Cambodia has been selected as the site for a pilot project for the blockchain platform for the Universal Trusted Certificate (UTC), a digital certification system developed by the United Nations Development Programme (UNDP). The Dfinity Foundation, developer of the Internet Computer blockchain, will work with the UNDP on the project.
The Internet Computer will provide the infrastructure for protecting and managing the UTC, which the Monetary Authority of Singapore and other agencies developed in partnership with the United Nations Development Programme, a project launched in November to encourage micro, small and medium-sized enterprises to participate in the digital economy.
An emerging ecosystem
The pilot is expected to be carried out in 10 countries. Dominic Williams, founder of the Dfinity Foundation, said in a statement: "MSMEs are the backbone of most economies, and the UTC program provides a unique opportunity to increase transparency and inclusion in a financial system that often fails to meet their needs."
The Monetary Authority of Singapore and the Bank of Ghana (another participant in the development of UTC) completed a proof of concept using UTC in May. The project used semi-fungible tokens (SFTs) to transmit information such as licenses and transaction records. Know-your-customer verification can also be included in SFTs.
ICP and Cambodia are ready to become partners in UNDP projects
Cambodia offers fertile ground for digital experimentation, with the country’s securities exchange regulator having reached an agreement with Binance to jointly develop digital asset regulation, its CBDC-like Bakong currency being usable globally on the Alipay retail network, and serving as a model for Laos’ proposed central bank digital currency, which is currently in the proof-of-concept stage.
Internet Computer is creating a decentralized ecosystem as an alternative to cloud providers. In June this year, the company launched a protocol that uses a key system that does not rely on wallets to verify the identity of Web3 users. The company has also developed a platform for government agencies and enterprises that allows them to use their own hardware in private clouds to ensure network security.
IC content you care about
Technology Progress | Project Information | Global Activities
Collect and follow IC Binance Channel
Get the latest news
