A Shift in Blockchain Adoption:
This project is a significant opportunity not just for Venom but for the entire blockchain industry. It marks a major shift in how governments view and use blockchain technology. By selecting Venom, the Philippine government is demonstrating a strong trust in blockchain as a secure, scalable, and efficient solution for national operations. This initiative will transform data, transaction, and record-keeping practices, setting new standards for transparency and efficiency.
Project Scope and National Impact:
The Philippines plans to digitize approximately 10 billion transactions using Venom blockchain technology, marking a substantial step in the country’s digitalization efforts. This project is expected to enhance transparency, reduce costs, and improve the efficiency and security of financial transactions across the nation. The initiative will have a broad impact, influencing daily life and commerce for the country’s 115 million residents.
Strategic Choice and Technological Superiority:
Initially, the Philippines considered IBM’s Hyperledger for their digitization efforts but ultimately chose Venom. Venom’s unmatched scalability, high throughput, security, and low transaction costs made it the best choice for both government and corporate needs. This decision supports the country’s efforts to modernize financial operations, bringing efficiency and transparency, and helping to control inflation. Venom offers a strong foundation to manage the growing demands of this significant project.
Economic Potential and Benefits:
The digital transformation driven by Venom blockchain could generate up to USD 101.3 billion (PHP 5 trillion) in annual economic value by 2030, representing about 27% of the Philippines’ GDP in 2020. This economic growth could significantly improve citizens’ quality of life and support infrastructure development.
Government Support and Vision:
The National Printing Office (NPO) of the Philippines, which prints around 10 billion accountable forms annually, is leading this digitization effort with Venom. President Ferdinand “Bongbong” Marcos Jr. prioritizes digitization to improve essential services and reduce corruption. He believes digital government records and services will enhance the country’s planning, decision-making, and business processes.
Technological Leadership and Network Growth:
The Philippines’ potential adoption of Venom blockchain marks a new phase in the network’s growth. The influx of billions of transactions will bring immense value to the network and introduce it to millions of new users, offering a model for other large-scale projects. This surge in transactions will also make being a validator on the Venom network more rewarding.
CEO’s Perspective on Digital Transformation:
Venom Foundation’s CEO, Christopher Louis Tsu, emphasized the benefits of transitioning from paper to digital receipts. He highlighted the cost savings and significant use of Venom blockchain through hundreds of millions of Venom tokens annually. With its high transaction speed and low costs, Venom is positioning itself as a leader in institutional blockchain solutions.
By selecting Venom, the NPO and the Philippine government demonstrate their readiness to embrace advanced technologies for better governance and public service outcomes.
About the National Printing Office (NPO):
NPO is the leading Recognized Government Printer in the Philippines, responsible for producing essential government forms and documents. This digitization project, supported by Venom’s blockchain technology, aims to improve the efficiency and security of government services.
For further details, 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
