Join us in exploring how blockchain and Verifiable Credentials can address the challenges of verifying legal entities in a secure, efficient, and innovative way. On 22 February 2024, the European Commission hosted the conference “Can verifying legal entities be as easy as 1, 2, Web3?” in Brussels, Belgium. This event highlighted the challenges faced by legal entities in providing ownership of information and explored how Web3 and Verifiable Credentials could provide solutions to those challenges. Following the event, a Community of Practice on legal entities verification was created. The collaborative spirit of the gathered community, working together to identify common problems and share insights from use cases that tackle these problems with groundbreaking technologies, inspired the creation of a non-paper on legal entities verification. The resulting non-paper consolidates insights from the conference, addressing barriers to legal entity verification and exploring opportunities for collaboration.Reimagining legal entity verification
Background
By expressing your interest you will
Provide information on your project and sector
Discover the challenges from the non-paper and identify the ones you are interested to address
Indicate your preferred ways to collaborate
Exploring the key challenges in legal entity verification
Organisational challenges:
- Efficient digital identifiers for companies in a changing landscape.
- Cross-domain verification of organisational documents and information.
- Simplifying the presentation and verification of company information.
- Effective management of company representations and authorisations.
Regulatory challenges:
- Reducing manual work and complexity in regulatory compliance.
- Harmonising EU regulations for interoperability and reuse.
- Building trusted global verification systems for international markets.
Technological challenges:
- Enhancing business registries' role in verification.
- Ensuring public entities can issue digital credentials without VAT/BRIS identifiers.
- Balancing transparency and privacy in organisational identities.
- Establishing cryptographic safeguards to combat counterfeit information.
- Creating distributed infrastructures for real-time reporting (e.g., invoicing).
- Adopting decentralised trust anchors for verification processes.
Based on your input, the next steps may include:
Think
Developing approaches to identified challenges.
Connect
Connecting stakeholders with shared goals.
Do
Exploring real-world applications of blockchain and Verifiable Credentials.
What can you expect when joining us to reimagine the legal entities verification?
- Access cutting-edge solutions and frameworks.
- Contribute to real-world applications of blockchain and Verifiable Credentials.
- Influence solutions for cross-border challenges.
- Collaborate with policymakers, experts, and industry leaders.
