Venom Blockchain Boosts Digitization In The Philippines - Koran Mandalika

Venom Blockchain Boosts Digitization In The Philippines

Kamis, 1 Agustus 2024 - 11:49

facebook twitter whatsapp telegram line copy

URL berhasil dicopy

facebook icon twitter icon whatsapp icon telegram icon line icon copy

URL berhasil dicopy

Venom Foundation, developer of the Venom Blockchain, together with global company, Miquido, will work on digitization efforts championed by the government.

Experts estimate that digitalizing the economy could lead to an annual GDP growth of one to two percent, which means billions of dollars in additional revenue that could boost the economy, help improve the quality of life of Filipinos and develop infrastructure.

The National Printing Office (NPO), which is working on its own digitalization roadmap, is expected to benefit from the digitization efforts, as in the country, at least 6.5 billion receipts are being printed annually.

Most of the receipts are issued in accordance with the requirements of the Bureau of Internal Revenue, which is regulating the issuance of official receipts and commercial invoices through the Electronic Invoicing System that has been introduced to reduce VAT fraud and improve tax collection and administration.

ADVERTISEMENT

SCROLL TO RESUME CONTENT

President Ferdinand “Bongbong” Marcos Jr. has pressed for full digitalization under his administration to provide better services for Filipinos and eradicate corruption.

According to President Marcos, digitizing government records and services would help support its science-based planning and decision­ making, as well as improve business transactions.

Baca Juga :  Nusantara Global Network Partners with FXGT Broker to Launch Innovative Introducing Broker Program

The NPO headed by Director Renato Acosta is moving towards digitizing accountable forms. Approximately more than 10 billion accountable forms are printed annually.

Looking into and possibly using the Venom Blockchain and the Miquido technology stack, the NPO can transition to the issuance of electronic forms to not only reduce printing and processing costs, but also increase transparency and security of financial transactions. Venom Blockchain proved it is superior to other blockchain platforms like Hyperledger, Ethereum and R3 Corda.

Implementing blockchain technologies specifically in government processes helps to increase transparency, reduce corruption, and improve data management. This will not only strengthen the economy but also increase the people’s trust in government institutions.

Transitioning to electronic receipts based on Venom Blockchain technology will not only reduce printing and processing costs, but will also increase transparency and security of financial transactions.

Venom Blockchain technology is known for its security, scalability, and efficiency. Venom focuses on distributed ledgers, CBDCs (central bank-backed digital currencies), and asset tokenization.

Several countries have already chosen the Venom Blockchain for the digitalization of their economies, including the creation of digital currencies, data management, and the development of private blockchains for government and corporate needs.

Baca Juga :  Karaoke Manekineko Launch Exclusive Buy 1 Free 1 Promotion Every Saturday in November

Venom Foundation aims to bring transparency and innovation to the industry as a leading global blockchain company. It endeavors to provide infrastructure to governments and web3 projects while empowering emerging economies in the Middle East and North Africa with its unique technology.

On the other hand, Miquido’s rich technology stack enables a smooth and reliable digital transformation by providing comprehensive services that embed technology into business. Its expertise in Android, iOS, cross-platform, front-end, back-end, and even artificial intelligence development suit the requirements of governments and the private sector.

Miquido is a Google-certified software development company based in Europe. It is a one-stop software development company that aims to solve business challenges with cutting edge technology and data-driven research. Among its notable clients include BNP Paribas, a top-tier European and international banking establishment, and Skyscanner, a global leader in travel services.

About Venom Foundation

Venom is a multi-blockchain network being a basis for scalable Web3 applications in the DeFi and Global Payments markets.

This press release has also been published on VRITIMES

Berita Terkait

Indonesia’s Skincare Market Continues to Thrive with Surge in Serum and Essence Sales
Nusantara Global Network Partners with WeTrade to Launch Introducing Broker Program with Incredible Benefits
A Life of Service and Entrepreneurship – How Justin Arvin Santos Atendido is Making a Difference
P.A. Properties Hankyu Hanshin launches new phase of Idesia Heights in Dasmariñas, Cavite
Abound Ph: A Next-Gen Disruptive BPO Powerhouse Redefining Outsourcing in the Philippines
Bitcoin Price Prediction February 2025, Is it True that BTC Can Reach $122,000?
Moonleaf Partners with Mobile Legends: Bang Bang to Launch Neighborhood Map!
Nusantara Global Network Announces Strategic Partnership with HF Markets to Empower Introducing Brokers (IB)

Berita Terkait

Sabtu, 8 Februari 2025 - 12:17

KAI Tingkatkan Kecepatan Jalur KA di Grobogan, Kelambatan KA Dapat Diminimalisir

Sabtu, 8 Februari 2025 - 12:00

Ethereum Stagnan, Ini Prediksi Breakout Terbarunya

Sabtu, 8 Februari 2025 - 11:00

Program Creative Digital English & Japanese Popular Culture BINUS University Kenalkan Dunia Kreatif & Budaya Jepang di Pekan Pendidikan Tinggi Jakarta

Sabtu, 8 Februari 2025 - 10:51

transcosmos Indonesia dan Dapur Umami Optimalkan Customer Engagement melalui Teknologi CDP dan CEP

Sabtu, 8 Februari 2025 - 08:00

Asian PCOS Society Resmi Diluncurkan di Jakarta: Jawaban untuk Tantangan PCOS di Asia

Sabtu, 8 Februari 2025 - 08:00

Cara Membuat Desain Menarik Untuk Website Travel dan Wisata

Jumat, 7 Februari 2025 - 20:12

Nusantara Global Network Partners with Oroku Edge to Launch Exclusive Introducing Broker (IB) Program with Outstanding Benefits

Jumat, 7 Februari 2025 - 19:45

VRITIMES dan Divipromedia.com Jalin Kerja Sama Strategis untuk Transformasi Distribusi Informasi

Berita Terbaru

Teknologi

Ethereum Stagnan, Ini Prediksi Breakout Terbarunya

Sabtu, 8 Feb 2025 - 12:00