Manila, Philippines, August 1st, 2024 – Chainwire
The Venom Foundation has made headlines with a groundbreaking agreement to partner with the government of the Republic of the Philippines. This historic initiative will see Venom’s cutting-edge blockchain technology used to digitize billions of accountable forms, marking a significant leap forward in the country’s digital transformation journey.
Key Highlights of the Venom Blockchain Initiative
A Landmark Opportunity with Global Significance
This partnership between Venom and the Philippine government represents a pivotal milestone not only for Venom but also for the entire crypto industry. With the potential to become the world’s largest blockchain use case, this project underscores Venom’s leadership and innovation in the blockchain space. The Philippine government’s decision to trust Venom highlights the increasing acceptance of blockchain as a secure, scalable, and efficient solution for national-level operations.
This initiative is set to revolutionize data handling, transactions, and record-keeping, setting new standards for transparency and efficiency. It positions Venom as a trailblazer, paving the way for other governments and large institutions to adopt similar forward-thinking technologies.
Project Scope and Impact
Transforming Financial Operations
The Philippines is taking a significant step forward by launching an ambitious project to use Venom blockchain technology to digitize approximately ten billion accountable forms. These forms include invoices, receipts, cash tickets, documentary stamps, and special bank receipts. Each form will be individually identified, accounted for, and secured.
This digitization effort marks a new phase in the Philippines’ digitalization journey, promising to revolutionize financial operations. The project aims to enhance transparency, reduce costs, and improve the efficiency and security of financial transactions across the nation. With a population of approximately 115 million, the impact will be far-reaching, touching every aspect of daily life and commerce in the Philippines.
Strategic Selection of Venom
Why Venom Over IBM’s Hyperledger?
Initially, the Philippines considered using IBM’s Hyperledger technology for its digitization plan. However, the country chose to move forward with Venom due to its unparalleled scalability, high throughput, security, and low transaction costs. Venom’s capabilities make it the ideal choice for government and corporate needs.
As the Philippines seeks to reform its financial operations, Venom brings key qualities to the table that will help usher in a new era of efficiency and transparency. This initiative is not just a technological solution but an institutional foundation capable of growing and adapting to the needs of a massive project that will expand over time.
Economic Impact of Digital Transformation
Unlocking Economic Value
If fully leveraged, the digital transformation using Venom blockchain in the Philippines could unlock up to USD 101.3 billion (PHP 5 trillion) in annual economic value by 2030. This figure is equivalent to about 27% of the country’s GDP in 2020, according to a report by AlphaBeta on The Growing Digital Economy in the Philippines.
This transformation could generate billions of dollars in additional revenue, boosting the economy and improving citizens’ quality of life and infrastructure development.
Government Endorsement and Support
NPO and Presidential Backing
The Philippines’ National Printing Office (NPO), responsible for printing ten billion accountable forms annually, is leading the digitization initiative with Venom. President Ferdinand “Bongbong” Marcos Jr. (PBBM) has prioritized digitization, viewing it as a means to improve essential services and combat corruption.
According to PBBM, digitizing government records and services will enhance the country’s planning and decision-making processes and streamline business transactions. By selecting Venom, the NPO and the Philippine government demonstrate their readiness to adopt advanced technologies for better governance and citizen services.
Technological Superiority of Venom
Growth and Network Health
The adoption of Venom marks an exciting stage in the network’s growth. The billions of additional transactions will add significant value to the network, attracting new users and providing a blueprint for other large-scale entities to utilize Venom for maximum efficiency. The dramatic increase in network transactions will also make being a validator on Venom more lucrative, bolstering the network’s health.
Leadership Perspective
Christopher Louis Tsu, CEO of Venom Foundation, emphasized the monumental significance of this agreement:
“Venom’s selection by the Republic of the Philippines for this groundbreaking initiative is a testament to our platform’s capabilities and the trust placed in our technology. By digitizing checks using Venom blockchain, we are not only reducing printing and processing costs but also significantly enhancing transparency and efficiency in financial operations. This project demonstrates the massive utilization of the Venom blockchain in the form of hundreds of millions of Venom tokens annually. It also showcases Venom Foundation’s commitment to delivering scalable, secure, and innovative solutions for national-level applications. We are honoured to play a pivotal role in the Philippines’ digital transformation journey and look forward to setting a new standard for institutional blockchain adoption worldwide.”
About the Republic of The Philippines NPO
The Philippines’ National Printing Office (NPO) is responsible for printing accountable forms and documents essential to government operations. The NPO’s digitization initiative, supported by Venom’s blockchain technology, aims to enhance the efficiency and security of government services.
About Venom Foundation
Venom is a cutting-edge layer-0 and layer-1 network, seamlessly integrating 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 further details, please refer to the official release from the government of the Philippines: Venom Blockchain Boosts Digitization in the Philippines.
