Key Points
- Aquino seeks to implement blockchain technology for national budget transparency.
- New regulations on online gambling will restrict access to apps and websites.
- BayaniChain connects government systems with public blockchain technology.
Philippines Considers Blockchain for Budget Transparency
Philippine Senator Bam Aquino has suggested implementing the national budget on the blockchain to enhance transparency and accountability.
“No one would be foolish enough to put their transactions on the blockchain, where everything is public. But we aspire to initiate this journey,” Aquino stated at the Manila Tech Summit.
Aquino envisions a system where every citizen can monitor the national budget. Should this initiative succeed, the Philippines could become the pioneering nation to adopt blockchain technology for managing its government budget.
Tackling Corruption and Online Gambling
The senator also described online gambling as a betrayal of public trust and pledged to enforce tighter regulations, including blocking access to gambling applications and websites.
Once established, Aquino’s proposal will utilize the Department of Budget and Management’s (DBM) blockchain platform, which already publishes financial documents and is the first of its kind in Asia.
BayaniChain, the local blockchain firm that developed the DBM’s blockchain platform, voiced support for Aquino’s vision, albeit without a direct collaboration.
Paul Soliman, co-founder and CEO of BayaniChain, remarked that Aquino’s initiative is in line with their objective to foster transparent and accountable systems. He pointed out that while blockchain may not eradicate corruption, it does provide unalterable records and enhances governmental oversight.
Soliman also disclosed that BayaniChain is working on technologies to integrate the internal DBM system with publicly accessible blockchain, thus making government expenditures more transparent and accessible to the populace.
