The post Philippines Launches Blockchain Budget System Despite Polygon Outage appeared first on Coinpedia Fintech News
The Philippines has taken a major step forward in its digital transformation, launching a new blockchain-based system for validating govt. documents. The rollout went ahead as planned, even as the Polygon network it runs on faced a temporary outage.
Here are the details – dive in!
Blockchain Launch Pushes Through Despite Glitch
The new system was launched on the Polygon network, on the same day it experienced a brief disruption caused by a bug in its Heimdall v2 client. Although some services were affected, the network continued processing blocks, and the issue was resolved within hours.
Government officials were undeterred. They emphasized that short-term issues would not hold back long-term progress. The move highlights the Philippines’ commitment to building a more secure and efficient digital infrastructure.
Maria Francesca Montes Del Rosario, Undersecretary at the Department of Budget and Management (DBM), shared the announcement through a Facebook post.
As per a report from Bitpinas, Del Rosario explained that blockchain technology helps counter deepfakes and document forgery, offering a secure way to verify government files.
“We are using cutting-edge technology like AI, blockchain, and satellite imaging to enhance how we do public policy and governance,” she said.
Budget Transparency on the Blockchain
The project is powered by the local blockchain company Bayanichain. Paul Soliman, CEO of Bayanichain, called the partnership with the Department of Budget and Management a milestone for transparency and accountability in public finance.
The government’s new system uses blockchain as a secure, tamper-proof record for verifying official budget documents. Instead of storing the actual files, the system records a hash, a unique digital fingerprint that proves a document hasn’t been changed.
Users can visit blockchain.dbm.gov.ph to search or scan QR codes and instantly verify if a document is authentic and matches the blockchain record.
What Documents Can Be Verified?
The public now has access to key government budget documents through this system, including:
- Special Allotment Release Orders (SAROs)
- Notices of Cash Allocation (NCAs)
These documents show where public funds are going and when they are released, giving citizens a clearer view of government spending.
Alongside its blockchain push, the Philippines has introduced stricter rules for crypto exchanges. Platforms must now register locally, maintain a minimum paid-up capital of about $1.8 million, and secure licenses from both the Securities and Exchange Commission (SEC) and the Bangko Sentral ng Pilipinas (BSP).
In a move to safeguard users, Scam Watch Pilipinas has partnered with Chainabuse. Users can now report suspicious crypto activity and fraudulent crypto transactions.
