PANews reported on August 28th that, according to Decrypt, Philippine Senator Bam Aquino proposed at the Manila Tech Summit that the national budget be recorded on a blockchain platform so that every expenditure could be tracked by citizens. Although the proposal has not yet been formally submitted, the plan would be based on the Philippines Budget Management Department's existing blockchain platform, which already records some financial documents and has become the first budget blockchain platform to go live in Asia. BayaniChain, a local blockchain infrastructure company, stated that while blockchain is not a panacea for corruption, it can enhance government accountability through immutable records. Currently, the platform uses the Polygon network as a consensus and transparency layer, supporting the online publication and verification of documents.PANews reported on August 28th that, according to Decrypt, Philippine Senator Bam Aquino proposed at the Manila Tech Summit that the national budget be recorded on a blockchain platform so that every expenditure could be tracked by citizens. Although the proposal has not yet been formally submitted, the plan would be based on the Philippines Budget Management Department's existing blockchain platform, which already records some financial documents and has become the first budget blockchain platform to go live in Asia. BayaniChain, a local blockchain infrastructure company, stated that while blockchain is not a panacea for corruption, it can enhance government accountability through immutable records. Currently, the platform uses the Polygon network as a consensus and transparency layer, supporting the online publication and verification of documents.
Philippine senators propose recording national budget on blockchain
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PANews reported on August 28th that, according to Decrypt, Philippine Senator Bam Aquino proposed at the Manila Tech Summit that the national budget be recorded on a blockchain platform so that every expenditure could be tracked by citizens. Although the proposal has not yet been formally submitted, the plan would be based on the Philippines Budget Management Department's existing blockchain platform, which already records some financial documents and has become the first budget blockchain platform to go live in Asia.
BayaniChain, a local blockchain infrastructure company, stated that while blockchain is not a panacea for corruption, it can enhance government accountability through immutable records. Currently, the platform uses the Polygon network as a consensus and transparency layer, supporting the online publication and verification of documents.
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