Cambodia has been selected as the location for a pilot program involving a blockchain-based platform called Universal Trusted Credentials (UTC), developed by the United Nations Development Program (UNDP). The program will be implemented in collaboration with the Dfinity Foundation, the developer of the Internet Computer blockchain.
The Internet Computer will provide the necessary infrastructure for securing and managing the UTC platform. The UNDP worked alongside the Singapore Monetary Authority and other organizations to develop UTC, which was launched in November with the aim of promoting the involvement of micro, small, and medium-sized enterprises in the digital economy.
The pilot program is set to be rolled out in ten countries in the future. Dominic Williams, the founder of the Dfinity Foundation, stated that the Monetary Authority of Singapore and the Bank of Ghana, both participants in the development of UTC, have already completed a proof-of-concept using the platform. This project utilized a semi-fungible token (SFT) to transfer information such as licenses and trade records. Additionally, the SFT can also include Know Your Customer verification.
Cambodia is an ideal setting for digital experimentation. The country’s Securities and Exchange Regulator has partnered with Binance to develop regulations for digital assets. Cambodia’s central bank digital currency, known as Bakong, can be used globally on the Alipay retail network, and it has served as a model for Laos’ proposed central bank digital currency, currently in the proof-of-concept phase.
The Internet Computer is establishing a decentralized ecosystem as an alternative to traditional cloud providers. In June, it introduced a protocol for verifying the identities of Web3 users using a passkey system that is not reliant on wallets. Furthermore, it has developed a platform for government agencies and enterprises to ensure their cybersecurity by allowing them to use their own hardware on a private cloud.
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