The UN Development Programme (UNDP) has joined forces with the DFINITY Foundation, a leading blockchain technology firm based in Switzerland, to advance financial inclusion for Micro, Small, and Medium Enterprises (MSMEs).
Announced through a press release on July 3, UNDP revealed that the partnership aims to utilize the Internet Computer (ICP) blockchain technology by DFINITY to develop and deploy the Universal Trusted Credentials (UTC) initiative of the UN.
Under the collaboration, DFINITY Foundation will harness the decentralized digital identity solutions of Internet Identity (II) on ICP to prototype a system for a UTC pilot program in Cambodia. This project is viewed by UNDP as a crucial stride towards enhancing digital trust and expanding financial inclusion globally.
“This partnership with DFINITY Foundation signifies a pivotal moment in our efforts to promote digital inclusion and economic empowerment for MSMEs in Cambodia,” remarked Marcos Neto, UN Assistant Secretary General and Director of UNDP’s Bureau for Policy and Programme Support.
The initial pilot in Cambodia is expected to expand to encompass 10 countries, demonstrating the scalability of the UTC solution. UNDP emphasizes that leveraging blockchain technology, particularly blockchain-based solutions like UTC, can fortify user security and make digital credentialing systems more accessible, thereby fostering sustainability and economic growth.
Neto further underscored that the UTC initiative aligns with broader efforts to promote the adoption of digital technologies and contribute towards achieving the Sustainable Development Goals (SDGs).
The UNDP developed the UTC in collaboration with the Monetary Authority of Singapore (MAS) and other strategic partners. Meanwhile, the timing of DFINITY Foundation’s partnership with UNDP coincides closely with the launch of DFINITY’s API designed to enhance blockchain interoperability.
In a related development, the Internet Computer recently introduced Verified Credentials in June, aimed at facilitating efficient and trusted sharing of personal data across Web3 platforms.