Venom Foundation, the developer of the Venom Blockchain, is collaborating with global tech company Miquido to advance digitization initiatives supported by the government.
Experts predict that digitalizing the economy could result in a one to two per cent annual GDP growth, translating to billions of dollars in additional revenue. This boost could enhance Filipinos’ quality of life and support infrastructure development.
The National Printing Office (NPO), which is currently developing its own digitalization roadmap, stands to benefit from these efforts. Annually, at least 6.5 billion receipts are printed in the country, primarily to meet the Bureau of Internal Revenue’s regulations. The BIR’s Electronic Invoicing System aims to reduce VAT fraud and enhance tax collection and administration.
President Ferdinand “Bongbong” Marcos Jr. has prioritized full digitalization in his administration to provide better services for Filipinos and combat corruption. He believes that digitizing government records and services will support science-based planning and decision-making while improving business transactions.
Under the leadership of Director Renato Acosta, the NPO is moving towards the digitization of accountable forms, with over 10 billion such forms printed annually. By exploring and potentially adopting Venom Blockchain and Miquido’s technology, the NPO can transition to electronic forms, reducing printing and processing costs while enhancing the transparency and security of financial transactions. Venom Blockchain has demonstrated its superiority over other platforms like Hyperledger, Ethereum, and R3 Corda.
Integrating blockchain technology into government processes can increase transparency, reduce corruption, and improve data management, ultimately strengthening the economy and boosting public trust in government institutions.
Transitioning to electronic receipts using Venom Blockchain technology will not only cut costs but also enhance the security and transparency of financial transactions.
Venom Blockchain is renowned for its security, scalability, and efficiency, focusing on distributed ledgers, CBDCs (central bank-backed digital currencies), and asset tokenization.
Several countries have already adopted Venom Blockchain for their digital economy initiatives, including the creation of digital currencies, data management, and the development of private blockchains for governmental and corporate use.
The Venom Foundation is committed to bringing transparency and innovation to the industry as a leading global blockchain company. It aims to provide infrastructure to governments and Web3 projects while empowering emerging economies in the Middle East and North Africa with its cutting-edge technology.
Miquido, with its extensive technology stack, ensures a seamless and reliable digital transformation by offering comprehensive services that integrate technology into business operations. Its expertise spans Android, iOS, cross-platform, front-end, back-end, and artificial intelligence development, catering to the needs of both governments and the private sector.
Miquido, a Google-certified software development company based in Europe, is a one-stop solution provider aiming to solve business challenges with advanced technology and data-driven research. Its notable clients include BNP Paribas, a premier European and international banking institution, and Skyscanner, a global leader in travel services.
About Venom Blockchain
Venom is a multi-blockchain network designed to support scalable Web3 applications in the DeFi and global payments markets.
