Philippines Revolutionizes Public Spending with Polygon Blockchain for Unmatched Transparency
In a groundbreaking move, the Philippines has adopted Polygon blockchain to track public spending, ensuring unprecedented transparency and accountability in government finance. This initiative marks a significant leap in digital governance, leveraging blockchain’s immutable ledger to combat fraud and enhance trust.
How the Philippines is Using Polygon Blockchain for Public Spending
The Department of Budget and Management (DBM) has partnered with local blockchain firm BYC to deploy a blockchain-based system via the Lumen Blockchain-as-a-Service (BaaS) platform. Key budgetary documents like Special Allotment Release Orders (SAROs) and Notices of Cash Allocation (NCAs) are now recorded on the Polygon blockchain, enabling real-time verification by citizens and auditors.
Key Features of the Blockchain System
- Immutable Records: Once documents are published on the blockchain, they cannot be altered without leaving a trace.
- Public Access: Citizens can verify transactions through the portal blockchain.dbm.gov.ph using document numbers or QR codes.
- Integration with Existing Systems: The system connects DBM’s internal Action Document Releasing System (ADRS) with a blockchain gateway built by BYC.
Why Polygon Blockchain?
Polygon’s scalable and secure infrastructure makes it an ideal choice for public administration. The Philippines joins a growing list of governments adopting blockchain to enhance transparency and reduce fraud.
Future Expansion Plans
Officials plan to extend the system to procurement contracts and inventory management, further solidifying the country’s commitment to digital accountability.
FAQs
1. What documents are recorded on the Polygon blockchain?
Key budgetary documents like SAROs and NCAs are recorded for public verification.
2. How can citizens access these records?
Through the portal blockchain.dbm.gov.ph using document numbers or QR codes.
3. What is Project Marissa?
A DBM initiative launched in 2023 to streamline and secure public services through digital integration.
4. Why is blockchain technology important for public spending?
It ensures immutability and transparency, reducing the risk of fraud and unauthorized modifications.
