Venom Foundation is thrilled to unveil its digitization proposal to the Philippine government’s accountable forms, including invoices, receipts, cash tickets, documentary stamps, and special bank receipts.
This project represents the largest blockchain implementation globally, underscoring Venom’s ability to manage extensive, sovereign-level initiatives.
A Paradigm Shift in Blockchain Utilization, Digitization
This initiative signifies a monumental opportunity not only for Venom but also for the entire blockchain sector. It marks a pivotal change in governmental attitudes towards blockchain technology. By opting for Venom, the Philippine government is expressing a strong belief in blockchain as a secure, scalable, and efficient solution for national operations. This project aims to revolutionize data handling, transaction processes, and record-keeping, setting new benchmarks for transparency and efficiency.
Scope and Impact of the Project
The Philippines aims to digitize around 10 billion transactions using Venom’s blockchain technology, marking a significant milestone in the nation’s digital transformation efforts. This endeavor is anticipated to boost transparency, lower costs, and enhance the efficiency and security of financial transactions nationwide. The project is expected to have a far-reaching impact, affecting daily life and commerce for the country’s 115 million residents.
Strategic Decision and Technological Excellence
Initially, the Philippines considered IBM’s Hyperledger for this digitization effort but ultimately selected Venom. Venom’s unparalleled scalability, high throughput, security, and low transaction costs made it the ideal choice for governmental and corporate needs.
This decision aligns with the country’s goals to modernize financial operations, enhance efficiency and transparency, and manage inflation. Venom provides a robust foundation to handle the growing demands of this significant project.
Economic Potential and Advantages
The digital transformation spearheaded by Venom’s blockchain could generate up to USD 101.3 billion (PHP 5 trillion) in annual economic value by 2030, accounting for about 27% of the Philippines’ GDP in 2020. This economic growth has the potential to substantially improve citizens’ quality of life and support infrastructure development.
Government Support and Vision
President Ferdinand “Bongbong” Marcos Jr. prioritizes digitization to enhance essential services and combat corruption. He believes digital government records and services will improve the country’s planning, decision-making, and business processes.
Technological Leadership and Network Expansion
The National Printing Office (NPO) of the Philippines, which produces approximately 10 billion accountable forms annually, is spearheading this digitization initiative with Venom.
The potential adoption of Venom’s blockchain in the Philippines signals a new phase in the network’s growth. The influx of billions of transactions will add significant value to the network and introduce it to millions of new users, setting a precedent for other large-scale projects. This surge in transactions will also make being a validator on the Venom network more rewarding.
CEO’s Perspective on Digital Transformation
Christopher Louis Tsu, CEO of Venom Foundation, emphasized the benefits of transitioning from paper to digital receipts, highlighting the cost savings and substantial utilization of Venom blockchain through hundreds of millions of Venom tokens annually. With its high transaction speed and low costs, Venom is positioning itself as a leader in institutional blockchain solutions.
By choosing Venom, the NPO and the Philippine government are demonstrating their readiness to adopt advanced technologies for improved governance and public service outcomes.
About the National Printing Office (NPO)
The NPO is the primary recognized government printer in the Philippines, responsible for producing essential government forms and documents. This digitization project, supported by Venom’s blockchain technology, aims to enhance the efficiency and security of government services.
For further details, please refer to the official Philippine government release: Venom Blockchain Boosts Digitization in the Philippines.
About Venom Foundation
Venom is an advanced layer-0 and layer-1 network that seamlessly integrates with other independent networks through innovative mesh technology. Anchored by a masterchain for overall state and consensus management, Venom supports unlimited autonomous workchains for user accounts, smart contracts, and dApps. Mesh technology optimizes inter-chain communication, ensuring speed and scalability. With rapid finality, comprehensive security, stability, and user-friendly interfaces, Venom is ideal for hosting CBDCs and large-scale platforms.
For more information, visit the Venom Foundation at Venom Foundation.