TechFlow news — On August 1, according to Decrypt, the Layer 1 blockchain Venom Foundation announced a historic agreement with the Philippine government to digitize approximately 10 billion traceable forms—including invoices, receipts, and special bank receipts—using its advanced blockchain technology.
This digital initiative is expected to significantly enhance transparency in financial transactions, reduce costs, and improve security. The digital transformation could generate up to $101.3 billion (approximately PHP 5 trillion) in annual economic value for the Philippines by 2030, equivalent to 27% of its 2020 GDP. The project will be managed by the National Printing Office, and President Marcos has prioritized digitalization as a national strategy to improve public services and combat corruption.
