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Philippines chooses Venom for national blockchain initiative
The initiative represents a pivotal milestone for Venom and the broader crypto industry
Venom Foundation has announced a historic agreement with the government of the Republic of the Philippines to digitise billions of accountable forms using its advanced blockchain technology. 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 revolutionise 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.
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 digitising 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 utilisation 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 honoured to play a pivotal role in the Philippines’ digital transformation journey and look forward to setting a new standard for institutional blockchain adoption worldwide."
The Philippines is making a significant leap forward by launching an ambitious project to use Venom technology to digitise approximately 10 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 digitalisation journey and promises to revolutionise financial operations.
If fully leveraged, digital transformation using Venom blockchain in the Philippines can unlock up to $101.3 billion (PHP 5 trillion) in annual economic value by 2030, equivalent to about 27 per cent 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.
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 utilising 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.
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