Venom Foundation is excited to announce its partnership with the Republic of the Philippines to digitize their accountable forms using Venom Blockchain.
This historic partnership with the Philippine government will see Venom Foundation use its blockchain technology to digitize billions of accountable forms. Leading the digitization is the Philippine National Printing Office (NPO), which will work closely with Venom to ensure the proper digitization of invoices, cash tickets, receipts, documentary stamps, and special bank forms.
President Ferdinand “Bongbong” Marcos Jr. (PBBM) has prioritized digitization, recognizing it as crucial in improving essential services for Filipinos. PBBM notes that digitization could also help curb corruption by providing transparency, reduced cost, and security. Additionally, this partnership will enhance the country’s planning and decision-making processes. Harnessing blockchain technology will also help streamline business transactions and grow local and internal markets.
Venom’s blockchain will provide scalable, secure, and efficient solutions for national-level operations. The move to digitization shows the Philippines’ readiness to adopt advanced technologies, setting the pace for other governments worldwide.
According to the Philippine authorities, the country initially considered using IBM Hyperledger technology to implement the digitalization plan. However, it decided to choose Venom blockchain for its unparalleled scalability, security, high throughput, and low transaction cost.
Commenting on the agreement, Christopher Louis Tsu, CEO of Venom Foundation, stated:
“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 the 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.”
Notably, it is estimated that by fully leveraging the digitization plan, the Philippines will unlock an economic value of up to $101.3 billion (PHP 5 trillion) annually by 2030. This will provide additional revenue to boost the country’s economy.
This partnership brings significant changes to the Venom ecosystem due to the dramatic increase in network transactions. The partnership will attract new users, while validators will experience a lucrative market.
For more information, visit Venom’s official website.
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