UNDP Teams Up with Dfinity Foundation to Boost Universal Trusted Credentials Initiative
The United Nations Development Programme (UNDP) has forged a collaboration with the Dfinity Foundation to advance its Universal Trusted Credentials (UTC) initiative. This strategic partnership aims to enhance financial inclusion worldwide for micro, small, and medium enterprises (MSMEs) through blockchain technology.
Exploring Digital Identity Solutions for MSME Financing
This joint effort will concentrate on crafting a prototype of a data infrastructure platform in Cambodia using the Internet Computer blockchain. This innovative technology promises secure storage and proficient management of digital credentials, bolstering the trustworthiness and dependability of the UTC system.
Marcos Neto, UN Assistant Secretary General and Director of UNDP’s Bureau for Policy and Programme Support, emphasized, “By harnessing cutting-edge technology, we can establish a more secure and accessible digital credentialing system that will propel sustainable development and economic growth.”
Empowering MSMEs Through Blockchain
The UTC initiative, launched in collaboration with the Monetary Authority of Singapore and other partners, aims to enhance access to domestic and cross-border financing for MSMEs. By leveraging blockchain-based solutions, the project strives to construct a sustainable financial ecosystem that empowers smaller enterprises.
Following the initial implementation in Cambodia, the project intends to scale to 10 additional countries. UNDP views this partnership as integral to its broader strategy of leveraging technology and innovation to accomplish Sustainable Development Goals and uplift vulnerable communities.
Dominic Williams, Chief Scientist and Founder of Dfinity Foundation, expressed, “By leveraging Internet Computer blockchain technology, the UTC initiative stands to benefit from extensive research and development spanning over a thousand person-years, supported by leading cryptographers and digital identity experts.”
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