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The United Nations Development Programme (UNDP) shared the details of a new partnership with the DFINITY Foundation, the nonprofit behind Internet Computer Protocol (ICP). The partners will work together to develop and maintain a universal credentials kit for small businesses.

DFINITY Foundation joins United Nations Development Programme (UNDP): What to know

DFINITY Foundation, a major contributor to the Internet Computer Protocol (ICP) blockchain, scored a long-term collaboration with the United Nations Development Programme (UNDP), a UN initiative that targets Micro, Small and Medium Enterprises (MSMEs) globally.

The Universal Trusted Credentials (UTC) framework – a new-gen instrument for identification and authentication – is in the center of the collaboration’s technical agenda.

Initially, it was developed together with the Monetary Authority of Singapore (MAS) and other strategic partners and implemented in several countries. It is designed to unlock access for MSMes to trade financing across participating countries due to the enhanced cross-border trust in the data provided.

Marcos Neto, UN Assistant Secretary General and Director of UNDP’s Bureau for Policy and Programme Support, stresses the game-changing importance of the collaboration for entrepreneurs in various regions across the globe:

The partnership 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 development and economic growth.

The UTC solution aims to stimulate the adoption of digital technologies, which will include blockchain-based solutions, with the view to ultimately build a vibrant and sustainable financial ecosystem that empowers MSMEs. 

DFINITY supports Sustainable Development Goals (SDGs) initiatives

Tech veteran Dominic Williams, Chief Scientist and Founder of the DFINITY Foundation, is sure that the progress of the UTC workload will be beneficial for different segments of economics:

MSMEs represent the backbone of most economies, and the UTC initiative represents 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 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.

The DFINITY Foundation is the creator and major contributor to the Internet Computer Protocol (ICP), the underlying technology that will be instrumental in building a decentralized and tamper-proof data infrastructure, providing the high level of security and transparency needed for the UTC initiative to succeed. This collaboration will not only benefit Cambodian MSMEs, but after the pilot in Cambodia, this project plans to scale to 10 countries.

This initiative is part of a broader effort by the UNDP to leverage technology and innovation to achieve the Sustainable Development Goals (SDGs) and improve the livelihoods of vulnerable populations.

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