The City Of London - An Identity For The New, Smarter Economy

Smart Economy Networks examines how digital identity, interoperable data systems, distributed ledgers, and trusted authentication frameworks could transform global trade and financial services. It argues that current international commerce is slowed by fragmented identity verification, paper-based documentation, and inefficient cross-border compliance processes. The report proposes that the City of London could become a global hub for “Smart Economy Networks” by leveraging its legal infrastructure, financial expertise, and international connections to build secure systems for business, personal, and asset identity verification. Central to the proposal is the development of a Mutual Authentication Verification Exchange (MAVE), enabling trusted digital interactions between governments, firms, and financial institutions. The report concludes that smarter identity and data-sharing networks could improve efficiency, reduce fraud and compliance costs, and strengthen the UK’s competitiveness in global digital trade and finance.