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Philippines: Senator Proposes Putting National Budget on Blockchain

Senator #Philippines , Bam Aquino, has proposed uploading the entire national budget to a blockchain platform to enhance transparency and allow citizens to track every expenditure. Although no official bill has been submitted yet, this plan will be based on the existing blockchain platform of the Philippines Department of Budget and Management.

Anti-Corruption Solution

Aquino's proposal aims to create a public and immutable system where every transaction is recorded. According to Paul Soliman, CEO of #BayaniChain – the company behind the Department of Budget's blockchain platform, this technology is not a "silver bullet" against corruption, but it creates immutable records to ensure accountability from government officials.

Potential and Technology

The current platform of the Philippines Department of Budget has recorded some selective financial documents and is the first on-chain budgeting platform in Asia. It uses the Polygon Proof-of-Stake network, a scaling solution from $ETH , to ensure consensus and transparency. Putting the entire budget on the blockchain would make the Philippines a pioneer in the world in applying this technology to public governance. #anh_ba_cong