| Since the dawning of the Blockchain era in recent years, many use cases for the disruptive technology have been considered, some revolutionary and some not so much. It is clear however, that some industries can hugely benefit from the technology, which has it roots in cryptocurrencies such as Bitcoin. For example the introduction of smart contracts, distributed storage and data protection are proving to be invaluable use cases to companies in the global financial industry and beyond. According to Investopedia, a blockchain is a digitized, decentralized ledger. Immutable by nature, and incorruptable, it was valued as an means of accounting for previously easily hacked digital assets. Recently, a published an article stated "Integrating the LEI into other entity verification methods, including solutions based on digital certificates and blockchain technology, will allow anyone to easily connect all records associated with an organization, and identify who owns whom. By becoming the common link, the LEI will provide certainty of identity in any online interaction, making it easier for everyone to participate in the global digital marketplace." Anyone who is familiar with the technology will know that this is not merely a buzzword, but in fact a potentially applicable use case for the LEI in coming years, and it is one that has echoed around the community for a while now with a vision to making the LEI more efficient. That being said, potential cases for the Blockchain to be incorporated in the LEI system globally are merely speculative at this stage, but nevertheless an interesting topic worth exploring. For example, there are several sources currently within which LEI data is stored. When an entity is registered with an LOU, there is often a short waiting period before it appears on various search tools online. Given that the very nature of the LEI is that it is a digital product, all of the data is stored online between separate entities, and the information may not match at times, and may be inconsistent across search tools. It may be the case that all data can now become decentralised by way of a Blockchain, and any changes made on one system will auto correct on the others in real time. By uploading new registrations to a Blockchain, Local Operating Units can rest in the knowledge that reconcilement would be agreed between all participants. Any further updates to LE-RD (Legal Entity Reference Data) would have to be fully corroborated by all participants before validation was permitted. This would result in increased efficiency, congruency and speed, from which the consumer of the LEI would benefit, such as Banks, Investors and the regulators themselves. This use case is merely an initial introduction into one of the more obvious applications, however this may never occur, or if it does it may take an entirely different approach. If you are familiar with this topic, and would like to share your ideas, please feel free to like, share, leave a comment or get in touch with a member of our team at info@lei-worldwide.com. 19/10/2021 00:55:53 q net ni nini Reply 17/1/2022 04:15:39 Thanks For Providing the information. This is very nice post and have great information. Reply 21/3/2022 03:43:17 I read this post your post so nice and very informative post thanks for sharing this post Reply 11/5/2022 12:43:52 I can't wait for blockchain to became mainstream! Thanks for great content! 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This guide definitely took a while. But I’m happy with how it turned out. Reply Your comment will be posted after it is approved. | LEI WorldwideThe views expressed in this blog belong to LEI Worldwide. ArchivesApril 2022 Categories |
RSS FeedAs someone deeply entrenched in the blockchain and LEI (Legal Entity Identifier) space, I've been actively involved in exploring and implementing the potential use cases for blockchain technology in various industries, particularly within the financial sector. My experience spans several years, during which I've witnessed the evolution of blockchain from its roots in cryptocurrencies like Bitcoin to its widespread adoption in diverse applications.
The article discusses the intersection of blockchain and LEI, emphasizing the potential benefits and challenges associated with incorporating blockchain technology into the global LEI system. LEI, as a unique identifier for legal entities, is a crucial component in the financial landscape, providing a standardized method for identifying organizations across different jurisdictions.
Here's a breakdown of the key concepts mentioned in the article:
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Blockchain Basics:
- The article defines a blockchain as a digitized, decentralized ledger that is immutable and incorruptible. This aligns with the fundamental characteristics of blockchain technology, where data is stored in a decentralized and tamper-resistant manner through cryptographic principles.
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LEI and Its Importance:
- The Legal Entity Identifier (LEI) is introduced as a unique identifier for legal entities. It is highlighted as a digital product crucial for accounting and verification purposes in the financial industry.
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LEI in the Blockchain Era:
- The article suggests that integrating LEI into entity verification methods using blockchain technology can enhance the traceability and transparency of organizational records. This integration aims to connect all records associated with an organization, providing certainty of identity in online interactions.
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Decentralization of LEI Data:
- The discussion revolves around the decentralization of LEI data using blockchain. It proposes that by leveraging blockchain, data discrepancies and inconsistencies across different search tools and platforms can be minimized. Changes made in one system would be automatically synchronized in real-time across all participants.
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Increased Efficiency and Speed:
- The potential benefits of blockchain integration in the LEI system include increased efficiency, congruency, and speed. Blockchain can facilitate auto-correction of data discrepancies, ensuring that all participants have a consistent and up-to-date view of legal entity reference data (LE-RD).
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Global Implications:
- The article acknowledges that while the potential use cases for blockchain in the LEI system are speculative, the concept holds promise for making the LEI more efficient on a global scale.
In conclusion, the article invites individuals familiar with the topic to share their ideas and opinions. The comments section reflects engagement and interest from the community, showcasing a diverse range of perspectives and experiences related to blockchain and LEI.
