Zurich, Switzerland, July 3, 2024 – The United Nations Development Programme (UNDP) is pleased to announce a new partnership with the DFINITY Foundation to further develop and implement the Universal Trusted Credentials (UTC) initiative using Internet Computer blockchain technology. This collaboration is an important step towards enhancing digital trust and financial inclusion for micro, small and medium-sized enterprises (MSMEs) around the world.
The framework is a Universal Trusted Credential (UTC) launched in collaboration with the Monetary Authority of Singapore (MAS) and other strategic partners. Once implemented in multiple countries, it will not only enhance domestic financing channels for SMEs, but also facilitate trade financing channels in participating countries by enhancing cross-border trust in the data provided.
UTC Solutions aims to promote the adoption of digital technologies, including blockchain-based solutions, ultimately building a vibrant and sustainable financial ecosystem to empower MSMEs.
The DFINITY Foundation will leverage its expertise in decentralized computing platforms and digital identity solutions to develop and test a robust data infrastructure (platform) prototype for the UTC pilot program in Cambodia that will ensure the secure storage and management of digital credentials, thereby enhancing the trustworthiness and reliability of the UTC system.
Marcos Neto, Assistant Secretary-General of the United Nations and Director of the Bureau for Policy and Programme Support at the United Nations Development Programme, said: “This collaboration with DFINITY Foundation marks a critical juncture in our efforts to advance digital inclusion and economic empowerment for Cambodia’s MSMEs. By leveraging cutting-edge technology, we can create a more secure and accessible digital authentication system that will drive sustainable development and economic growth.”
The DFINITY Foundation is the creator and major contributor to the Internet Computer Protocol (ICP), a foundational technology for building decentralized and tamper-proof data infrastructure, providing the high level of security and transparency required for the success of the UTC initiative. This collaboration will not only benefit Cambodia’s small and medium-sized enterprises, but after the pilot in Cambodia, the project plans to expand to 10 countries.
Dominic Williams, Chief Scientist and Founder of the DFINITY Foundation, said: “MSMEs are the backbone of most economies and the UTC initiative brings transparency and inclusion to a financial system that often fails to meet the needs of these businesses. By leveraging Internet Computer blockchain technology, the UTC initiative will benefit from more than a thousand years of research and development and will be supported by some of the leading cryptographers and experts in the field of digital identity.”
This initiative is part of UNDP’s broader efforts to leverage technology and innovation to achieve the Sustainable Development Goals and improve the livelihoods of vulnerable groups.
For more information on the UTC initiative and the DFINITY Foundation, visit the UNDP Singapore Centre website and the Internet Computer website.
About UNDP
UNDP works with people at all levels of society to help build nations that are resilient to crises and to drive and sustain growth that improves quality of life for all. We are on the ground in nearly 170 countries and territories, providing global perspectives and local insights to help strengthen vital forces and build resilient nations.
The Global Centre for Technology, Innovation and Sustainable Development is a joint initiative between the Government of Singapore and the United Nations Development Programme to identify and co-create technological solutions for sustainable development. The Centre coordinates partnerships, identifies solutions, and connects partners and innovations with UNDP’s global policy networks and development partners.
About the DFINITY Foundation
The DFINITY Foundation was founded in Zurich, Switzerland in 2016 and since then it has become the largest employer of blockchain technology in Switzerland and the DACH region, with talent from local and international organizations such as IBM Research, Google Research, Meta, and others.
The DFINITY Foundation is the creator and leading contributor to the Internet Computer, a third-generation blockchain that extends the functionality of the Internet from a network connecting the world’s devices to a computing platform that hosts systems and services directly on the blockchain.
IC content you care about
Technology Progress | Project Information | Global Activities
Collect and follow IC Binance Channel
Get the latest news
