Bank

United

Internet Computer

Bitcoin

Foundation

Cambodia has been chosen as the site of a pilot program for a blockchain-based platform for the Universal Trusted Credentials (UTC), a digital credentialing system developed by the United Nations Development Program (UNDP). The Dfinity Foundation, developer of the Internet Computer blockchain, will work with the UNDP on the program.
Internet Computer&nbsp;will provide infrastructure for securing and managing UTC. The Singapore Monetary Authority and other bodies collaborated with UNDP on UTC, which was introduced in November and intended to encourage the participation of micro, small and medium enterprises in the digital economy.
<h2 id="an-ecosystem-in-the-making">An ecosystem in the making</h2>
The pilot is expected to roll out in 10 countries in time. Dfinity Foundation founder Dominic Williams said in a statement:
<blockquote data-ct-non-breakable="true">
 “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.”
</blockquote>
The MAS and Bank of Ghana — another participant in UTC development — <a href="https://cointelegraph.com/news/ghana-singapore-digital-economy-token-msme-trade">completed a proof-of-concept</a> using the UTC in May. That project used a semi-fungible token (SFT) to transfer such information as licenses and trade records. Know Your Customer verification can also be included in an SFT.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-07/a7b830f9-b22d-4fe8-98bd-a84a3af68f6f.png" alt="" title="">
 <figcaption style="text-align: center;">
 UTC data structure. Source: UNDP Singapore Global Centre
 </figcaption>
</figure>
<h3 data-ct-non-breakable="true" id="icp-cambodia-are-ready-partners-for-undp-project">ICP, Cambodia are ready partners for UNDP project</h3>
Cambodia provides fertile ground for digital experimentation. The Securities and Exchange Regulator of Cambodia <a href="https://cointelegraph.com/news/binance-to-assist-cambodia-in-developing-crypto-regulations">has an agreement with Binance</a>&nbsp;to develop digital asset regulation. Its CBDC-like Bakong currency can&nbsp;<a href="https://cointelegraph.com/news/cambodian-digital-currency-bakong-use-case-alipay-agreement">be used worldwide</a> on the Alipay retail network and has <a href="https://cointelegraph.com/news/laotian-cbdc-proof-of-concept-project-to-launch-using-system-pioneered-in-cambodia">served as a model for</a> Laos’ proposed central bank digital currency, which is in the proof-of-concept phase.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-07/7e6c5ad2-979d-4459-b337-99cb1af06d2b.png" alt="" title="">
 <figcaption style="text-align: center;">
 Source: <a href="https://x.com/dfinity/status/1808499826906312789" target="_blank" rel="noopener nofollow">Dfinity</a>
 </figcaption>
</figure>
Related: <a href="https://cointelegraph.com/news/dfinity-launches-web3-accelerator-platform-internet-computer">Dfinity launches Web3 accelerator platform on the Internet Computer</a>
Internet Computer is <a href="https://cointelegraph.com/news/internet-computer-users-pledge-80-million-decentralize-protocols-2023">creating a decentralized ecosystem</a> to <a href="https://cointelegraph.com/news/internet-computer-as-key-alternative-to-aws-services">serve as an alternative</a> to cloud providers. In June, it introduced a protocol for verifying Web3 users’ identities with a passkey system that is not dependent on wallets. It <a href="https://cointelegraph.com/news/dfinity-icp-powered-cybersecurity-platform-launch">has also developed a platform</a> for government agencies and enterprises that allows them to use their own hardware on a private cloud to guarantee their cybersecurity.
Magazine: <a href="https://cointelegraph.com/magazine/bitcoin-senegal-why-how-african-country-using-btc/">Bitcoin in Senegal: Why is this African country using BTC?</a>

United Nations, ICP launch digital credentials pilot in Cambodia

Table of Contents

Cointelegraph

Other articles published on Jul 3, 2024

Almost 70 Million XRP in 24 Hours, Here's What's Happening

China dominates global generative AI patents race

MoonBag Coin Dominates over VeChain and Sealana with the Top Meme Coin Presale of 2024

Major Whales Buying Bitcoin (BTC) Dip: Data

Consensys acquires Wallet Guard to enhance MetaMask security

Canadian crypto adoption struggles as cash remains king

Join our free newsletter for daily crypto updates!