Philippines Partners with Venom for Nationwide Blockchain Digitization
The Republic of the Philippines has entered into a groundbreaking agreement with Venom Foundation to digitize billions of accountable forms using blockchain technology. This initiative, announced on August 1, 2024, represents a significant milestone in the adoption of blockchain technology at a national level. The project aims to digitize approximately ten billion accountable forms annually, including invoices, receipts, cash tickets, documentary stamps, and special bank receipts.
The selection of Venom's blockchain technology for this massive undertaking came after careful consideration. Initially, the Philippine government had contemplated using IBM's Hyperledger technology. However, Venom was ultimately chosen due to its superior scalability, high throughput, enhanced security, and low transaction costs. These features make Venom particularly well-suited for large-scale government and corporate applications.
The economic impact of this digital transformation project is projected to be substantial. According to a report by AlphaBeta from October 2021, if fully leveraged, digital transformation in the Philippines could potentially unlock up to $101.3 billion USD (PHP 5 trillion) in annual economic value by 2030. This figure represents approximately 27 percent of the country's GDP in 2020. The initiative is expected to generate additional revenue, boost the economy, and contribute to improvements in citizens' quality of life and infrastructure development.
The National Printing Office (NPO) of the Philippines, responsible for printing ten billion accountable forms annually, is spearheading this digitization effort. The project aligns with President Ferdinand "Bongbong" Marcos Jr.'s prioritization of digitization as a means to enhance essential services for Filipinos and combat corruption. The President has stated that digitizing government records and services would improve the country's planning and decision-making processes and streamline business transactions.
Christopher Louis Tsu, CEO of Venom Foundation, emphasized the significance of this agreement. He stated that Venom's selection for this initiative demonstrates the trust placed in their technology and highlights their commitment to delivering scalable, secure, and innovative solutions for national-level applications. The project is expected to not only reduce printing and processing costs but also significantly enhance transparency and efficiency in financial operations.
The adoption of Venom's blockchain for this large-scale project is anticipated to have far-reaching effects. It is expected to add significant value to the Venom network, attract new users, and provide a blueprint for other large-scale entities on utilizing blockchain technology for maximum efficiency. Furthermore, the dramatic increase in network transactions is projected to make being a validator on the Venom network more lucrative, thereby enhancing the network's overall health and stability.
