UN Project Explores Digital Identity Solutions for MSME Financing
The partnership will focus on developing a prototype for a data infrastructure platform in Cambodia using the Internet Computer blockchain. This technology is expected to provide secure storage and management of digital credentials, enhancing the trust and reliability of the UTC system.
“By harnessing cutting-edge technology, we can create a more secure and accessible digital credentialing system that will drive sustainable development and economic growth,” Marcos Neto, UN Assistant Secretary General and Director of UNDP’s Bureau for Policy and Programme Support stated.
The UTC initiative, launched in collaboration with the Monetary Authority of Singapore and other partners, seeks to improve domestic and cross-border financing access for MSMEs. By leveraging blockchain-based solutions, the project aims to build a sustainable financial ecosystem that empowers smaller businesses.
Following the pilot in Cambodia, the project plans to expand to 10 countries. The UNDP views this partnership as part of its broader efforts to use technology and innovation to achieve Sustainable Development Goals and improve the livelihoods of vulnerable populations.
“By utilizing the Internet Computer blockchain technology, the UTC initiative is set to benefit from over a thousand person-years of research and development and will be supported by some of the leading cryptographers and experts in the field of digital identity,” Dominic Williams, Chief Scientist and Founder of the Dfinity Foundation said in a statement shared with Bitcoin.com News.
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