The Philippines has selected Venom blockchain technology for a major national digitization project, marking a significant milestone for Venom and setting a new standard for blockchain adoption in government operations.
Points
- The Philippines selects Venom for a national blockchain initiative
- Digitization of approximately ten billion accountable forms
- Potential economic impact of up to $101.3 billion annually by 2030
- Venom’s scalability, security, and efficiency highlighted
In a landmark decision, the Philippines has chosen Venom blockchain technology for a groundbreaking national digitization project. This initiative represents a pivotal milestone for both Venom and the broader crypto industry, potentially setting a new standard for blockchain adoption in government operations.
The project aims to digitize approximately ten billion accountable forms, including invoices, receipts, cash tickets, documentary stamps, and special bank receipts. This massive undertaking is expected to significantly enhance transparency, reduce costs, and improve the efficiency and security of financial transactions across the nation.
Initially, the Philippines considered utilizing IBM’s Hyperledger technology for its digitization plan but ultimately decided to move forward with Venom due to its unparalleled scalability, high throughput, security, and low transaction costs. These qualities make Venom the ideal choice for government and corporate needs, ensuring the project’s success and longevity.
The economic impact of this digital transformation is substantial. According to a report by AlphaBeta in October 2021, fully leveraging Venom blockchain technology could unlock up to $101.3 billion USD （PHP 5 trillion） in annual economic value by 2030, equivalent to about 27 percent of the Philippines’ GDP in 2020. This potential boost in revenue could significantly improve citizens’ quality of life and drive infrastructure development.
President Ferdinand “Bongbong” Marcos Jr. has made digitization a priority for the country, identifying it as a means of improving essential services and curbing corruption. By selecting Venom, the National Printing Office （NPO） and the Philippine government demonstrate their readiness to adopt advanced technologies for better governance and citizen services.
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.”
解説
- The selection of Venom by the Philippines underscores the potential of blockchain technology to transform government operations.
- Digitizing ten billion accountable forms can greatly enhance transparency, efficiency, and security in financial transactions.
- The economic impact of up to $101.3 billion annually by 2030 highlights the significant value of this initiative.
- President Marcos Jr.’s support for digitization reflects the government’s commitment to modernization and anti-corruption efforts.
- Understanding the benefits and implementation of Venom technology can provide insights into the future of blockchain in public administration.