BYC Ventures, a Philippine technology company, is utilizing blockchain and artificial intelligence (AI) to help businesses and government agencies verify digital records.
The company, which was founded in 2021, has developed its flagship platform Lumen to address concerns over the integrity of digital records as organizations increasingly adopt AI and automate business processes.
Lumen combines two key components: Lumen Anchor, which records documents on a blockchain to create tamper-resistant and independently auditable records, and Lumen Lens, which enables organizations to build AI agents that perform functions such as accounting, tax audits, legal compliance, and branch management.
The AI agents analyze verified records, communicate with one another, and generate operational insights using authenticated data instead of information that could have been altered or manipulated.
BYC Ventures' platform is particularly useful for retailers and other businesses that process large transaction volumes, where manual documentation often results in inventory discrepancies, operational inefficiencies, and human error.
The company has also deployed its technology in the public sector, working with the Department of Budget and Management to record budget documents on a blockchain and with the Baguio city government to record procurement documents and infrastructure projects.
The use of blockchain in government transactions creates a permanent record of budget transactions, making it easier to determine whether documents have been modified and allowing auditors to verify records independently.
Over the next two to three years, BYC Ventures plans to roll out a more affordable version of Lumen for small and medium enterprises (SMEs), with the goal of capturing 95% of businesses in the Philippines, which are currently SMEs.
The company is also looking to expand across Southeast Asia after entering Malaysia and plans to strengthen its platform by making it post-quantum ready to protect digital records from future cybersecurity threats.
BYC Ventures is also developing Lumen Lens into a more autonomous AI platform capable of handling increasingly complex audit and operational workflows for businesses and government agencies.
