The Philippines might be about to become a blockchain pioneer. Senator Bam Aquino wants to put the country’s entire national budget onto a blockchain. His goal? More transparency and accountability in government spending.
A Transparent Budget?
Aquino’s plan is to log every single government transaction on a blockchain, making it visible to everyone. He acknowledges it’s a bold move, saying, “No one is crazy enough to put their transactions on blockchain…But we want to start.” He envisions a system where every peso is accounted for. If successful, the Philippines would be the first country to do this on a national scale. However, he admits he’s unsure how much support the idea will get.
Blockchain in the Philippines: It’s Already Happening
This isn’t the first time the Philippines has used blockchain in government. The Department of Budget and Management (DBM) recently launched a system on Polygon to verify documents and fight against fake information. While it’s not clear if Aquino’s budget plan will connect to this, it shows a growing interest in blockchain for better governance.
Other countries are also experimenting with blockchain in government: The US is looking at putting economic data on a blockchain, and places like Estonia and South Korea are using it for things like digital IDs and voting.
The Ups and Downs of a Blockchain Budget
A blockchain-based budget would be amazing for transparency. Every expense and allocation would be recorded permanently, letting anyone – auditors, oversight bodies, and the public – track the money in real time.
But there are challenges. It needs strong tech, clear laws, and political support. There are also questions about how to handle sensitive budget data – should it be completely public, or only accessible to certain people?
Aquino’s ultimate goal is a more accountable government, but he’s realistic about the hurdles ahead. He’s hoping for support, but isn’t taking anything for granted.