The Philippines chooses Venom for groundbreaking national blockchain initiative

Gulf Network

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.

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.

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.

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.

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."