EBSI projects
EBSI-VECTOR: Business Registries
Getting legal entities verified to facilitate cross-border business transactions.
The vision
Fostering Trust in International Business Relationships.
The ability to digitally prove each other's identities holds profound benefits for the future of international business relationships. By eliminating the need for cumbersome paperwork and cumbersome verification processes, companies can streamline their operations and facilitate faster and more efficient transactions across borders. Moreover, the enhanced security afforded by digital identity verification mechanisms helps mitigate the risk of fraud and deception, thereby fostering a greater sense of trust among business partners.
National Business Registries
Organisations / companies
EU member states
European Cooperative Society
The challenge
Digital trust in cross-border business transactions is difficult.
While the integration of digital identity verification systems and the issuance of digital product passports hold immense promise for enhancing trust and transparency in international business, they also come with their own set of challenges. One significant hurdle is the need for widespread adoption and standardization of these technologies across different jurisdictions and industries. Achieving interoperability between various digital identity verification systems and ensuring compatibility with existing infrastructure can be a complex and time-consuming process. Additionally, concerns regarding data privacy, security, and the potential for misuse of digital identities underscore the importance of robust regulatory frameworks and cybersecurity measures. Furthermore, overcoming resistance to change and cultural barriers to adopting new technologies may pose additional challenges in implementing these solutions on a global scale. Addressing these challenges will require collaboration between governments, businesses, and technology providers to develop comprehensive strategies that prioritize security, privacy, and usability while fostering innovation and economic growth.
The opportunity
Verifiable Credentials as proof of existence.
The problem is so urgent that several large organizations already requested to participate in the pilot phase of our solution.
Web3 allows the seamless issuance, presentation, and verification of business verification credentials. This helps international business actors easily get proof for registration of private sector organisations, allowing market actors to easily verify business registry information across-borders without having to contact national authorities. In the rapidly evolving landscape of international business, the integration of digital identity verification systems and the issuance of digital product passports present a wealth of opportunities for companies to enhance efficiency, transparency, and trust.
A Web3 issuance, presentation and verification infrastructure for business registry company verification credentials brings together three main technologies:
- Digital Wallets: used by companies to receive, store, and send credentials on the move.
- Verifiable Credentials: for formatting, presenting, and exchanging credential data in a machine-friendly way.
- Blockchain: for delivering a highly secure, resilient, and decentralized way of verifying credential information.
The project
Exploring the interrelation of digital wallets, national business registries and legal entity verification.
In this pilot, digital identity experts from 12 EU member states collaborate to explore the potential synergies between digital wallets, national business registries, and legal entity verification systems. The overarching goal is to develop a comprehensive understanding of how these technologies can be integrated to enhance the efficiency, security, and trustworthiness of business transactions.
As legal entities navigate the complexities of global commerce, embracing these innovative technologies opens the door to a myriad of benefits and strategic advantages:
- Streamlining Business Operations: By digitizing the process of verifying identities and tracking product information, companies can eliminate the need for manual paperwork and cumbersome verification procedures.
- Enhancing Supply Chain Transparency: Legal entities are able to identify their business partners.
- Facilitating Regulatory Compliance: In today's highly regulated global marketplace, compliance with various legal and regulatory requirements is essential for business success.
The scenario
Discover the scenarios.
1. Issuance and verification of business registries.
Marta is a representative for NewCompany.
- Marta 1 requests a company verification as a Trusted Accreditation Organisation (TAO).
- The TAO 2 queries the company certification for NewCompany from a national business registry.
- The TAO 3 requests the personal ID from Marta.
- Marta 4 presents the personal ID to the TAO.
- The TAO 5 verifies the company certification and personal ID against existing registries.
- The TAO 6 issues a company verification as Verifiable Credential to Marta.
- A third party 7 requests Marta's company verification.
- Marta 8 presents the company verification Verifiable Credential to the third party.
- The third party 9 verifies the credential against the EBSI ledger and is now confident of the legitimacy of NewCompany.
- The third-party and NewCompany can now engage in business activities.
The project plan
Current implementation stage and plan.
Next steps
Ensuring a truly seamless cross-border business registry experience.
Creating a unified framework for business registries across the EU will deliver a trustworthy and smooth international business experience. This endeavour necessitates cooperation among a broad spectrum of stakeholders, including regulatory bodies, national authorities, and the private sector, to ensure adherence to regulations.
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