In a significant leap toward a digital future, the Venom Foundation, known for developing the Venom Blockchain, has partnered with global tech company Miquido to support digitization initiatives backed by the Philippine government.
This collaboration aims to enhance the nation’s digital infrastructure, promising a brighter and more efficient future for its citizens.
Venom Foundation and Miquido’s collaboration is seen to help enhance the nation’s digital infrastructure
Experts predict that these digital advancements could result in a one to two per cent annual GDP growth, translating into billions of dollars in additional revenue. Such growth could significantly uplift the quality of life for Filipinos, providing more funds for infrastructure development and other critical public services.
A pivotal shift towards electronic forms
According to a press statement released by Venom Foundation, a crucial beneficiary of these efforts is the National Printing Office (NPO) which is currently crafting its own digitalization roadmap.
Each year, the country produces at least 6.5 billion receipts, primarily to comply with regulations from the Bureau of Internal Revenue (BIR). The BIR’s Electronic Invoicing System is a pivotal component in this transition, aiming to reduce VAT fraud and enhance tax collection and administration.
Facade shot of the National Printing Office (NPO)
In his latest State of the Nation Address, President Ferdinand “Bongbong” Marcos Jr. has since placed full digitalization at the forefront of his administration’s agenda, seeing it as a tool to improve public service delivery and combat corruption. He believes that digitizing government records and services will facilitate science-based planning and decision-making while streamlining business transactions.
Under the leadership of Director Renato Acosta, the NPO is making strides toward digitizing accountable forms, with over 10 billion such forms printed annually.
Back in 2023, the Bureau of Customs (BOC) also tapped the services of MY E.G. Services Berhad to deploy its blockchain-based customs clearance and processing services. The goal is to help enhance trade flows between the Philippines and China.
The potential adoption of Venom Blockchain and Miquido’s technology represents a pivotal shift towards electronic forms, which could significantly reduce printing and processing costs. Moreover, this transition is expected to enhance the transparency and security of financial transactions.
Venom Blockchain stands out for its security, scalability, and efficiency, offering a compelling alternative to other platforms such as Hyperledger, Ethereum, and R3 Corda.
The integration of blockchain technology into government processes can vastly improve data management, increase transparency, and reduce opportunities for corruption, thereby strengthening the economy and boosting public trust in government institutions.
One of the most impactful changes anticipated is the transition to electronic receipts using Venom Blockchain technology. This shift promises not only cost savings but also heightened security and transparency in financial transactions. Such advancements are critical as the country moves towards a more digital economy.
Venom Blockchain has already made significant inroads globally, with several countries adopting it for their digital economy initiatives. These include creating digital currencies, managing data, and developing private blockchains for both governmental and corporate use.
Venom Foundation: dedicated to bringing innovation to the blockchain industry
The Venom Foundation is dedicated to bringing transparency and innovation to the blockchain industry.
As a leading global blockchain company, it provides infrastructure for governments and Web3 projects, empowering emerging economies, particularly in the Middle East and North Africa, with its cutting-edge technology.
On the other hand, Miquido, a Google-certified software development company based in Europe, brings a wealth of expertise to this partnership. Specializing in a comprehensive technology stack, Miquido ensures a seamless and reliable digital transformation.
Its services span Android, iOS, cross-platform, front-end, back-end, and artificial intelligence development, addressing the diverse needs of both governments and the private sector. Miquido’s portfolio boasts high-profile clients like BNP Paribas, a premier European banking institution, and Skyscanner, a global leader in travel services.
The synergy between Venom Foundation and Miquido represents a powerful force for digital transformation in the Philippines.
As the nation stands on the cusp of a new era of digitalization, the successful implementation of these initiatives could pave the way for a more efficient, transparent, and economically robust future.