The project, created at the initiative of the United Nations, appeared thanks to the support of the Dfinity Foundation, the developer of the Internet Computer blockchain. The initiative is aimed at supporting small businesses in Cambodia. Entrepreneurs most often face difficulties in accessing financial services. The use of blockchain technology, as well as fast and secure identification of digital identities on the UTC platform, will allow the country's authorities to solve the problem.
"Small businesses form the backbone of most economies, and the UTC initiative represents a unique opportunity to ensure transparency and increase the inclusiveness of the financial system, which often does not meet the needs of entrepreneurs," the participants in the pilot project said in an appeal.
UN representatives promise that, if successful, the Cambodian digital accreditation and identification program will be launched in ten more countries and will create a global ecosystem.
The UN actively promotes the introduction of blockchain technologies in many countries and in various fields of activity. For example, the World Food Program (WFP) at the United Nations uses blockchain to distribute aid to refugees in Jordan, and the United Nations Children's Fund (UNICEF) became the first agency of the organization to begin accepting donations in cryptocurrency.
At the beginning of the year, Tether, the issuer of the USDT stablecoin, publicly criticized a report by UN experts, which stated that stablecoin had become the main crypto asset for money laundering in Southeast Asia.