Quick Highlights
- Aquino aims to put the national budget on blockchain for transparency.
- New online gambling restrictions will block apps and websites.
- BayaniChain integrates government systems with public blockchain.
Philippines Eyes Blockchain for Government Budget Transparency
Philippine Senator Bam Aquino has proposed placing the country’s national budget on the blockchain to ensure transparency and accountability.
“Nobody is crazy enough to put their transactions on the blockchain, where every step is visible. But we want to begin this process,” Aquino said at the Manila Tech Summit.
Aquino envisions a platform where every Filipino can track the national budget. If realized, the Philippines could become the first country to implement blockchain technology for its government budget.
Fighting Corruption and Online Gambling
The senator also called online gambling an abuse of trust among Filipinos and promised stricter regulations, including blocking access to gambling apps and websites.
Once formalized, Aquino’s initiative will leverage the Department of Budget and Management’s (DBM) blockchain platform, which already publishes financial documents and is the first of its kind in Asia.
Local blockchain company BayaniChain, which developed DBM’s blockchain platform, expressed support for Aquino’s vision, though it does not collaborate directly with him.
BayaniChain co-founder and CEO Paul Soliman said Aquino’s initiative aligns with their mission to create transparent and accountable systems. He emphasized that while blockchain is not a cure-all for corruption, it provides immutable records and greater oversight of government actions.
Soliman also revealed that BayaniChain is developing technology to integrate the internal DBM system with the public blockchain, making government spending even more accessible to citizens.
Source: https://coinpaper.com/10762/bam-aquino-proposes-blockchain-to-let-filipinos-track-the-government-budget