• UNDP partners with DFINITY to enhance digital trust for MSMEs using blockchain technology.
• The UTC initiative aims to revolutionize MSME financing and trade through secure digital credentials.

The United Nations Development Programme (UNDP) is pleased to announce a ground-breaking partnership with the DFINITY Foundation. The partnership seeks to use Internet Computer blockchain technology to accelerate the development and implementation of the Universal Trusted Credentials (UTC) concept.

With that, Micro, Small, and Medium Enterprises (MSMEs) all around will be far more likely to have digital trust and financial inclusion.

Universal Trusted Credentials Initiative

Launched in association with the Monetary Authority of Singapore (MAS) and other strategic partners, the UTC framework seeks to transform MSME funding availability.

The project will not only improve domestic finance but also open trade funding across borders by using the UTC in different nations, since more trust in the data given will result.

The UTC solution is meant to inspire the acceptance of digital technologies, including blockchain-based solutions, so creating a dynamic and sustainable financial environment that supports MSMEs.

Renowned for its knowledge of distributed computing platforms and digital identification solutions, the DFINITY Foundation will be very important for this project. They will create and test a prototype for a strong data infrastructure for the UTC trial located in Cambodia.

Empowering Cambodian MSME

Internet identification (II) is a creative decentralized identification solution of the Internet Computer blockchain that will guarantee safe storage and maintenance of digital credentials, therefore strengthening the confidence and dependability 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,” stated Marcos Neto, UN Assistant Secretary General and Director of UNDP’s Bureau for Policy and Programme Support. He added:

 “By harnessing cutting-edge technology, we can create a more secure and accessible digital credentialing system that will drive sustainable development and economic growth.”

Building a distributed and tamper-proof data infrastructure will depend heavily on the DFINITY Foundation, the inventor and main contributor to the Internet Computer Protocol (ICP).

The great degree of security and openness this infrastructure will offer will be required for the UTC project to flourish. The initiative intends to grow outside of Cambodia, finally spanning ten nations and helping MSMEs all around.

Advancing the Sustainable Development Goals

This project is a component of a larger UNDP endeavor to use creativity and technology to reach the Sustainable Development Goals (SDGs) and raise the quality of life for underprivileged groups.

Dominic Williams, Chief Scientist and Founder of the DFINITY Foundation, remarked, “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.”

He also highlighted that 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.

By utilizing Internet computer blockchain technology, the UTC project will gain access to over a thousand person-years of research and development from some of the top cryptographers and experts in digital identification.