Senator Bam Aquino has filed a new bill using blockchain technology in allocating the national budget called Blockchain the Budget Bill.
Aquino’s Senate Bill No. 1330, or Blockchain the Budget Bill will be used as a way of accountability. This means that the nation’s budget transactions will have transparency while also being auditable and immutable.
“This bill seeks to modernize budget transparency and accountability through the use of blockchain technology. The goal is not only to make sure that the budget is publicly available, but also to ensure that it is accessible and open for citizen engagement,” Aquino explained, “This ensures that every peso can be tracked by the public. No more ‘fly-by-night’ contractors. No more hidden projects unknown to local governments.”
Should the Blockchain the Budget Bill be enacted, this would let the the Department of Information and Communications Technology (DICT) along with Department of Budget and Management and the Commission on Audit create a blockchain-based budget system that has records of the national budget, being marked as digital public assets (DPAs). There will also be a public portal with real-time access to the DPAs.
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