The Philippines Chooses Venom for Groundbreaking National Blockchain Initiative
Manilla, Philippines, August 1st, 2024, Chainwire
Venom Foundation is proud to announce a historic agreement with the government of the Republic of the Philippines to digitize billions of accountable forms using its advanced blockchain technology.
Key Highlights
Landmark Opportunity and Global Significance
This initiative represents a pivotal milestone for Venom and the broader crypto industry. In what could end up as the world’s largest blockchain use case, this project underscores Venom’s leadership and innovation in the blockchain space. By betting on Venom, the Philippine government demonstrates unprecedented trust and confidence in blockchain as a secure, scalable, and efficient solution for national-level operations. This move is poised to revolutionize the way governments and large institutions handle data, transactions, and record-keeping, setting a new standard for transparency and efficiency. This breakthrough project not only elevates Venom's standing but also sets the stage for other governments and sovereign nations to adopt the same kind of forward-thinking.
Project Scope and Impact
The Philippines is making a significant leap forward by launching an ambitious project to use Venom technology to digitize approximately ten billion accountable forms including but not limited to invoices or receipts, cash tickets, documentary stamps, and special bank receipts, individually identified, accounted for, and afforded appropriate security. This initiative marks a new phase in the country's digitalization journey and promises to revolutionize financial operations. The project is expected to significantly 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 of this digitization effort will be far-reaching, touching every aspect of daily life and commerce in the Philippines.
Strategic Selection
Initially, the Philippines considered utilizing IBM's Hyperledger technology to implement its digitization plan. However, the country eventually decided to move forward with the Venom blockchain instead due to its unparalleled scalability, high throughput, security & low transaction costs, making it the best choice for government and corporate needs. With efforts underway in the Philippines to reform financial operations, Venom brings key qualities to the table that will help usher in a new era of efficiency and transparency in the country, while also helping to curb inflation. More than just a technological solution, Venom represents an institutional foundation capable of growing and adapting to the needs of a massive project that will only grow in scope over time.
Economic Impact
If fully leveraged, digital transformation using Venom blockchain in the Philippines can unlock up to $101.3 billion (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 could represent billions of dollars in additional revenue to boost the economy, which will contribute to improving citizens' quality of life and infrastructure development.
Government Endorsement
The Philippines’ NPO (National Printing Office), responsible for printing ten billion accountable forms annually, is leading the digitization initiative with Venom. President Ferdinand “Bongbong” Marcos Jr. (PBBM) has made digitization a priority for the country, identifying it as a means of improving essential services for Filipinos and helping curb corruption. According to PBBM, digitizing government records and services would 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 are demonstrating readiness to keep pace with the times, ready to adopt advanced technologies to achieve better outcomes in governance and citizen services.
Technological Superiority
The adoption of Venom marks a new and exciting stage in the network's growth. The billions of additional transactions will add significant value to the network, attract new users, and provide a blueprint for other large-scale entities to utilize Venom for maximum efficiency. Furthermore, the dramatic increase in network transactions will make being a validator on Venom even more lucrative, bolstering the network's health.
Leadership Perspective
Christopher Louis Tsu, CEO of Venom Foundation, highlighted 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 honored 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.
For further details, please refer to the official release from the government of the Philippines: Venom Blockchain Boosts Digitization in the Philippines.
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.
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