The Philippines Chooses Venom for Groundbreaking National Blockchain Initiative

Manilla,
Philippines,
August
1st,
2024,
Chainwire

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. 

Key
Highlights

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.
This
breakthrough
project
not
only
elevates
Venom’s
standing
but
also
sets
the
stage
for
other
governments
and
sovereign
nations
to
adopt
the
same
kind
of
forward-thinking. 

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.
With
a
population
of
approximately
115
million,
the
impact
of
this
digitization
effort
will
be
far-reaching,
touching
every
aspect
of
daily
life
and
commerce
in
the
Philippines.

Strategic
Selection

Initially,
the
Philippines
considered
utilizing
IBM’s
Hyperledger
technology
to
implement
its
digitization
plan.
However,
the
country
eventually
decided
to
move
forward
with
the
Venom
blockchain
instead
due
to
its
unparalleled
scalability,
high
throughput,
security
&
low
transaction
costs,
making
it
the
best
choice
for
government
and
corporate
needs.
With
efforts
underway
in
the
Philippines
to
reform
financial
operations,
Venom
brings
key
qualities
to
the
table
that
will
help
usher
in
a
new
era
of
efficiency
and
transparency
in
the
country,
while
also
helping
to
curb
inflation.
More
than
just
a
technological
solution,
Venom
represents
an
institutional
foundation
capable
of
growing
and
adapting
to
the
needs
of
a
massive
project
that
will
only
grow
in
scope
over
time.

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.
By
selecting
Venom,
the
NPO
and
the
Philippine
government
as
a
whole
are
demonstrating
readiness
to
keep
pace
with
the
times,
ready
to
adopt
advanced
technologies
to
achieve
better
outcomes
in
governance
and
citizen
services.

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.”

About
the
Republic
of
The
Philippines
NPO

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

For
further
details,
please
refer
to
the
official
release
from
the
government
of
the
Philippines:

Venom
Blockchain
Boosts
Digitization
in
the
Philippines.

About
Venom
Foundation

Venom
is
a
cutting-edge
layer-0
and
layer-1
network,
seamlessly
integrating
with
other
independent
networks
through
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,
users
can
visit

Venom
Foundation

Contact

Venom
Foundation
[email protected]