Philippine Senator Bam Aquino proposed at the Manila Tech Summit to record the national budget on a blockchain platform to enhance transparency and accountability in government spending. This initiative aims to allow citizens to track the flow of every peso. Although no formal bill has been submitted yet, the plan will be based on the existing blockchain platform of the Department of Budget and Management (DBM) of the Philippines. Local blockchain company BayaniChain expressed support for this but emphasized that blockchain is not a cure-all for corruption.

Senator Calls for Budget on Blockchain to Enhance Transparency

At the Manila Tech Summit on Wednesday, Philippine Senator Bam Aquino put forward a bold initiative: to record national budget transactions on the blockchain for greater transparency and citizen oversight. He stated, "No one would be crazy enough to put transactions on the blockchain, making every step transparent to every citizen. But we want to start." Aquino believes that if this goal is achieved, the Philippines could become the first country in the world to fully integrate its national budget into blockchain.

Despite the attention this proposal has garnered, Aquino admitted he is unsure how much support he will receive. As of now, no formal bill regarding a blockchain-based national budget management system has been submitted, and his representatives did not immediately respond to media requests for comments.

Based on Existing Blockchain Platform

If the plan is officially implemented, it will rely on the existing blockchain budget management platform of the Department of Budget and Management (DBM) in the Philippines. This platform is the first real-time on-chain budget system in Asia and is currently used to record some financial documents. Aquino's proposal will further expand on this foundation, enabling the entire national budget's transaction processes to be recorded on-chain and publicly verified.

BayaniChain, the local blockchain infrastructure company providing technical support for the DBM's on-chain platform, welcomed this initiative. Paul Soliman, co-founder and CEO of BayaniChain, stated, "Senator Aquino's vision aligns with ours to create a more transparent and accountable system for the Philippines." He further pointed out that while blockchain technology is not a "magic bullet" for solving corruption, its immutable record-keeping feature can effectively enhance accountability among government officials.

Technical Architecture and Operational Mechanism

BayaniChain's technical solution connects DBM's internal systems with a public blockchain through its platform, Prismo. Prismo acts as an orchestration layer responsible for data processing, encryption, and verification. Key budget documents, such as Special Allotment Release Orders (SARO) and Notices of Cash Allocation (NCA), can be published online and verified and protected through the blockchain. The DBM's budget platform uses Polygon's proof-of-stake network (a scaling solution compatible with the Ethereum Virtual Machine) as a consensus and transparency layer, ensuring the security and traceability of records.

Outlook and Challenges

Aquino's proposal brings new possibilities for public financial management in the Philippines. By putting the budget on-chain, the government can not only enhance spending transparency but also potentially provide a replicable model for other countries. However, the implementation of blockchain technology must overcome multiple challenges, including technical, legal, and political hurdles. BayaniChain's Soliman emphasized that the transparency of blockchain is its core advantage, but achieving comprehensive budget on-chain will still require broad collaboration and support.

Conclusion

Philippine Senator Bam Aquino's proposal marks another innovative attempt to apply blockchain technology in the field of public governance. Although no formal bill has been submitted yet, the plan based on the existing DBM platform provides a technological guarantee for budget transparency. In the future, if implementation obstacles can be overcome, the Philippines may become a pioneer in the digitalization of budget management, setting an example for other countries.

免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。