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 such as 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 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 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 on utilizing 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.
For more information, users can visit Venom Foundation
Contact
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Foundation
media@venom.network