NEWS RELEASE
Manila, Philippines, August 1st, 2024, Chainwire.
The Venom Foundation is excited to unveil a groundbreaking collaboration with the government of the Republic of the Philippines to digitize billions of official forms using its cutting-edge blockchain technology.
Key Points
Significant Milestone with Global Implications
This partnership marks a significant achievement for Venom and the wider crypto industry. Entering what could potentially become the world’s most extensive blockchain application, this project highlights Venom’s leadership and innovation in the blockchain sector. By endorsing Venom, the Philippine government showcases a remarkable level of trust in blockchain technology as a secure, scalable, and efficient solution for national-level operations. This strategic move is set to transform the way governments and large organizations handle data, transactions, and record-keeping, establishing a new standard for transparency and efficiency. Not only does this project elevate Venom’s reputation, but it also paves the way for other governments and nations to embrace similar forward-thinking approaches.
Project Scale and Influence
The Philippines is taking a monumental leap forward by embarking on an ambitious venture to utilize Venom technology in digitizing around ten billion official forms, including invoices, receipts, cash tickets, documentary stamps, and special bank receipts. Each form will be meticulously identified, accounted for, and safeguarded. This initiative marks a significant milestone in the country’s journey towards digitalization and promises to revolutionize financial operations. The project is expected to enhance transparency, reduce costs, and enhance the efficiency and security of financial transactions nationwide. With a population of approximately 115 million, the impact of this digitization effort will be far-reaching, touching every aspect of daily life and commerce in the Philippines.
Strategic Decision
While initially considering IBM’s Hyperledger technology for its digitization plans, the Philippines ultimately opted for the Venom blockchain due to its unmatched scalability, high throughput, security features, and low transaction costs, making it the most suitable choice for governmental and corporate requirements. As the Philippines works towards reforming financial operations, Venom brings essential attributes to the table that will facilitate a new era of efficiency and transparency in the country, while also aiding in controlling inflation. Beyond being a technological solution, Venom serves as an institutional foundation capable of growing and adapting to the demands of a large-scale project that will expand over time.
Economic Implications
Through leveraging digital transformation with the Venom blockchain, the Philippines could unlock up to $101.3 billion USD (PHP 5 trillion) in annual economic value by 2030, equivalent to about 27 percent of the country’s GDP in 2020, according to a report by AlphaBeta in October 2021 on The Growing Digital Economy in the Philippines. This potential represents billions of dollars in additional revenue that could boost the economy and contribute to enhancing citizens’ quality of life and infrastructure development.
Government Support
The National Printing Office of the Philippines, responsible for printing ten billion official forms annually, is spearheading the digitization initiative with Venom. President Ferdinand “Bongbong” Marcos Jr. (PBBM) has prioritized digitization as a means to improve essential services for Filipinos and combat corruption. According to PBBM, digitizing government records and services will enhance the country’s planning and decision-making processes, as well as streamline business transactions. By selecting Venom, the NPO and the Philippine government as a whole demonstrate readiness to embrace advanced technologies to achieve better outcomes in governance and citizen services.
Technological Advancement:
The adoption of Venom signifies a new and exciting phase in the network’s evolution. The influx of billions of additional transactions will bring significant value to the network, attract new users, and serve as a model for other large-scale entities seeking to maximize efficiency through Venom. Furthermore, the substantial increase in network transactions will make being a validator on Venom even more lucrative, strengthening the network’s vitality.
Leadership Perspective
Christopher Louis Tsu, CEO of the Venom Foundation, emphasized the monumental importance of this collaboration: “The selection of Venom by the Republic of the Philippines for this groundbreaking initiative underscores our platform’s capabilities and the confidence placed in our technology. By digitizing checks using the Venom blockchain, we are not only reducing printing and processing costs but also significantly enhancing transparency and efficiency in financial operations. This project showcases the extensive utilization of the Venom blockchain through hundreds of millions of Venom tokens annually. It also underscores Venom Foundation’s commitment to delivering scalable, secure, and innovative solutions for national-level applications. We are honored to play a pivotal role in the Philippines’ digital transformation journey and look forward to establishing 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 printing official forms and documents crucial to government operations. The NPO’s digitization initiative, supported by Venom’s blockchain technology, aims to enhance the efficiency and security of government services.
For more information, please refer to the official release from the government of the Philippines:
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 master chain 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
Venom Foundation.
Contact
Venom Foundation
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