The Philippines explores a Blockchain -based budget system star-news.press/wp

The efforts made to integrate the Blockchain technology into government operations may soon advance in the Philippines. Senator Bam Aquino announced plans to submit a bill that places the country’s national budget on Blockchain platform, with the aim of enhancing transparency and accountability in public spending.

Speaking at the Manila Technology Summit on Wednesday, Akino Make up The proposed procedure seeks to register all government budget transactions on the series, as it can be displayed by citizens.

“No one is crazy enough to put his transactions on Blockchain, where each step will be recorded on the road and transparent for every one citizen. But we want to start,” Akino said at this event.

On Facebook Separate mailSenator highlights his interest in using Blockchain’s budget to ensure “all Peso” account in government spending.

Aquino pointed out that if it succeeds, the Philippines may become the first country to implement such a system on a national scale, although it admitted the uncertainty about the level of support that the proposal will receive.

Blockchain in the Philippine public sector initiatives

Senator’s comments follow a recent offer related to Blockchain by the Ministry of Budget and Administration (DBM). Last month, DBM launched the authenticity of the documents validation on Polygon, which Maria Francesca del Rosario, designed to help face the rise of artificial intelligence and prevent forgery of official documents.

Although it is not clear whether the proposed budget system for Aquino will be linked directly to this initiative, both efforts indicate that there is increasing interest in applying the technician’s book technology distributed to enhance general governance.

Globally, governments experience Blockchain to improve transparency, reduce fraud, and simplify operations. For example, US Trade Minister Howard Lootnick recently announced plans to start publishing official economic statistics, including total local products numbers (GDP), on Blockchain.

Similar initiatives are tested in countries such as Estonia and South Korea, where Blockchain has been used for digital identity systems and voting experiences.

If it is implemented in the Philippines, the Blockchain -based budget system can provide new criteria for tracking in financial management. Each allocation and expenses can be registered constantly, allowing control bodies, auditors, and the general public to verify the flow of government funds in the actual time.

Opportunities and future challenges

While the potential benefits of Blockchain in the government budget are clear, there are still great challenges. The implementation of such a system requires a strong technical infrastructure, comprehensive legal frameworks and widespread political support.

Questions also remain about how to manage sensitive budget data, and whether the entire general professor’s notebook or Blockchain guilty will be more convenient.

Senator Akino stressed that the ultimate goal is to build a more accountable public financing system through technological innovation. However, he confessed to uncertainty about whether Congress and other stakeholders would support this initiative. “If we can do this, I think we will be the first country to get our budget on Blockchain. Of course, I don’t know the type of support I will get,” he said.

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