Philippine Sen. Bam Aquino hopes that the country’s national budget will be placed on the blockchain platform.
“It’s not crazy enough for everyone to put transactions on the blockchain. Here, every citizen is logged and transparent. But we want to start,” Aquino said. statement at the Manila Institute of Technology Summit on Wednesday.
“If we can do this, I think we will be the first country to budget for blockchain,” Aquino said.
At the time of writing, no formal proposals have been submitted for a blockchain-driven budget management system expanded to fit the national budget. Representatives of Senator Aquino did not return immediately Decrypt’s Request a comment.
But once it’s formal, Senator Aquino’s plan will be built on the existing blockchain of the Department of Budget and Control Platformalready recorded selected financial documents and is Asia’s first live-on-chain budgeting platform.
BayaniChain, the local blockchain infrastructure company behind DBM’s on-chain platform, welcomed Aquino’s remarks, but revealed that he was not directly involved with the senator.
“His vision is consistent with our vision. We will create a more transparent and accountable system for the Philippines,” said Paul Soliman, co-founder and CEO of Bayani Chain. Decryption. “Blockchain is not a silver bullet for corruption, but it creates an immutable record that ensures accountability from government officials.”
Soliman said the role of BayaniChain is to provide technology that connects the budget and Ministry of Management’s internal systems to public blockchains.
This setup allows you to publish and verify key budget documents online, such as special allocation release orders (SAROs) and cash allocation notices (NCAS) and secure on-chain records.
As an orchestration layer, Prismo manages data processing, encryption, and verification. DBM’s budget platform uses Polygon Stake Proof Network is an Ethereum scaling solution that is fully compatible with Ethereum Virtual Machine, as its consensus and transparent layer.
