tldr; The Philippines has become the first country to integrate its entire national budget into a blockchain-based platform called the Digital Bayanihan Chain. This system records every stage of the budget process, creating a tamper-resistant digital ledger to enhance transparency, accountability, and reduce misuse of public funds. Officials aim to modernize government systems and improve auditing and public oversight, positioning the Philippines as a leader in digital governance.
*This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.
Altruistic-Raise-579 on
No way, that actually happened? I skimmed like two headlines and it sounded like clickbait at first, but if they really committed the whole budget it says a lot about how serious they are about transparency. I’m lowkey curious what tooling they’re using to track it all, cuz once you start putting real money on chain the audit logs become insanely valuable for anyone trying to trace weird entries.
pet2pet1993 on
Yes, that exactly the goal, pubic transparent blockchains like Bitcoin one are designed for.
Transparent blockchains are completely inapplicable for financial operations that require even a limited privacy (under KYC, only bank stuff can access your transactions, not other clients of such a bank or arbitrary persons, like in Bitcoin blockchain).
The only blockchain that is applicable for financial operations is Monero blockchain or other private blockchains with sufficient evidence of protection. I don’t know ones, just mentioning ZCash as a still experimental project, with their Halo2 technology.
DaExtinctOne on
I’m from the Philippines and as far as I’m aware, this hasn’t been implemented yet but there are heavy talks within our senate and congress to pass a Blockchain bill. PH government is notorious for corruption, especially at the local level, blockchain can be helpful towards transparency but corruption is sadly embedded deep into our culture so I don’t think it is the entire solution to the problem.
4 Comments
tldr; The Philippines has become the first country to integrate its entire national budget into a blockchain-based platform called the Digital Bayanihan Chain. This system records every stage of the budget process, creating a tamper-resistant digital ledger to enhance transparency, accountability, and reduce misuse of public funds. Officials aim to modernize government systems and improve auditing and public oversight, positioning the Philippines as a leader in digital governance.
*This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.
No way, that actually happened? I skimmed like two headlines and it sounded like clickbait at first, but if they really committed the whole budget it says a lot about how serious they are about transparency. I’m lowkey curious what tooling they’re using to track it all, cuz once you start putting real money on chain the audit logs become insanely valuable for anyone trying to trace weird entries.
Yes, that exactly the goal, pubic transparent blockchains like Bitcoin one are designed for.
Transparent blockchains are completely inapplicable for financial operations that require even a limited privacy (under KYC, only bank stuff can access your transactions, not other clients of such a bank or arbitrary persons, like in Bitcoin blockchain).
The only blockchain that is applicable for financial operations is Monero blockchain or other private blockchains with sufficient evidence of protection. I don’t know ones, just mentioning ZCash as a still experimental project, with their Halo2 technology.
I’m from the Philippines and as far as I’m aware, this hasn’t been implemented yet but there are heavy talks within our senate and congress to pass a Blockchain bill. PH government is notorious for corruption, especially at the local level, blockchain can be helpful towards transparency but corruption is sadly embedded deep into our culture so I don’t think it is the entire solution to the problem.