Philippine Senator Bam Aquino has introduced an initiative to implement blockchain technology for ensuring transparency in the national budget. This could be a significant step in the fight against corruption.
Blockchain Initiative for Budget
Senator Bam Aquino has proposed placing the national budget on blockchain to ensure transparency and accountability. Aquino noted that no one would risk placing their transactions on the blockchain, where every step is visible, but they want to begin this process. He envisions a platform where every Filipino can track the national budget's use. If realized, the Philippines could become the first country to implement blockchain technology for its government budget.
Fighting Corruption and Online Gambling
Aquino also described online gambling as an abuse of trust among Filipinos and promised stricter regulations, including blocking access to gambling apps and websites.
Support from BayaniChain Technology
Aquino’s initiative will leverage the Department of Budget and Management’s (DBM) blockchain platform, which already publishes financial documents and is the first of its kind in Asia. Local blockchain company BayaniChain, which developed the DBM platform, expressed support for Aquino’s vision, although it does not collaborate directly with him. BayaniChain co-founder and CEO Paul Soliman stated that Aquino’s initiative aligns with their mission to create transparent and accountable systems. He emphasized that while blockchain is not a cure-all for corruption, it provides immutable records and greater oversight of government actions.
Implementing blockchain technology may be a significant step towards increasing transparency in the Philippine government budget and combating corruption. Senator Aquino's initiative finds support among local technologies, which may help facilitate its realization.
