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Philippine Senator proposes putting national budget on blockchain to enhance financial transparency
Summary: According to Decrypt, Philippine Senator Bam Aquino suggested at a Manila tech summit that the national budget transactions be recorded on the blockchain for citizens to track fund flows. Aquino stated that while no one wants transactions on a traceable chain, they want to try. There is no formal bill submitted yet. Once implemented, the ...
According to Decrypt, Philippine Senator Bam Aquino suggested at a Manila tech summit that the national budget transactions be recorded on the blockchain for citizens to track fund flows. Aquino stated that while no one wants transactions on a traceable chain, they want to try. There is no formal bill submitted yet. Once implemented, the plan will be based on the blockchain platform already launched by the Department of Budget and Management (DBM) in the Philippines, which has already put some financial documents on the chain in Asia. The platform, supported by local blockchain infrastructure company BayaniChain, aims to enhance accountability through immutable records. The DBM system currently uses the Polygon PoS network for transparency and consensus, allowing budget documents like Special Allotment Release Orders (SARO) and Notice of Cash Allocation (NCA) to be publicly verified.
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Link: Philippine Senator proposes putting national budget on blockchain to enhance financial transparency [Copy]
