News
Dfinity provides blockchain platform to UNDP’s trusted credentials framework
The United Nations Development Programme has partnered with the Dfinity Foundation to improve the trust and reliability of the Universal Trusted Credentials (UTC) initiative for micro, small and medium-sized enterprises (MSMEs).
The system will leverage decentralized computing and digital identity to provide access to secure domestic financing and international trade financing. The partnership focuses on developing and testing a prototype for a data infrastructure as part of the UTC pilot in Cambodia.
“The partnership with Dfinity Foundation marks a pivotal moment in our efforts to advance digital inclusion and economic empowerment of SMEs in Cambodia,” said Marcos Neto, Assistant Secretary-General of the United Nations and Director of the Office for Policy and Programme Support at UNDP.
The initiative promotes data integrity and transparency through the integration of Dfinity’s Internet Computer blockchain. Building digital trust is central to this effort. The reliable data provided by the UTC framework will mitigate risks for financial institutions, allowing them to expand their range of services to a more diverse group of SMEs.
THE UTC Initiative aims to establish a framework for digital trust, enabling SMEs to securely access financial services, the announcement said. These verifiable credentials will be implemented in collaboration with the Monetary Authority of Singapore (MAS) and other key partners.
“SMEs are the backbone of most economies and the UTC initiative represents a unique opportunity to bring transparency and increase inclusion into a financial system that often fails to meet their needs,” said Dominic Williams, Chief Scientist and Founder of the Dfinity Foundation.
Developers at Dfinity Foundation have also developed Internet Identitya decentralized, blockchain-based form of passwordless digital identity.
Article topics
Blockchain | Cambodia | DFINITY Foundation | digital identity | secure transactions | framework of trust | UNDP | verifiable credentials
Latest news on biometrics
Jul 5, 2024, 6:01 PM EDT
Dozens of airports across Europe are unprepared for the European Union’s upcoming biometric travel registration system, the Entry-Exit System (EES),…
Jul 5, 2024, 5:47 PM EDT
More and more airports around the world are adopting biometric technology, implementing contactless border crossings and new digital services. Caribbean tourist destination Curaçao…
Jul 5, 2024, 5:02 PM EDT
Australia is making progress in unifying the country’s digital identity systems and making them interoperable, including the federal myGov system…
Jul 5, 2024, 2:21 PM EDT
One solution that could help reduce long queues at airports is the Digital Travel Credential (DTC), the digital equivalent of…
Jul 5, 2024, 2:20 PM EDT
A recent blog post from eSentire looked at new strategies for protecting access keys and preventing authentication method redaction attacks, a technique…
Jul 5, 2024, 1:22 PM EDT
The upcoming Google Pixel 9 series is expected to feature Qualcomm’s 3D Sonic Gen 2 ultrasonic fingerprint sensor,…