Philippine Senator Proposes to Record National Budget on Blockchain Platform

According to Hashgraph, Philippine Senator Bam Aquino suggested at the Manila Technology Summit to record the national budget on a blockchain platform to achieve traceability for every expenditure. Although the related proposal has not yet been formally submitted, this plan will be based on the existing blockchain platform of the Philippine Budget Management Department. This platform has already recorded some financial documents and has become the first budget blockchain platform launched in Asia. Local blockchain infrastructure company BayaniChain pointed out that although blockchain is not a 'magic tool' to solve corruption issues, immutable records can enhance government accountability. Currently, the platform uses the Polygon network as the layer for consensus and transparency, supporting the online publication and verification of documents.