UNDP Partners with DFINITY Foundation to Advance Digital Identity Solutions

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As a researcher with a background in development economics and digital technologies, I am excited about the UNDP’s collaboration with the DFINITY Foundation on the Universal Trusted Credentials (UTC) initiative. The potential of using blockchain technology to enhance digital identity solutions for Micro, Small, and Medium Enterprises (MSMEs), especially in developing countries, is a game-changer.

As an analyst, I’m excited to share that I’m working with the DFINITY Foundation, based in Switzerland, as part of a partnership with the United Nations Development Programme (UNDP). Our goal is to progress the Universal Trusted Credentials (UTC) initiative, which harnesses the power of blockchain technology to upgrade digital identity solutions. We’re starting with an innovative pilot project in Cambodia.

The DFINITY Foundation, renowned for overseeing the Internet Computer Protocol (ICP), is set to significantly contribute to building a secure and immutable data framework for the UTC. Notably, the ICP’s widely-adopted identity solution, Internet Identity (II), will ensure safekeeping and administration of digital credentials within the UTC system.

Significantly, the cryptocurrency token Internet Computer (ICP) issued by DFINITY is presently priced at approximately $7.62. This represents an increase of more than 70% compared to the previous year. The value nearly doubled from January to March, reaching a peak price of $19.3 for the year.

About UNDP

The United Nations Development Programme (UNDP) is a specialized agency dedicated to eradicating poverty and fostering sustainable economic expansion and human progress. On a national scale, the UNDP has put considerable effort into supporting Micro, Small, and Medium Enterprises (MSMEs) around the world. These businesses, which constitute approximately 90% of all enterprises and account for around 70% of global employment, play a vital role in every economy.

I spearheaded the UTC project at our agency back in November last year, which was endorsed by the Monetary Authority of Singapore (MAS). This undertaking aims to foster the adoption of digital technologies, including blockchain, to construct a resilient financial infrastructure specifically for Micro, Small and Medium Enterprises (MSMEs) on a global scale.

Through this new collaboration, UTC will boost financing solutions for small and medium-sized enterprises (MSMEs) in underprivileged regions, facilitating cross-border trade by supplying accurate data and fostering trust between involved nations, according to Marcos Neto, the Assistant Administrator and Director of UNDP’s Bureau of Policy and Programme Support.

Working with the DFINITY Foundation represents a significant milestone in our mission to enhance digital inclusion and financial autonomy for small and medium-sized enterprises (MSMEs) in Cambodia. Leveraging advanced technology, we aim to establish a reliable and convenient digital credentialing platform that will foster long-term economic prosperity.

Future Plans

As a crypto investor, I’m excited about the potential impact of UTC’s secure data infrastructure by DFINITY on Cambodian MSMEs (Micro, Small, and Medium Enterprises). This innovative technology is expected to be scaled up to ten countries, including Ghana, Indonesia, and Rwanda, following its successful pilot. I’m particularly encouraged by Dominic Williams, the Chief Scientist and Founder of the DFINITY Foundation, who has shared his optimistic outlook on this initiative. According to him, this project will bring about positive change for these communities.

Small and medium-sized enterprises (MSMEs) serve as the foundation for many economies. The UTC project offers a distinctive chance to instill transparency and widen access within a financial system that frequently neglects their requirements. Leveraging the Internet Computer blockchain technology, the UTC initiative stands to gain from substantial research and development, as well as guidance from renowned experts in digital identity.

In Cambodia, a preliminary UTC project is set up to act as a proving ground. It will highlight the capability of blockchain technology in boosting the power of MSMEs around the world.

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2024-07-03 15:52