Cambodia has been selected as the location for a test program for a blockchain-based platform for the Universal Trusted Credentials (UTC), a digital credentialing system created by the United Nations Development Program (UNDP). The Dfinity Foundation, the developer of the Internet Computer blockchain, will be collaborating with the UNDP on this initiative.
Internet Computer will be providing the infrastructure for securing and managing UTC. The Singapore Monetary Authority and other organizations worked with the UNDP on UTC, which was introduced in November with the aim of promoting the involvement of micro, small, and medium enterprises in the digital economy.
A developing ecosystem
The pilot program is expected to be rolled out in ten countries in due course. Founder of Dfinity Foundation, Dominic Williams, stated in a release: “The MAS and Bank of Ghana, another participant in the development of UTC, completed a proof-of-concept using the UTC in May. This project utilized a semi-fungible token (SFT) to transfer information such as licenses and trade records. Know Your Customer verification can also be included in an SFT.”
UTC data structure. Source: UNDP Singapore Global Centre
ICP, Cambodia are ready partners for UNDP project
Cambodia is a conducive environment for digital experimentation. The Securities and Exchange Regulator of Cambodia has an agreement with Binance to develop digital asset regulation. Its central bank digital currency (CBDC)-like Bakong currency can be used worldwide on the Alipay retail network and has served as a model for Laos’ proposed CBDC, which is currently in the proof-of-concept phase.
Source: Dfinity
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