Cambodia has been selected as the pilot location for a pioneering initiative involving a blockchain-based platform designed for Universal Trusted Credentials (UTC), a digital credentialing system developed by the United Nations Development Program (UNDP). Partnering with the UNDP on this endeavor is the Dfinity Foundation, known for its development of the Internet Computer blockchain.
Internet Computer will play a crucial role in providing the infrastructure necessary to secure and manage UTC. Collaborating alongside UNDP on UTC are the Monetary Authority of Singapore and other relevant entities. UTC was launched in November with the aim of fostering participation from micro, small, and medium enterprises within the digital economy.
The forthcoming pilot program is expected to commence in ten countries. Dominic Williams, Founder of Dfinity Foundation, expressed confidence in this initiative, stating:
“The Monetary Authority of Singapore and the Bank of Ghana, both integral to the UTC development, successfully concluded a proof-of-concept in May. This involved the use of a semi-fungible token (SFT) to facilitate the transfer of information such as licenses and trade records. Additionally, Know Your Customer verification can be integrated into an SFT.”
Cambodia is ideally suited for such digital innovations. The country has already laid groundwork for digital experimentation, evidenced by its collaboration with Binance on digital asset regulation through the Securities and Exchange Regulator of Cambodia. Moreover, Cambodia’s central bank digital currency (CBDC) akin to Bakong has gained traction, being utilized globally on platforms like Alipay’s retail network. It has also served as a prototype for Laos’ CBDC, currently in the proof-of-concept phase.
In related developments, Dfinity has recently launched a Web3 accelerator platform on the Internet Computer. Internet Computer aims to establish a decentralized ecosystem as an alternative to conventional cloud providers. In June, it introduced a protocol for verifying Web3 users’ identities through a passkey system independent of wallets. Furthermore, Dfinity has developed a specialized platform tailored for government agencies and enterprises, enabling them to utilize their own hardware on a private cloud, thereby ensuring enhanced cybersecurity.
For more insights, explore our coverage on Bitcoin’s adoption in Senegal: Why this African nation is embracing BTC.