Philippine Senator Bam Aquino seeks to put the national budget on the blockchain to make all government spending traceable and auditable by citizens.
He confirmed during the Manila Technology Summit that this step will achieve full transparency, acknowledging that the idea may face challenges in political acceptance. The proposal has not yet been formally submitted, but it will rely on the current blockchain platform of the Philippine Department of Budget, which is the first of its kind in Asia.
Local blockchain company BayaniChain, which developed the current platform, commented that blockchain technology provides immutable records and enhances transparency, although it is not a magic solution to corruption. The platform operates through the Polygon network to securely document key budget documents and make them verifiable.