2 months ago
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DFINITY’s native crypto token Internet Computer (ICP) is currently trading around $7.62, up by over 70% in the last year.
The United Nations Development Programme (UNDP) is partnering with the Switzerland-based decentralized platform DFINITY Foundation to advance the Universal Trusted Credentials (UTC) initiative. This collaboration aims to use blockchain technology to enhance digital identity solutions, starting with a pilot project in Cambodia.
The DFINITY Foundation, known for creating and managing the Internet Computer Protocol (ICP), will play an important role in developing a decentralized and tamper-proof data infrastructure for the UTC. The ICP ecosystem’s popular identity solution, Internet Identity (II), will ensure digital credentials’ secure storage and management on the UTC system.
Notably, DFINITY’s native crypto token Internet Computer (ICP) is currently trading around $7.62, up by over 70% in the last year. The token’s value almost doubled between January and March, reaching a yearly peak of $19.3.
About UNDP
The UNDP is a United Nations agency focused on eliminating poverty and promoting sustainable economic growth and human development. It has been working extensively for the Micro, Small, and Medium Enterprises (MSMEs) at the country level across the globe. MSMEs are crucial to every nation’s economy, accounting for up to 90% of businesses and 70% of jobs globally.
The agency launched the UTC project in November last year with support from the Monetary Authority of Singapore (MAS). The initiative encourages the use of digital technologies, like blockchain, to develop a robust financial system for MSMEs around the world.
With this latest partnership, UTC will enhance cross-border trade financing for underserved MSMEs by providing reliable data and building trust among participating countries. Marcos Neto, Assistant Administrator and Director of the Bureau of Policy and Programme Support at UNDP, states:
“The collaboration with the DFINITY Foundation marks a pivotal moment in our efforts to advance digital inclusion and economic empowerment for MSMEs in Cambodia. By harnessing cutting-edge technology, we can create a more secure and accessible digital credentialing system that will drive sustainable economic growth.”
Future Plans
UTC’s secure data infrastructure by DFINITY is expected to benefit Cambodian MSMEs. The UNDP plans to scale it to ten countries, including Ghana, Indonesia, and Rwanda, following the successful pilot. Dominic Williams, Chief Scientist and Founder of the DFINITY Foundation writes about the positive impact of the initiative by stating:
“MSMEs represent the backbone of most economies, and the UTC initiative presents a unique opportunity to bring transparency and increase inclusion within a financial system that often fails to cater to their needs. By utilizing the Internet Computer blockchain technology, the UTC initiative will benefit from extensive research and development and will be supported by leading experts in digital identity.”
The pilot project in Cambodia will serve as a testbed for the UTC initiative, showcasing the potential of blockchain technology in empowering MSMEs globally.
