The United Nations Development Program has teamed up with the Dfinity Foundation to enhance the trust and dependability of the Universal Trusted Credentials (UTC) initiative for micro, small, and medium enterprises (MSMEs).
The system will leverage decentralized computing and digital identity to provide access to secure domestic financing and international trade financing. The partnership focuses on the development and testing of a prototype for a data infrastructure under the UTC pilot initiative in Cambodia.
“The partnership with the Dfinity Foundation marks a pivotal moment in our efforts to advance digital inclusion and economic empowerment for MSMEs in Cambodia,” says Marcos Neto, UN assistant secretary general and director of UNDP’s Bureau for Policy and Programme Support.
The initiative promotes data integrity and transparency through the integration of Dfinity’s Internet Computer blockchain. Establishing digital trust is fundamental to this effort. The reliable data supplied by the UTC framework will mitigate risks for financial institutions, allowing them to broaden their range of services to a more diverse group of MSMEs.
The UTC initiative aims to establish a framework for digital trust, enabling MSMEs to securely access financial services, the announcement says. These verifiable credentials will be implemented in collaboration with the Monetary Authority of Singapore (MAS) and other key partners.
“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,” says Dominic Williams, chief scientist and founder of the Dfinity Foundation.
Developers at the Dfinity Foundation have also been developing Internet Identity, a decentralized blockchain-based form of passwordless digital identity.
