Department of Budget and Management Adopts Blockchain for Budget Transparency

The Department of Budget and Management (DBM) has officially adopted blockchain technology in the government budgeting process to enhance transparency and accountability in public financial management.

In partnership with BayaniChain and ExakIT Services, the DBM has launched a public portal, blockchain.dbm.gov.ph, that records key budget documents on a blockchain.

The new platform makes records of Special Allotment Release Orders (SAROs) and Notices of Cash Allocation (NCAs) tamper-proof and allows the public to inspect how the DBM authorises and releases funds.

The Department of Budget & Management Undersecretary Goddes Hope “Sasa” Libiran described blockchain as more than just a buzzword.

Goddes Hope “Sasa” Libiran

“It’s a governance tool. By leveraging this technology, we can ensure that every peso is accounted for, every transaction is transparent, and every citizen can trust how public funds are managed,” Libiran stated.

Under the new system, once SAROs and NCAs are approved, they are immutably written to the Polygon blockchain as Non-Fungible Tokens (NFTs) to prevent any alteration or document fraud.

The public can verify documents issued from 2024 onwards by either scanning the QR code on a valid SARO or NCA, or by searching manually on the new portal.

The DBM noted that while blockchain has gained traction in the private sector, this initiative is one of the first large-scale government implementations of the technology in Asia.

The department plans to expand the use of blockchain to cover the entire budget lifecycle, from planning and allocation to disbursement and auditing, complemented by AI-assisted analytics to detect anomalies and inform fiscal policy.

Source: Fintech News Philippines