Experts estimate that digitalizing the economy could lead to an annual GDP growth of one to two percent, which means billions of dollars in additional revenue that could boost the economy, help improve the quality of life of Filipinos and develop infrastructure.
The National Printing Office (NPO), which is working on its own digitalization roadmap, is expected to benefit from the digitization efforts, as in the country, at least 6.5 billion receipts are being printed annually.
Most of the receipts are issued in accordance with the requirements of the Bureau of Internal Revenue, which is regulating the issuance of official receipts and commercial invoices through the Electronic Invoicing System that has been introduced to reduce VAT fraud and improve tax collection and administration.
President Ferdinand “Bongbong” Marcos Jr. has pressed for full digitalization under his administration to provide better services for Filipinos and eradicate corruption.
According to President Marcos, digitizing government records and services would help support its science-based planning and decision making, as well as improve business transactions.
The NPO headed by Director Renato Acosta is moving towards digitizing accountable forms. Approximately more than 10 billion accountable forms are printed annually.
Looking into and possibly using the Venom Blockchain and the Miquido technology stack, the NPO can transition to the issuance of electronic forms to not only reduce printing and processing costs, but also increase transparency and security of financial transactions. Venom Blockchain proved it is superior to other blockchain platforms like Hyperledger, Ethereum and R3 Corda.
Implementing blockchain technologies specifically in government processes helps to increase transparency, reduce corruption, and improve data management. This will not only strengthen the economy but also increase the people’s trust in government institutions.
Transitioning to electronic receipts based on Venom Blockchain technology will not only reduce printing and processing costs, but will also increase transparency and security of financial transactions.
Venom Blockchain technology is known for its security, scalability, and efficiency. Venom focuses on distributed ledgers, CBDCs (central bank-backed digital currencies), and asset tokenization.
Several countries have already chosen the Venom Blockchain for the digitalization of their economies, including the creation of digital currencies, data management, and the development of private blockchains for government and corporate needs.
Venom Foundation aims to bring transparency and innovation to the industry as a leading global blockchain company. It endeavors to provide infrastructure to governments and web3 projects while empowering emerging economies in the Middle East and North Africa with its unique technology.
On the other hand, Miquido’s rich technology stack enables a smooth and reliable digital transformation by providing comprehensive services that embed technology into business. Its expertise in Android, iOS, cross-platform, front-end, back-end, and even artificial intelligence development suit the requirements of governments and the private sector.
Miquido is a Google-certified software development company based in Europe. It is a one-stop software development company that aims to solve business challenges with cutting edge technology and data-driven research. Among its notable clients include BNP Paribas, a top-tier European and international banking establishment, and Skyscanner, a global leader in travel services.
About Venom Foundation
Venom is a multi-blockchain network being a basis for scalable Web3 applications in the DeFi and Global Payments markets.
This press release has also been published on VRITIMES
