The United Nations Development Program（UNDP）and the Dfinity Foundation have launched a pilot program in Cambodia for Universal Trusted Credentials（UTC）,ablockchain-baseddigital credentialing system aimed at supportingmicro,small,and mediumenterprises.
Points
- UNDPandDfinityFoundationlaunchapilotprograminCambodiaforblockchain-baseddigitalcredentials.
- TheUniversalTrustedCredentials（UTC）systemaimstosupportMSMEsinthedigitaleconomy.
- Thepilotispartofabroaderinitiativeexpectedtorolloutintencountries.
- ICPprovidestheinfrastructureforsecuringandmanagingUTC.
- Theprojectpromotestransparencyandfinancialinclusion.
The United Nations Development Program（UNDP）and the Dfinity Foundation have partnered to launch a pilot program in Cambodia for the Universal Trusted Credentials（UTC）,ablockchain-baseddigital credentialingsystem.The pilot aims to supportmicro,small,and medium enterprises（MSMEs）by providing secure and verifiable digitalcredentials,fostering their participation in the digitaleconomy.
UTC datastructure.Source:UNDPSingaporeGlobalCentre
The DfinityFoundation,developer of the Internet Computerblockchain,is providing the infrastructure for securing and managingUTC.Thisinitiative,introduced inNovember,is part of a broader effort expected to expand to ten countries overtime.The Singapore Monetary Authority and other bodies collaborated with UNDP on the UTCproject.
The pilot program in Cambodia aims to enhance transparency and increase financial inclusion forMSMEs,which are often underserved by traditional financialsystems.By leveraging blockchaintechnology,UTC ensures the integrity and security of digitalcredentials,enabling MSMEs to build trust with stakeholders and access new economicopportunities.
Explanation
- ThepartnershipbetweentheUNDPandDfinityFoundationtolaunchtheUTCpilotprograminCambodiaunderscoresthepotentialofblockchaintechnologytosupportfinancialinclusionandtransparency,particularlyforunderservedMSMEs.
- TheUniversalTrustedCredentials（UTC）systemprovidessecureandverifiabledigitalcredentials,whichcanhelpMSMEsbuildtrustwithstakeholdersandparticipatemoreeffectivelyinthedigitaleconomy.
- ByleveragingtheinfrastructureprovidedbytheInternetComputerblockchain,theprojectensurestheintegrityandsecurityofdigitalcredentials,promotingconfidenceamongusersandstakeholders.
- ThebroaderinitiativetorollouttheUTCsystemintencountrieshighlightsthescalabilityandpotentialglobalimpactoftheproject,aimingtosupportMSMEsacrossdifferentregions.
- ThecollaborationwiththeSingaporeMonetaryAuthorityandotherbodiesemphasizestheimportanceofregulatorysupportandcross-sectorpartnershipsinadvancinginnovativeblockchainsolutionsforfinancialinclusionandeconomicdevelopment.