The Phillippines Chooses Venom for Groundbreaking National Blockchain Initiative

  

Manila, Philippines, July 30, 2024 Chainwire – With its advanced blockchain technology, the Venom Foundation proudly announces its proposal to digitize the Philippine government's accountable forms, such as but not limited to invoices or receipts, cash tickets, documentary stamps, and special bank receipts, individually identified, accounted for, and afforded appropriate security. This project represents a major milestone, marking the world's largest blockchain use case and showcasing Venom's capability to handle large-scale, sovereign-level operations.

Landmark Opportunity and Global Significance:

The project will represent a landmark opportunity, not only for Venom but for the blockchain industry as a whole. The world's largest blockchain use case signifies a seismic shift in how sovereign states perceive and utilize blockchain technology. By betting on Venom, the Philippine government can demonstrate unprecedented trust and confidence in blockchain as a secure, scalable, and efficient solution for national-level operations. This move will revolutionize the way governments and large institutions handle data, transactions, and record-keeping, setting a new standard for transparency and efficiency.

Project Scope and Impact:

The Philippines will be making a significant leap forward if the country pursues the digitalization of approximately 10 billion transactions in accountable form using Venom blockchain technology. This initiative will mark a new phase in the country's digitalization journey and promises to revolutionize financial operations. The project expects to significantly enhance transparency, reduce costs, and improve the efficiency and security of financial transactions across the nation. With a population of approximately 115 million, the impact of this digitization effort will be far-reaching, touching every aspect of daily life and commerce in the Philippines.

Strategic Selection:

Initially, the Philippines considered utilizing IBM's Hyperledger technology to implement its digitization plan. However, the country eventually decided to move forward with the Venom blockchain instead due to its unparalleled scalability, high throughput, security, and low transaction costs, making it the best choice for government and corporate needs. With efforts underway in the Philippines to reform financial operations, Venom brings key qualities to the table that will help usher in a new era of efficiency and transparency in the country while also helping to curb inflation. More than just a technological solution, Venom represents an institutional foundation capable of growing and adapting to the needs of a massive project that will only grow in scope over time.

Economic Impact:

If fully leveraged, digital transformation using Venom blockchain in the Philippines can unlock up to USD 101.3 billion (PHP 5 trillion) in annual economic value by 2030, equivalent to about 27 percent of the country's GDP in 2020, according to a report by AlphaBeta in October 2021 on The Growing Digital Economy in the Philippines. This represents billions of dollars in additional revenue to boost the economy, which will contribute to improving citizens' quality of life and infrastructure development.

Government Endorsement:

The Philippines’ National Printing Office (NPO), responsible for printing about 10 billion pieces of accountable forms annually, is leading the digitization initiative with Venom. President Ferdinand “Bongbong” Marcos Jr. (PBBM) has made digitization a priority for the country, identifying it as a means of improving essential services for Filipinos and helping curb corruption. According to PBBM, digitizing government records and services would enhance the country’s science-based planning and decision-making, as well as streamline business transactions.

Technological Superiority:

In turn, the Philippines' hopeful adoption of Venom can signify a new and exciting stage in the Venom network's growth. The billions of additional transactions will add enormous value to the network, introduce it to millions of new users, and provide a blueprint for other projects of a similar scale on how to use Venom to maximize their efficiency. Furthermore, the dramatic increase in network transactions will make being a validator on Venom even more lucrative, bolstering the network's health.

Leadership Perspective:

The Venom Foundation's CEO, Christopher Louis Tsu, commented on the news that the Philippines prints approximately 10 billion paper receipts annually. He said, "Transitioning to digital receipts using the Venom blockchain not only reduces printing and processing costs, but also demonstrates the massive utilization of the Venom blockchain in the form of hundreds of millions of Venom tokens annually. With its incredible throughput of 100,000 transactions per second and low transaction costs, Venom is becoming a leader in institutional blockchain solutions."

By selecting Venom, the NPO and the Philippine government as a whole will demonstrate readiness to keep pace with the times, ready to adopt advanced technologies to achieve better outcomes in governance and citizen services.

About the National Printing Office (NPO) in the Philippines

NPO, the foremost Recognized Government Printers (RGP) in the Philippines is responsible for printing accountable and non-accountable forms and documents essential to the Philippine government’s operations. The NPO's digitization initiative, supported by Venom’s blockchain technology, aims to enhance the efficiency and security of government services.

For more information, please refer to the official Philippine government release: Venom Blockchain Boosts Digitization in the Philippines.

About Venom Foundation

Venom is a cutting-edge layer-0 and layer-1 network that seamlessly integrates with other independent networks thanks to innovative mesh technology. Anchored by a masterchain for overall state and consensus management, Venom supports unlimited autonomous workchains for user accounts, smart contracts, and dApps. Mesh technology optimizes inter-chain communication, ensuring speed and scalability. With rapid finality, comprehensive security, stability, and user-friendly interfaces, Venom is ideal for hosting CBDCs and large-scale platforms.

For more information, visit Venom Foundation at https://venom.foundation

This Press Release has also been published on VRITIMES

BAN Toxics Lauds New EU Mercury Regulation; calls for Stronger Regional & Global Cooperation

Wazzup Pilipinas!?



“The new regulation for mercury by the European Union (EU) is a significant development in the global effort to reduce and eliminate mercury pollution. It highlights the importance of international and regional cooperation in addressing the human health and environmental impacts of this toxic chemical.”

