Manila, Philippines, July 30, 2024 Chainwire – With its advanced blockchain technology, the Venom Foundation proudly announces its proposal to digitize the Philippine government's 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 project represents a major milestone, marking the world's largest blockchain use case and showcasing Venom's capability to handle large-scale, sovereign-level operations.
Landmark Opportunity and Global Significance:
The project will represent a landmark opportunity, not only for Venom but for the blockchain industry as a whole. The world's largest blockchain use case signifies a seismic shift in how sovereign states perceive and utilize blockchain technology. By betting on Venom, the Philippine government can demonstrate unprecedented trust and confidence in blockchain as a secure, scalable, and efficient solution for national-level operations. This move will revolutionize the way governments and large institutions handle data, transactions, and record-keeping, setting a new standard for transparency and efficiency.
Project Scope and Impact:
The Philippines will be making a significant leap forward if the country pursues the digitalization of approximately 10 billion transactions in accountable form using Venom blockchain technology. This initiative will mark a new phase in the country's digitalization journey and promises to revolutionize financial operations. The project expects 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, and 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 USD 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 represents 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’ National Printing Office (NPO), responsible for printing about 10 billion pieces of 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 science-based planning and decision-making, as well as streamline business transactions.
Technological Superiority:
In turn, the Philippines' hopeful adoption of Venom can signify a new and exciting stage in the Venom network's growth. The billions of additional transactions will add enormous value to the network, introduce it to millions of new users, and provide a blueprint for other projects of a similar scale on how to use Venom to maximize their 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:
The Venom Foundation's CEO, Christopher Louis Tsu, commented on the news that the Philippines prints approximately 10 billion paper receipts annually. He said, "Transitioning to digital receipts using the Venom blockchain not only reduces printing and processing costs, but also demonstrates the massive utilization of the Venom blockchain in the form of hundreds of millions of Venom tokens annually. With its incredible throughput of 100,000 transactions per second and low transaction costs, Venom is becoming a leader in institutional blockchain solutions."
By selecting Venom, the NPO and the Philippine government as a whole will demonstrate readiness to keep pace with the times, ready to adopt advanced technologies to achieve better outcomes in governance and citizen services.
About the National Printing Office (NPO) in the Philippines
NPO, the foremost Recognized Government Printers (RGP) in the Philippines is responsible for printing accountable and non-accountable forms and documents essential to the Philippine government’s 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 Philippine government release: Venom Blockchain Boosts Digitization in the Philippines.
About Venom Foundation
Venom is a cutting-edge layer-0 and layer-1 network that seamlessly integrates with other independent networks thanks to 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, visit Venom Foundation at https://venom.foundation
This Press Release has also been published on VRITIMES
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