The Philippines Selects Venom for Innovative National Blockchain Initiative

Manila, Philippines, August 1st, 2024

Venom Foundation is excited to announce a groundbreaking agreement with the government of the Republic of the Philippines aimed at digitizing billions of accountable forms using its state-of-the-art blockchain technology.

Key Highlights

Significant Opportunity and Global Impact

This initiative marks a pivotal moment for Venom and the wider crypto sector. It has the potential to become one of the world’s largest applications of blockchain, showcasing Venom’s leadership and innovative spirit within the industry. By choosing Venom, the Philippine government displays extraordinary trust in blockchain as a secure, scalable, and efficient method for handling national operations. This undertaking is set to transform how governments and major institutions manage data, transactions, and record-keeping, establishing a new benchmark for transparency and efficiency. This remarkable project not only elevates Venom’s profile but also encourages other governments and nations to consider similar progressive measures.

Project Scope and Impact

The Philippines is undertaking a transformative project to digitize around ten billion accountable forms, including invoices, receipts, cash tickets, documentary stamps, and special bank receipts. Each form will be uniquely identified, tracked, and secured. This initiative represents a significant step in the country’s digital transformation journey and is expected to fundamentally enhance financial operations. By increasing transparency, reducing costs, and improving the security and efficiency of financial transactions, this project will have widespread implications for daily life and commerce within a population of approximately 115 million.

Strategic Choice

While the Philippines initially explored the use of IBM’s Hyperledger technology for its digitization strategy, it ultimately opted for Venom’s blockchain due to its unmatched scalability, high throughput, security, and low transaction costs. Venom is positioned to support the country’s financial reforms, ushering in a new era of efficiency and transparency while helping mitigate inflation. More than just a technological solution, Venom serves as a foundational framework capable of adapting to the expansive needs of this large-scale project.

Economic Impact

If fully realized, the digital transformation leveraging Venom’s blockchain could unlock an estimated $101.3 billion USD (PHP 5 trillion) in annual economic value by 2030, which would equate to about 27% of the country’s GDP as of 2020. This transformation could generate billions of dollars in additional revenue, enhancing citizens’ quality of life and contributing to infrastructure development.

Government Support

The National Printing Office (NPO) of the Philippines, which is responsible for producing ten billion accountable forms annually, is at the forefront of the digitization effort with Venom. President Ferdinand “Bongbong” Marcos Jr. has prioritized digitization as a means to enhance essential services for Filipinos and combat corruption. According to the President, transitioning to digital records and services will improve planning and decision-making, as well as streamline business transactions. By choosing Venom, the Philippine government demonstrates its commitment to keeping pace with technological advancements to improve governance and service delivery.

Technological Advancement

The adoption of Venom marks an exciting phase in the network’s evolution. The significant increase in transactions will enhance the network’s value, attract new users, and establish a model for other large-scale entities aiming to leverage Venom for optimal efficiency. Moreover, the surge in network activity will create lucrative opportunities for validators, strengthening the overall health of the network.

Leadership Commentary

Christopher Louis Tsu, CEO of Venom Foundation, outlined the significance of this agreement: "The selection of Venom by the Republic of the Philippines for this pioneering initiative underscores our platform’s capabilities and the trust in our technology. Digitizing accountable forms using Venom blockchain will reduce printing and processing costs while significantly boosting transparency and efficiency in financial operations. This project reflects the considerable use of Venom blockchain, establishing a precedent for large-scale applications. We are honored to contribute to the Philippines’ digital transformation and set a new standard for institutional blockchain adoption globally."

About the Republic of The Philippines NPO

The National Printing Office (NPO) of the Philippines is responsible for producing key accountable forms and documents essential for governmental operations. The NPO’s digitization endeavor, backed by Venom’s blockchain technology, seeks to enhance the efficiency and security of government services.

About Venom Foundation

Venom is an advanced dual-layer network, integrating seamlessly with independent networks through innovative Mesh technology. With a masterchain for state and consensus management, Venom supports limitless autonomous workchains for user accounts, smart contracts, and decentralized applications (dApps). Its Mesh technology optimizes inter-chain communication, ensuring rapid performance and scalability, making it well-suited for hosting Central Bank Digital Currencies (CBDCs) and large-scale platforms.

For inquiries, please contact Venom Foundation at [email protected].

This article was originally published by Chainwire.