United Nations Development Programme (UNDP) has announced a new partnership with the DFINITY Foundation, which will leverage the Internet Computer blockchain technology to further develop and implement the Universal Trusted Credentials (UTC) initiative.
This collaboration underscores a significant step towards enhancing digital trust and financial inclusion for micro, small, and medium Enterprises (MSMEs) globally, UNDP said in a statement on Wednesday.
This framework, the Universal Trusted Credentials (UTC), launched in collaboration with the Monetary Authority of Singapore (MAS) and other strategic partners, aims to enhance domestic access to financing for MSMEs and unlock trade financing across participating countries by fostering enhanced cross-border trust in the data provided.
The UTC solution aims to stimulate the adoption of digital technologies, including blockchain-based solutions, to ultimately build a vibrant and sustainable financial ecosystem that empowers MSMEs.
The DFINITY Foundation will utilize its expertise in decentralized compute platforms and digital identity solutions to develop and test the prototype for a robust data infrastructure for the UTC pilot initiative in Cambodia.
This infrastructure will ensure the secure storage and management of digital credentials, enhancing the trust and reliability of the UTC system.
“The partnership with the DFINITY Foundation marks a pivotal moment in our efforts to advance digital inclusion and economic empowerment for MSMEs in Cambodia,
“By harnessing cutting-edge technology, we can create a more secure and accessible digital credentialing system that will drive sustainable development and economic growth,” said Marcos Neto, UN Assistant Secretary General and Director of UNDP’s Bureau for Policy and Program Support.
The DFINITY Foundation is the creator and major contributor to the Internet Computer Protocol (ICP), the underlying technology instrumental in building a decentralized and tamper-proof data infrastructure.
This collaboration will not only benefit Cambodian MSMEs but plans to scale to 10 countries after the pilot in Cambodia, said the statement.
“MSMEs represent the backbone of most economies, and the UTC initiative represents a unique opportunity to bring transparency and increase inclusion within a financial system that often fails to cater to their needs,
“By utilizing the Internet Computer blockchain technology, the UTC initiative is set to benefit from over a thousand person-years of research and development and will be supported by some of the leading cryptographers and experts in the field of digital identity,” said Dominic Williams, Chief Scientist and Founder of the DFINITY Foundation.
This initiative is part of a broader effort by the UNDP to leverage technology and innovation to achieve the Sustainable Development Goals (SDGs) and improve the livelihoods of vulnerable populations.
UNDP partners with people at all levels of society to help build nations that can withstand crisis, and drive and sustain the kind of growth that improves the quality of life for everyone.
On the ground in nearly 170 countries and territories, the organization offers global perspective and local insight to help empower lives and build resilient nations.
The DFINITY Foundation was established in Zürich, Switzerland, in 2016.
Since then, it has become the largest blockchain tech employer in Switzerland and the DACH Region, with talented people from local and international organizations, such as IBM Research, Google Research, Meta, etc.
The DFINITY Foundation is the creator and major contributor to the Internet Computer, a third-generation blockchain that extends the functionality of the Internet from a network that connects devices globally to a computing platform that hosts systems and services directly on the blockchain.
UNDP, MAS and partners launch Universal Trusted Credentials initiative for MSME financing