The United Nations Development Programme (UNDP) has partnered with the Swiss-based blockchain technology firm, DFINITY Foundation, to enhance financial inclusion for Micro, Small, and Medium Enterprises (MSMEs).

In a press release on July 3, UNDP announced that DFINITY Foundation will utilize the Internet Computer’s (ICP) blockchain technology to develop and implement the UN’s Universal Trusted Credentials (UTC) initiative.

UNDP and DFINITY Foundation Collaboration

UNDP stated that DFINITY Foundation will leverage ICP’s decentralized digital identity solutions, Internet Identity (II), to create a prototype for a UCT pilot in Cambodia. This project aims to improve digital trust and enhance financial inclusion for MSMEs globally.

“The partnership with the DFINITY Foundation marks a pivotal moment in our efforts to advance digital inclusion and economic empowerment for MSMEs in Cambodia,” Marcos Neto, UN Assistant Secretary General and Director of UNDP’s Bureau for Policy and Programme Support, said.

Pilot Program Expansion

Blockchain technology can enhance user security and make digital credentialing systems more accessible, which are key factors for sustainability and economic growth. The UTC initiative aims to further the adoption of digital technologies, including blockchain-based solutions, according to Neto.

While the pilot program targets MSMEs in Cambodia, UNDP plans to extend the UCT solution to reach 10 countries. This initiative is part of UNDP’s broader goal of leveraging blockchain technology and innovation to support the achievement of Sustainable Development Goals (SDGs).

The UNDP developed the UCT in partnership with the Monetary Authority of Singapore (MAS) and other strategic partners.

Recent Developments

DFINITY Foundation’s partnership with UNDP follows the recent launch of an API aimed at boosting blockchain interoperability. In June, the Internet Computer announced its Verified Credentials, a solution designed to enable efficient and trusted sharing of personal data across Web3.

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