ICP collaborates with UNDP and DFINITY Foundation to enhance financial access for MSMEs worldwide through the UTC initiative.
UTC aims to improve domestic financing for MSMEs and unlock trade financing across countries by fostering cross-border data trust.
DFINITY Foundation will develop a secure data infrastructure for the UTC pilot in Cambodia.
The United Nations Development Programme (UNDP) has partnered with the DFINITY Foundation and ICP to revolutionize financial inclusion for Micro, Small, and Medium Enterprises (MSMEs) worldwide. This collaboration centers around the Universal Trusted Credentials (UTC) initiative.
𝐁𝐑𝐄𝐀𝐊𝐈𝐍𝐆: $ICP partners with UNDP to further develop financial inclusion with Web3!The UN will be using the ICP blockchain to enhance their Universal Trusted Credentials to enhance digital trust for financial inclusion.This is a HUGE move for DFINITY & ICP as it now… pic.twitter.com/vd179bKOev
— Kyren (@noBScrypto) July 5, 2024
A Leap Toward Digital Trust
The UTC initiative seeks to enhance domestic access to financing for MSMEs. Additionally, the UTC framework also unlocks access to trade financing across participating countries by fostering cross-border trust in data.
This ambitious vision aims to empower MSMEs by stimulating the adoption of digital technologies, including blockchain-based solutions. At the heart of this partnership is the DFINITY Foundation.
This Foundation is popular for providing decentralized computer platforms and digital identity solutions. As the creator and major contributor to the Internet Computer Protocol (ICP), DFINITY brings cutting-edge technology to the table.
The ICP ensures a decentralized and tamper-proof data infrastructure. This provides the security and transparency essential for the UTC initiative’s success.
Cambodia as the Pilot Ground
The DFINITY Foundation will develop and test the prototype for the UTC initiative in Cambodia. This robust data infrastructure will securely store and manage digital credentials.
Marcos Neto, UN Assistant Secretary General and Director of UNDP’s Bureau for Policy and Programme Support, emphasizes the significance of this collaboration. He noted that by harnessing cutting-edge technology, we can create a more secure and accessible digital credentialing system that will drive sustainable development and economic growth.
Following the pilot in Cambodia, the project plans to expand to ten countries. Dominic Williams, Chief Scientist and Founder of the DFINITY Foundation stated that they represent the backbone of most economies.
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