PRESS RELEASE
Manilla, Philippines, August 1st, 2024 - Chainwire.
Venom Foundation is thrilled to announce a groundbreaking agreement with the government of the Republic of the Philippines to digitize billions of accountable forms using its advanced blockchain technology.
Key Highlights:
A Landmark Opportunity and Global Significance
This collaboration marks a significant milestone for Venom and the wider crypto industry. It has the potential to become the largest blockchain use case in the world, showcasing Venom's leadership and innovation in the blockchain field. By choosing Venom, the Philippine government is demonstrating unprecedented trust and confidence in the security, scalability, and efficiency of blockchain technology. This project has the power to revolutionize how governments and large organizations handle data, transactions, and record-keeping, setting a new standard for transparency and efficiency. This breakthrough initiative not only elevates Venom's reputation but also paves the way for other governments and nations to embrace this forward-thinking approach.
Project Scope and Impact
The Philippines is taking a significant leap forward by embarking on an ambitious project to digitize approximately ten billion accountable forms, including invoices, receipts, cash tickets, documentary stamps, and special bank receipts. Each form will be individually identified, accounted for, and secured using Venom technology. This initiative marks a new era in the country's digitalization journey and promises to revolutionize financial operations. The project is expected 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 of this digitization effort will be far-reaching, transforming every aspect of daily life and commerce in the Philippines.
Strategic Selection
Initially, the Philippines considered using IBM's Hyperledger technology for its digitization plan. However, after careful consideration, the country decided to proceed with the Venom blockchain due to its unparalleled scalability, high throughput, security, and low transaction costs. Venom emerged as the best choice for the government and corporate needs. As the Philippines reforms its financial operations, Venom brings essential qualities to the table, ushering in a new era of efficiency and transparency in the country while also helping to combat inflation. More than just a technological solution, Venom represents a robust institutional foundation capable of growing and adapting to the evolving needs of this massive project.
Economic Impact
If fully leveraged, the digital transformation using Venom blockchain in the Philippines has the potential to unlock up to $101.3 billion USD (PHP 5 trillion) in annual economic value by 2030, which is 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 result in billions of dollars in additional revenue, boosting the economy and contributing to the improvement of citizens' quality of life and infrastructure development.
Government Endorsement
The National Printing Office (NPO) of the Philippines, responsible for printing ten billion accountable forms annually, is leading the digitization initiative in collaboration with Venom. President Ferdinand "Bongbong" Marcos Jr. (PBBM) has prioritized digitization as a means of improving essential services for Filipinos and combating 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 their readiness to embrace advanced technologies and achieve better outcomes in governance and citizen services.
Technological Superiority
The adoption of Venom marks an exciting new chapter in the network's growth. The billions of additional transactions will add significant value to the network, attract new users, and serve as a blueprint for other large-scale entities seeking maximum efficiency with Venom. Furthermore, the significant increase in network transactions will make being a validator on Venom even more lucrative, strengthening the network's overall health.
Leadership Perspective
Christopher Louis Tsu, CEO of Venom Foundation, emphasized the monumental significance of this agreement: "The Republic of the Philippines' selection of Venom for this groundbreaking initiative is a testament to our platform's capabilities and the trust placed in our technology. By digitizing checks using the Venom blockchain, we are not only reducing printing and processing costs, but also 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 demonstrates 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 National Printing Office (NPO) of the Philippines is responsible for printing accountable forms and essential government documents. 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 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, users can visit Venom Foundation.
Contact
Venom Foundation
[email protected]
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