Philippine senators propose recording national budget on blockchain

According to Decrypt, Philippine Senator Bam Aquino proposed at the Manila Tech Summit that the national budget be recorded on a blockchain platform, enabling citizens to track every expenditure. While the proposal has not yet been formally submitted, the plan would build on the Philippines' budget management department's existing blockchain platform, which already records some financial documents and is the first budget blockchain platform to go live in Asia. BayaniChain, a local blockchain infrastructure company, stated that while blockchain is not a panacea for corruption, it can enhance government accountability through immutable records. Currently, the platform uses the Polygon network as a consensus and transparency layer, supporting the online publication and verification of documents.