This was the statement of environmental NGO BAN Toxics after the EU's Revised Regulation for Mercury entered into force on July 30, 2024. The new law prohibits the last intentional uses of mercury by EU member states, including the use and export of dental amalgam, and the manufacture, import, and export of certain categories of mercury-containing lamps.

“Illegal transboundary trade of mercury and mercury-added products remains a major challenge for Philippine regulatory agencies. The influx of imported mercury-containing cosmetic products, for example, continues unabated despite existing regulatory frameworks at both the national and global regional levels. We need international collaboration arrangements, which could include information exchange, market surveillance, and technical or financial assistance to enhance capabilities for detecting illegal products. Such collaboration may also help address the entry into the country of mercury-added products that are purchased via e-commerce platforms such as Lazada and Shopee,” said Thony Dizon, BAN Toxics Advocacy and Campaign Officer.

Mercury is a highly toxic chemical that can cause irreparable damage to the nervous system. It is indestructible which means its emissions and releases can bioaccumulate and biomagnify, posing a significant threat to human health and the environment.

According to Dizon, the Philippines has made significant strides in strengthening regulations to reduce mercury use in the country. In 2019, the Department of Environment and Natural Resources (DENR) issued Administrative Order 2019-20, or the Revised Chemical Control Order for Mercury and Mercury Compounds. The Department of Health (DOH) also issued Administrative Order No. 2020-0020, or the “Guidelines on the Phase-out of Mercury Use in Dental Restorative Procedures.” Additionally, the Food and Drug Administration (FDA) issued FDA Circular No. 2022-003, which bans all mercury-added thermometers, sphygmomanometers, dental amalgam capsules, and liquid mercury for use in dental restorative purposes.

In 2020, the Philippines ratified the Minamata Convention on Mercury, a legally binding global treaty designed to reduce and eliminate mercury emissions and releases into the environment.

BAN Toxics has recently submitted information to the Minamata Convention Secretariat which cited illegal shipments and unregulated online trade as the main challenges in addressing mercury containing cosmetics.

“Our country is always at the receiving end of this illegal transboundary trade since we are not the source of these products. But if more cross-border agreements or mechanisms are in place, this might reduce illegal production and trade of mercury and mercury-added products,” the group said.

Drake Business Services Asia Philippines and UN Laureate Glenn Banaguas Champion a New Era of Sustainability

Wazzup Pilipinas!?



In a bold move to champion environmental sustainability, Drake Business Services Asia Philippines (DBSAP) proudly announces a transformative partnership with the illustrious science diplomat and The Outstanding Filipino (TOFIL) Laureate, Glenn Banaguas. This alliance is poised to set new standards in sustainability, driving impactful change and inspiring communities across the region.

As the world grapples with pressing environmental challenges, DBSAP and Sci. Dpl. Glenn Banaguas are united in their vision to create a sustainable future. This partnership will leverage cutting-edge technology, innovative practices, and community engagement to foster a culture of environmental stewardship and resilience.

DBSAP is committed to implementing state-of-the-art energy management systems to drastically reduce energy consumption and promote renewable energy sources. Comprehensive waste management strategies, including robust recycling programs and waste minimization techniques, will be introduced to significantly cut down landfill contributions. By collaborating with suppliers and partners, DBSAP will ensure sustainable sourcing of materials and promote eco-friendly practices throughout the supply chain. Employee training programs and workshops will be developed to educate and empower staff on sustainability practices, fostering a culture of environmental responsibility. Additionally, community outreach initiatives will be launched to raise awareness about sustainability issues and support local environmental projects.

“This partnership with Sci. Dpl. Glenn Banaguas is a testament to our unwavering commitment to sustainability,” said Dr. Krees Castaneda, President of Drake Business Services Asia Philippines. “Together, we are not just making a difference within our organization, but we are also setting a powerful example for others to follow. Our goal is to inspire a collective movement towards a greener, more sustainable future. By integrating sustainable practices into every aspect of our operations, we aim to create a lasting impact that goes beyond our immediate business environment. We believe that through education, innovation, and collaboration, we can drive significant change and contribute to the global effort to combat climate change and protect our planet for future generations.”

“Our planet is a gift, and it is our sacred duty to protect and preserve it,” said Glenn Banaguas, UN Sasakawa Laureate and multi-awarded scientist. “This partnership with DBSAP is a powerful testament to what can be achieved when we unite our efforts and our hearts for a common cause. Together, we are not just addressing the environmental challenges of today, but we are also laying the foundation for a brighter, more sustainable tomorrow. There is always a heart in sustainability, and it is this heart that drives us to create a legacy of hope, resilience, and unwavering commitment to future generations. Together, we can inspire and empower others to join us on this vital journey.”

Glenn Banaguas is a world-renowned science diplomat and multi-awarded scientist. He collaborates with a wide range of partners, including government agencies, local communities, academic institutions, NGOs, and private sectors, to address critical challenges related to climate change, disaster risk reduction, and sustainability. His initiatives, such as Climate Smart Philippines, emphasize multi-stakeholder participation and empower communities to actively engage in their sustainability and climate resilience journey.

Drake Business Services Asia Philippines is a leading provider of managed services, technology solutions, and integrated office services. With a focus on innovation and efficiency, DBSAP helps organizations optimize their operations and achieve their business goals. The company is committed to sustainability and continuously seeks ways to reduce its environmental impact and promote sustainable practices



Photo caption: Left to Right: MIss Kriztia M. Trojillo, Dr. Krees Castaneda, Sci. Dpl. Glenn Banaguas. Miss Merliza Makinano