ENS Labs Tackles Counterparty Risk with Verifiable Onchain Identity

ENS Labs and the Global Legal Entity Identifier Foundation (GLEIF) are teaming up to create a verifiable onchain identity system for institutions. The integration aims to link ENS names with verifiable legal entity identifiers, known as vLEI, allowing applications and counterparties to confirm an organization's identity behind an onchain name.

The ENS Labs project seeks to resolve the pressing issue of institutional adoption of blockchain infrastructure: can we trust that our counterparty is who they claim to be? The LEI, or Legal Entity Identifier, is a globally standardized unique code that identifies a legal entity independently of the account or financial infrastructure it uses. Its verifiable version, vLEI, extends this capability to the digital ecosystem.

By linking an ENS name with a vLEI, counterparties can independently verify the organizational identity behind it. The next technical step involves formalizing an ENS Improvement Proposal (ENSIP), which would define the implementation standard for the ENS ecosystem.