Philippines Launches Asia's First Large-Scale Gov't Blockchain Budget Platform
The Department of Budget and Management (DBM) in the Philippines has launched a blockchain-based platform, marking one of Asia's first large-scale government implementations of this technology. The public can now inspect how funds are authorized and released through the portal at blockchain.dbm.gov.ph.
The new platform, blockchain.dbm.gov.ph, records key budget documents on a blockchain, making them tamper-proof. It focuses on Special Allotment Release Orders (SAROs) and Notices of Cash Allocation (NCAs), which are immutably written to the Polygon blockchain as Non-Fungible Tokens (NFTs) once approved. This prevents alteration or fraud.
The public can verify documents issued from 2024 onwards by scanning a QR code or searching manually on the portal. The DBM has adopted blockchain technology in the government budgeting process and plans to expand its use to cover the entire budget lifecycle, complemented by AI-assisted analytics.
The DBM's blockchain-based platform is a significant step towards transparent and secure public financial administration in the Philippines. It allows the public to verify key budget documents, enhancing trust and accountability. The DBM's plans to expand blockchain use and integrate AI-assisted analytics further underscore its commitment to modernizing and securing the budgeting process.
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