UNDP partners with the DFINITY Foundation to enhance financial inclusion of MSMEs

by

As a crypto investor with a background in international development and a strong belief in the potential of blockchain technology to drive positive social change, I’m thrilled about this partnership between the UNDP and DFINITY Foundation. The use of Internet Computer’s decentralized digital identity solutions for the UN’s Universal Trusted Credentials (UTC) initiative is a significant step towards improving financial inclusion for MSMEs, particularly in developing countries where traditional banking infrastructure may be lacking.

The UN Development Programme (UNDP) collaborates with the DFINITY Foundation, a leading Swiss blockchain technology company, to boost financial accessibility for Micro, Small and Medium Enterprises (MSMEs).

The United Nations Development Programme (UNDP) unveiled a new collaboration in a press announcement on July 3rd. According to the release, the DFINITY Foundation will utilize the blockchain technology of the Internet Computer (ICP) for the creation and execution of the UN’s Universal Trusted Credentials (UTC) project.

UNDP and DFINITY Foundation team up

The DFINITY Foundation, with the support of the United Nations Development Programme (UNDP), will utilize Decentralized Identity (II) solutions from the Internet Computer Protocol (ICP) to develop a prototype for implementation in a pilot project in Cambodia. This collaboration aims to explore the potential of decentralized digital identity systems in enhancing financial inclusion and improving the overall socio-economic conditions within the community.

The UNDP considers this initiative a significant advancement in increasing digital reliability and expanding financial opportunities for Micro, Small, and Medium Enterprises (MSMEs) globally.

“For me, the collaboration with DFINITY Foundation represents a significant milestone in our mission to promote digital equality and financial autonomy for Micro, Small and Medium Enterprises (MSMEs) in Cambodia.”

Pilot program will scale to cover 10 countries

Blockchain technology enhances user security and broadens the accessibility of digital credentialing systems, two crucial aspects that foster sustainability and stimulate economic development.

As a crypto investor, I’d describe UTC as my go-to tool for fostering wider acceptance of digital technology. Specifically, it focuses on implementing blockchain technology among other innovative solutions.

As a researcher studying the UNDP’s pilot project in Cambodia aimed at supporting Micro, Small and Medium Enterprises (MSMEs), I want to highlight that this initiative is not limited to Cambodia alone. In fact, UNDP intends to expand the use of the Understanding, Care and Trust (UCT) solution across ten different countries. This plan aligns with UNDP’s broader objectives to utilize blockchain technology and innovation in contributing to the achievement of Sustainable Development Goals (SDGs), as mentioned in their recent press release.

As a crypto investor, I’d put it this way: The United Nations Development Programme (UNDP) collaborated with me, along with the Monetary Authority of Singapore (MAS), and some other key partners, to create the Unified Payment Interface System (UCT).

Recently, DFINity Foundation announced a new collaboration with UNDP. Not long after this news, the blockchain firm introduced an API to enhance compatibility between different blockchains.

In June, I learned about the Internet Computer’s announcement of Verified Credentials. As a crypto investor, I was excited to discover this innovative solution designed to streamline and secure the sharing of personal information within the Web3 ecosystem.

Read More

2024-07-03 16:24