The Republic of the Philippines has taken a groundbreaking step that could reshape the intersection of blockchain technology and government functions.
Its Government has decided to use Venom’s blockchain technology for an extensive digitisation project. This will involve about 10 billion accountable forms, including invoices, receipts, cash tickets, documentary stamps and specific bank receipts, being digitised. Each item will be individually allotted and processed, with their proper safekeeping guaranteed through the use of Venom blockchain. This process will mark a defining stage in the country’s modernisation strategy, initiating a new period of rapid development in the area of financial operations.
It is noteworthy that this initiative is truly comprehensive, as the Philippines’ large population of more than 115 million citizens will be affected by the outlined changes. The improved transparency and reduced expenses of the process, in turn, will make digital exchanges more efficient and secure.
Strategic technology selection
Initially, the Philippines planned to use IBM’s Hyperledger technology for the program. However, the country decided in favor of Venom’s blockchain solution. The shift was driven by the optimal combination of Venom’s particular features, including its scalability, high throughput, and security combined with low transaction costs. In other words, these traits characterise the platform as the most pertinent alternative for the governmental and corporate fields.
However, the selection of Venom as a framework is not just a technological choice; it is an investment in an institutional basis capable of evolving in accordance with the emerging needs of this significant project. Specifically, as the Philippine government makes efforts to reform its financial activities, Venom’s technology is likely to facilitate a new stage of increased efficiency and reduced corruption through innovations that mitigate the risk of inflation.
Economic implications
The potential economic and human impact of this digital transformation solution is significant. According to an October 2021 report by AlphaBeta, if fully realised, the digital transformation via the employment of blockchain in the Philippines could unlock as much as $101.3 billion in annual economic value for the country by 2030. Note that this amount is nearly 27 per cent of the Philippines’ GDP in 2020.
Therefore, it is evident that the projected economic surge could drastically improve the quality of life for citizens and contribute significantly to infrastructure development nationwide.
Government endorsement and vision
The National Printing Office (NPO) of the Philippines is the main entity in charge of printing ten billion accountable forms every year, but it is now at the forefront of the digitisation project with Venom. This move is closely linked with the vision of Philippine President Ferdinand “Bongbong” Marcos Jr. for the country’s digital future. He views the process of digitisation as a top priority, as it can improve the provision of essential services for Filipinos and make the fight against corruption easier.
President Marcos stated that the digitisation of government records and services will improve the country’s planning and decision-making and simplify business transactions. By choosing Venom for this critical program, both the NPO and the Philippine government demonstrate their dedication to leveraging cutting-edge technologies for superior governance and citizen experience.
Technological advantages and network growth
This is an exciting new phase of growth for Venom. The billions of extra transactions that will be created by this initiative will add value to the network, attract new users, and perfectly demonstrate how large-scale entities can use Venom to the best effect. Additionally, with a rapidly growing number of network transactions, becoming a validator on Venom will be more lucrative than ever, further supporting the overall health of the network.
(Photo by iSawRed)
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