Following its announcement to explore blockchain technology for storing the national budget, the Philippine government has introduced Senate Bill 1330, the ‘Blockchain the Budget Bill,’ to place the national budget on the blockchain to enhance transparency.
The Philippines Senator, Bam Aquino, officially informed the landmark initiative on X, stating: “No hidden costs. No loopholes. Every contract, every project — can be tracked, audited, and understood by every Filipino.”
On-chain governance for accountable and transparent government
As the Senator put in his words, the new bill makes the government more efficient, transparent, and accountable by giving the public access to the national budget. Initially announced during the Manila Tech Summit in August, Bam Aquino underscored that while it may seem crazy to put transactions on blockchain, where every transaction is traceable, the government is ready to lead the way. The government has reportedly chosen Polygon as the blockchain to host the entire national budget.
The news wakes up amid the increasing use cases of blockchain for various cases, including the recent GDP storage on blockchain by the US Department of Commerce.
The news lands amid growing blockchain use cases, including the recent move by the US Department of Commerce to store GDP data on the blockchain.
