Philippines Selects Venom for Groundbreaking National Blockchain Initiative

adminAugust 1, 2024

Manila, Philippines, August 1, 2024, Chainwire

The Venom Foundation is proud to announce a historic agreement with the Government of the Republic of the Philippines to digitize billions of responsible forms using cutting-edge blockchain technology.

Key Highlights

Landmark Opportunity and Global Importance

This initiative represents a significant milestone for Venom and the broader cryptocurrency industry. This project, which could be the world’s largest blockchain use case, highlights Venom’s leadership and innovation in the blockchain space. By betting on Venom, the Philippine government is demonstrating unprecedented trust and confidence in blockchain as a secure, scalable, and efficient solution for state-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 groundbreaking project not only elevates Venom’s standing, but also lays the foundation for other governments and sovereign states to adopt the same kind of forward-thinking.

Project Scope and Impact

The Philippines is taking a significant leap forward by launching an ambitious project to digitize, individually identify, account for, and properly secure approximately 10 billion accountable forms, including but not limited to invoices, receipts, cash receipts, supporting documents, and special bank receipts, using Venom technology. This initiative represents a new step in the country’s digitalization journey and promises to revolutionize financial operations. The project is expected to significantly increase transparency, reduce costs, and improve efficiency and security in financial transactions across the country. With a population of approximately 115 million, the impact of this digitalization effort is far-reaching, touching every aspect of daily life and commerce in the Philippines.

Strategic Choice

The Philippines initially considered leveraging IBM’s Hyperledger technology to implement its digitalization plans. However, the Philippines ultimately decided to use the Venom blockchain. Venom’s exceptional scalability, high throughput, security, and low transaction costs make it the best choice for government and corporate needs. As efforts to reform financial operations in the Philippines continue, Venom offers key features that will help the country usher in a new era of efficiency and transparency while also helping curb inflation. Venom is not simply a technical solution; it represents an institutional foundation that can grow and adapt to the needs of a massive project that will expand in scope over time.

Economic impact

According to AlphaBeta’s October 2021 report on the Philippines’ Growing Digital Economy, fully leveraging the Venom blockchain to transform the Philippines could boost its annual economic value by up to $101.3 billion (PHP 5 trillion) by 2030, or approximately 27% of the country’s GDP in 2020. This represents billions of dollars in additional revenue to fuel the economy, which will contribute to improving the quality of life for citizens and developing infrastructure.

Government approval

The National Printing Office (NPO) of the Philippines, which prints 10 billion responsible forms annually, is leading the digitalization initiative with Venom. President Ferdinand “Bong Bong” Marcos Jr. (PBBM) made digitalization a national priority, naming it as a means to improve essential services for the Filipino people and curb corruption. According to PBBM, digitizing government records and services will improve the nation’s planning and decision-making processes and streamline business transactions. By choosing Venom, the NPO and the Philippine government are demonstrating their readiness to embrace cutting-edge technologies to keep up with the times and achieve better outcomes in governance and citizen services.

Technical superiority:

Venom’s adoption represents a new and exciting phase of network growth. Billions of additional transactions add significant value to the network, attract new users, and provide a blueprint for other large entities to leverage Venom to its full potential. Furthermore, the dramatic increase in network transactions makes it more profitable to be a validator on Venom, strengthening the health of the network.

Leadership Perspective

Christopher Louis Tsu, CEO of the 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 the capabilities of our platform and the trust they have in our technology. By digitizing checks using the Venom blockchain, we are not only reducing printing and processing costs, but also significantly improving the transparency and efficiency of financial operations. This project demonstrates the high-volume uptake of the Venom blockchain in the form of hundreds of millions of Venom tokens annually. It also demonstrates the Venom Foundation’s commitment to providing scalable, secure, and innovative solutions for country-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 globally.”

Introduction to the Republic of the Philippines NPO

The National Printing Office (NPO) in the Philippines is responsible for printing responsible forms and documents essential to government operations. The NPO’s digitization initiative, powered by Venom’s blockchain technology, aims to enhance the efficiency and security of government services.

For more information, see the official announcement from the Philippine government: Venom Blockchain Boosts Digitalization in the Philippines.

About the Venom Foundation

Venom is a cutting-edge layer 0 and layer 1 network that seamlessly integrates with other independent networks via innovative Mesh technology. Anchored to 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 fast finality, comprehensive security, stability, and a user-friendly interface, Venom is ideal for hosting CBDCs and large-scale platforms.

For more information, users can visit the Venom Foundation.