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Chainlink and GLEIF Push for Unified Digital Identity Standards in Finance

cryptonews100_tggfrn by cryptonews100_tggfrn
June 2, 2025
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Chainlink and GLEIF Push for Unified Digital Identity Standards in Finance
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For the reason that 2008 monetary disaster, international monetary establishments have progressively adopted id requirements to spice up transparency and belief. Nonetheless, regardless of progress, the present panorama of organizational id stays fragmented, gradual, and pricey. Based on a brand new report shared by Chainlink in collaboration with the World Authorized Entity Identifier Basis (GLEIF), these inefficiencies aren’t simply inconvenient—they’re costly and stifling innovation.

At the moment, 33% of a typical compliance finances is spent on Know Your Buyer (KYC) procedures. The typical onboarding price per shopper? $2,598. And delays aren’t simply annoying—they’re pricey. An estimated 67% of banks and 74% of asset managers have reported shedding shoppers because of onboarding friction. These figures paint a transparent image: the present mannequin is unsustainable in a world shifting shortly in direction of digital belongings and international tokenization.

The Promise of Verifiable Onchain Identity

The report positions blockchain-based, verifiable onchain id as a game-changing answer. By integrating globally acknowledged id requirements instantly into blockchain networks, establishments may automate compliance, pace up onboarding, and cut back operational prices—with out sacrificing safety or regulatory alignment.

Not like siloed, manually up to date databases, blockchain-based id methods provide a tamper-proof, clear, and immediately verifiable format. These traits make them notably suited for monetary ecosystems coping with cross-border compliance, anti-money laundering (AML) necessities, and buyer verification.

Chainlink, a pacesetter in blockchain infrastructure, and GLEIF, the group behind the globally acknowledged Authorized Entity Identifier (LEI), are working collectively to bridge the hole between conventional monetary id and decentralized methods. Their shared imaginative and prescient is to make sure that id requirements stay intact because the trade transitions into the blockchain period.

Regulators and Business Leaders Name for Motion

The decision for higher digital verification isn’t coming from blockchain advocates alone. In his 2025 Annual Letter to Buyers, BlackRock Chairman Larry Fink emphasised that constructing an environment friendly, accessible monetary system calls for extra than simply tokenization. “We should remedy digital verification, too,” Fink famous.

This sentiment echoes a broader regulatory and trade concern: monetary methods of the longer term would require not solely clear asset infrastructure but in addition dependable and interoperable id verification instruments. If not addressed, fragmented id requirements may pose a major barrier to the broader adoption of digital belongings.

Trying Forward: Towards an Interoperable Monetary Ecosystem

The Chainlink-GLEIF report underscores an important subsequent step for digital finance: aligning the belief mechanisms of conventional establishments with the scalability and effectivity of blockchain know-how. Embedding globally accepted id requirements onchain gives a path ahead that balances regulatory compliance with innovation.

Whereas the shift received’t occur in a single day, the groundwork is being laid. As monetary establishments more and more look to blockchain for options, the demand for verifiable digital id requirements is more likely to develop. If profitable, these efforts may pave the way in which for a extra unified, safe, and accessible international monetary system—the place onboarding is quicker, compliance is streamlined, and belief is verifiable by design.



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