their
particular
business
that
they
wanted
to
achieve.
We
have
a
number
of
those
cases
happening
there.
Hopefully,
when
this
proliferate.
C
So
more
of
the
regulators
and
more
of
the
private
businesses,
consider
the
EDI
and
in
parallel,
consider,
for
instance,
the
area
ID
BC.
We
will
get
you
know
the
stronger
will
get.
The
more
will
get
of
these.
These
implementations,
the
stronger
the
network
will
get
and
the
stronger
the
pressure
on
the
on
the
particular
entity
to
so
also
correct
and
so
on.
C
A
Can't
confirm
that,
but
there
of
course
across
the
EU
and
it
makes
sense,
27
member
states,
transparency,
aggregation,
Prudential
supervision.
You
know
you
can
come
up
with
a
list
this
long
as
to
the
facilitation
that
the
le
I
would
would
give
for
the
identification
across
languages
across
boundaries
across
different
kinds
of
regulators.
So
it's
it's
certainly.
A
C
Problem
in
Europe
is
that
we
we
are
implementing
le
eyes
per
regulation,
which,
which
is
not
ideal.
We
should
have
it
as
the
overarching
thing,
but
there
are
still
some
competing
approaches,
and
so
on
is
the
reality.
In
Europe
we
have
those
different
things,
so
I
think
that
will
Germany
actually
push
for
one
particular
approach.
C
I
working
with
all
these
regulators
for
those
past
years,
I
would
prefer
to
say
or
by
I,
think
that
it's
more
likely
that
we
will
see
the
critical
mass
growing
and
at
some
point
of
time
it
will
not
make
any
sense
to
go
other
way
than
le
I.
The
question
is
how
long
the
critical
mass
will
take
right
now,
we've
got
some
of
these.
Like
the
as
I
said
the
Amir
Amir
frameworks.
They
are
strong
frameworks,
but
these
frameworks
are
strong
with
limited
number
of
entities.
C
So
so
here
we
are
talking
about
massive
volumes
of
money,
like
you
know,
six
or
seven
hundred
billion
euro
in
the
OTC
derivatives
market,
so
significant
contribution
to
the
EU
economy,
but
very
limited
number
of
entities
which
this
really
applies
to,
whereas
there
are
other
cases
like,
for
instance,
ESF.
The
european
singular
electronic
format,
which
is
part
of
the
transparency
directive,
where
you
have
only
5000
entities
ready
issued
the
ID
ice
but,
frankly
speaking,
it
pertains
to
thousands
of
people
dealing
with
annual
reports
and
creating
them
and
auditing
them
and
verifying
them
and
so
on.
A
Also,
the
le
I
was
designed
to
be
a
super
identifier,
in
effect
not
to
necessarily
replace
at
the
beginning
the
national
identifiers,
the
business
registry
codes
anything
like
that,
but
something
that
could
be
mapped
to
them.
Also
for
the
operational
side
of
things
to
be
mapped
to
the
business
identifier
code,
the
BIC
for
transactional
purposes
and
at
some
particular
point
in
time,
or
even
mapped
within
an
organization
for
any
internal
codes
that
they
may
have.
But
its
own
particular
point
in
time.
A
You
brought
up
governance
before
as
well
and
and
and
who's
responsible
for
what
at
this
particular
point,
we
have
a
governance
framework
over
the
la
I
system,
but
we
have
not
constructed
a
governance
framework
for
issuance
of
DVCS.
We
actually
appreciate
if
I
could
call
it
that
the
flexibility
of
DVCS
in
order
to
be
able
to
design
the
schema
for
whatever
purpose
you
need
at
that
particular
point,
so
so
the
responsibility
in
order
to
be
able
to
describe
the
use
and
and
for
whom
DVCS
will
be
issued.
A
We've
left
right
now
entirely
with
the
legal
entity
in
our
proofs
of
concept.
At
this
particular
point,
we
do
see
some.
What
would
I
call
it
ability
to
to
to
come
together.
We've
actually
made
an
application
to
ISO
to
come
up
with
an
official
organizational
role
standard,
so
you
would
have
a
role
that
would
be
identified
that
would
be
applicable
to
a
particular
jurisdiction
or
more
than
one
jurisdiction
in
a
particular
language.
A
A
This
particular
point
in
time
it's
whatever
anybody
wants
to
put
in
we'd
like
to
be
able
to
get
those
official
roles
standardized,
but
then
we'd
also
like
to
leave
the
flexibility
for
a
legal
entity
to
be
able
to
describe
any
kind
of
employee,
even
if
they're
only
authorized
to
sign
business
contracts.
Here.
C
An
interesting
service,
a
spinoff
from
this
question,
is
how
do
you
tie
it
to
the
legal
frameworks
because
the
the
roles
are
defined
by
the
legal
framework
and
according
to
Polish
law,
I'm
a
president
which
would
be
a
chairman
of
the
board,
but
in
small
companies
you
don't
even
need
a
board,
it's
just
basically
one
person,
so
it
would
be
an
equivalent
of
a
CEO
in
other
countries.
Now
CEO
is
an
unofficial
role.
Typically,
you
don't
find
it
in
a
low
or
you
may
find
it,
for
instance
in
the
US.
C
But
if
you
look
at
the
French
lo
I
don't
think
they
have
anything
that
would
be
an
equivalent
to
the
CEO.
So
again
we
will
have
different
types
of
roles
stipulated
by
the
law
and
the
impact
of
that
on
the
credentials
of
the
particular
row.
Law
role
are
typically
significant,
so
we
need
to
somehow
you
know
consider
this
tie
back
to
the
regulation
to
give
you
a
demonstration.
Just
in
Europe,
we
were
performing
certain
project
for
the
past
three
years.
Comparing
regulations
in
23
I
think
different
types
of
regulatory
frameworks.
C
There
are
11
ways
in
which
lawyers
across
the
European
Union
call
for
animal
frequency
of
reporting,
and
it
might
sound
funny
because
it's
like
you
know,
annually
or
once
a
year,
or
at
least
once
a
year
or
yearly
and
so
on.
It
might
sound
trivial.
But
if
you
think
about
it,
when
we
ask
the
CEOs
of
the
companies,
the
question
was
okay.
So
what
do
I
do
as
a
serie,
CRO
I
turned
to
my
lawyer
for
interpretation,
because
I
could
report
numbers
at
the
end
of
the
year
and
the
fiscal
year
end
of
calendar
year.
C
If
one
say
maybe
I
pick
an
average,
maybe
I
pick
a
particular
date
in
a
year.
Each
of
that
would
be,
you
know,
probably
justifiable
in
one
way
or
another,
especially
I
have
a
good
lawyer.
So
from
this
perspective,
this
really
impacts
the
numbers
that
I
report
the
same
way.
This
tiny
differences
in
the
role
description
may
actually
significantly
impact
my
credentials
as
as
the
possibility
to
act.
C
A
We're
still
in
formation
mode
there
in
trying
to
figure
out
the
the
details,
basically
we're
to
the
point
of
spreading
the
word
about
the
le
I,
what
it
stands
for,
how
it
can
marry
with
the
digital
world
and
all
of
the
work
that
you
know
you.
People
are
doing
on
a
daily
basis
and
you
know
trying
to
bring
these
together
and
bring
the
best
of
both
of
both.
Both
together,
we
have
conducted
the
pocs
on
mostly
people
contributing
their
own
time
and
resources
to
being
able
to
prove
this
concept,
with,
of
course,
having
some
licensing.
A
You
know
money
to
have
to
to
put
up
in
order
to
be
able
to
use
some
of
the
tools,
but
we're
still
an
awareness
and
demonstration
mode
and
understanding
mode.
At
this
point,
though,
but
we
are
beginning
conversations
throughout
2020
in
order
to
be
able
to
say
how
do
we
solidify
some
of
these
roles
in
effect
in
in
these
ecosystems,
if
we
stand
them
up
and
and
what
does
what
does
life
look
like
in
in
the
future
of
these?
What's
the
appropriate
role
or
roles
for
us
to
play
just.
C
It
can
actually
be
decentralized
because
the
way
how
it
is
built
is
there
is
at
present
no
entity
who
would
gain
value
from
being
the
governing
this
descent.
I
think,
and
that
is
I,
think
exactly
the
importance
of
having
a
successful
implementation
of
blockchain
type
of
thing.
You,
if
you
first
think
about
this
as
decentralized
the
business
models
come
from
wallet
operators
just
like
in
Bitcoin
right
a
day.
They
can
add
value
services,
but
it
doesn't
necessarily
mean
that
ok,
glyphosate
of
running
or
or
governing
this
entire
network.
C
C
Yeah
absolutely
I
mean
I,
don't
know
if
you
know,
but
Carla's
background
is
in
standards.
She
used
to
chair
the
ISO,
Technical
Committee,
sixty-eight
financial
services,
I'll,
basically
assume
that
that
tells
a
lot
about.
She
is
a
very,
very
rational
and
reasonable
approach
to
standardization,
which
is
partially
also
in
our
DNA.
So
I
think
that
this
is
a
very
natural
step
to
consider
the
standardization
of
the
roles,
but
I
think
we've
exceeded
the
time.
So
thank
you
very
much
for
this
very
interesting
discussion.