Blockchain use

[kotajikikox]

While other countries are making use of cryptocurrencies by buying or investing in bitcoin or making this a reserve, a senate in the Philippines has proposed something else. He thinks that using blockchain technology can ensure transparency in a very corrupt government. Even now the country is going through a big issue regarding corruption.

Senator Bam Aquino has submitted a measure mandating the creation of a National Budget Blockchain System to strengthen transparency, accountability, and public participation in the country's budget process.

Under Aquino's Senate Bill No. 1330, blockchain technology will be utilized to ensure that every peso of public funds allocated in the national budget is traceable, transparent, auditable, and accessible to citizens in real time.

"Sa paggamit natin ng makabagong teknolohiya, masisiguro natin na bawat piso sa ating national budget ay mapupunta sa pinaglalaanan. Matitiyak din ng taumbayan na ito'y nagagamit sa tama, hanggang sa huling sentimo," Aquino stressed.

Translation: “In our use of the modern technology, we can ensure that every coin in our national budget will go to where it’s supposed to. The people can also ensure that this will be used correctly, up until the last cent,”.

It makes me think whether the usage of blockchain technology is a lot more effective in integrating cryptocurrency in a country. Will the use of blockchain lead to the country finally accepting bitcoin and maybe not only holding it as a reserve but also to be used in local transactions?

[BattleDog]

Blockchain can improve accountability if it's public, independently verifiable, and anchored.

Otherwise it's just buzzwords. If they do want an easy win, start with the current budget system + daily hash commitments to Bitcoin--cheap, auditable, and hard to fake.

[AVE5]

While other countries are making use of cryptocurrencies by buying or investing in bitcoin or making this a reserve, a senate in the Philippines has proposed something else. He thinks that using blockchain technology can ensure transparency in a very corrupt government. Even now the country is going through a big issue regarding corruption.

It is ridiculous on how people actually think blockchain can enforce regulations in a centralized World.
If the governments want to fight money laundering, is a politician thing which power and authorities lies on them, themselves are the roots of corruptions, blockchain came with an effort to give monetary system privilege to enhance users privacies and gives self custodian of funds that is far more secretive of users identifies than that of their conventional system which is regulated.
Don't also be surprised, the blockchain is not a hiding place after stealing public funds and the authorities are after you if residing in a region with better regulating structures and are knowledgeable about the core of blockchain but don't consider it to impact your corruption.

[henry_of_skalitz]

Will this blockchain be centralized and be branched under the gov, or what would be the case?

[Mahiyammahi]

If it's the question about Politics and corruption even in blockchain/crypto corruption is possible. What if CA deployer leave that token mintable , dump massive amount of token at once and fabricate it as a hacking. Unless they are fully dependent on Bitcoin and accepting it anything can be possible. Only BTC and BTC is transparent. I ain't gonna buy anything if our govt gonna launch their own ALT

[bullbandit9]

While other countries are making use of cryptocurrencies by buying or investing in bitcoin or making this a reserve, a senate in the Philippines has proposed something else. He thinks that using blockchain technology can ensure transparency in a very corrupt government. Even now the country is going through a big issue regarding corruption.

It can, but it is never going to happen. Firstly, because there is no real interest in resolving corruption. Secondly, those who implement these technologies and their advisers do not have the knowledge that is necessary to build systems to combat corruption with blockchain. Even if they decide to adopt it somehow, it will be in a way where it barely does anything so essentially a fake fight against corruption.

It makes me think whether the usage of blockchain technology is a lot more effective in integrating cryptocurrency in a country.

A blockchain without a cryptocurrency is useless, you may as well use a database.

Will the use of blockchain lead to the country finally accepting bitcoin and maybe not only holding it as a reserve but also to be used in local transactions?

No.

[famososMuertos]

OP: The treasury should be publicly available for consultation. All information is supposedly 'available'—and I say that in quotes—because only certain items are public, such as the total budget or the person in charge. We assume that the judiciary and the legislature review these documents, as those are the three branches of government in most 'free' countries.

But regardless, if there's no proper oversight or inspection, you can have blockchain, and corruption will still exist. The real issue lies with the individuals; it all comes down to the people who are in charge of the oversight. Technology can make that information accessible, but it still ultimately depends on individuals. The people are the ones who should be the most interested, yet they are the least vigilant. Some don't even go out to vote.

As for the specific topic, this is an old debate. It's been discussed many times. In theory, it's very useful, but there are always a lot of barriers or old mindsets that get in the way of its development.

[CryptoYar]

You made great point about difference between using blockchain technology and adopting Bitcoin as currency. Senator Aquino plan to use blockchain for government transparency is excellent example of using technology to solve corruption without dealing with risks of volatile currency. And this project is not guaranteed to lead to Philippines accepting Bitcoin for transactions but successful outcome could build trust and understanding of technology potentially paving way for country to consider Bitcoin as future asset.

[Darker45]

It's not about the use of Bitcoin. This is more of taking advantage of a technology also used by Bitcoin for something else. The blockchain technology can be used outside Bitcoin or without necessarily integrating cryptocurrency.

I haven't read the bill, but that's not what's actually important. Provided the bill would pass, which I seriously doubt, it's the IRR or Implementing Rules and Regulations that truly matter. That's where the details are specified on how the law would be applied on the ground. And the devil is in the details.

In the first place, a blockchain doesn't necessarily represent immutability, decentralization, and the like. I'm more than sure that if this bill is passed into law, the blockchain used would be centralized and mutable. Therefore, pointless. And, so what, if we can see the specific budget allocations per agency or department on a blockchain? Does that hinder corruption? No! Could the blockchain indicate that a billion-worth project is honestly built? No!

[Cookdata]

Will this blockchain be centralized and be branched under the gov, or what would be the case?

Good question but I still think a blockchain that is going to exist under the influence of the government is going to be centralized. Right to control is what they are after which of course they can edit, change and manipulate information is what they are after. Not sure if the government is going to allow a decentralized blockchain use like the way Bitcoin exist and what's blockchain in the first place if it's centralized.

There is nothing new under the government watch that is new to me, they can come again with another color of plan, maybe blockchain of the states.

[BlackBoss_]

It's not about the use of Bitcoin. This is more of taking advantage of a technology also used by Bitcoin for something else. The blockchain technology can be used outside Bitcoin or without necessarily integrating cryptocurrency.

Bitcoin is not a first ever cryptocurrency but it is a first ever successful one and it plays very big role of pioneering blockchain technology to a new era which is massively developed and accepted by business, governments and people. The blockchain technology can be applied for all industries and areas so it's a world-changing technology and it's good as Bitcoin is a leader of this technological innovation.

Bitcoin prehistory.

[X-ray]

It will work as long as they're using existing blockchain where it's transparent and nodes are being run by people who have nothing to do with the politics.

Otherwise I don't think it will work. Especially if they are creating their own blockchain in which they control more than 51% of miners. That's just straight up waste of resource.

So if they really want to do that. Use bitcoin.

[Iranus]

It makes me think whether the usage of blockchain technology is a lot more effective in integrating cryptocurrency in a country. Will the use of blockchain lead to the country finally accepting bitcoin and maybe not only holding it as a reserve but also to be used in local transactions?

Although blockchain technology is closely associated with the birth of bitcoin, and it can be said that without bitcoin, blockchain technology would not exist. But we need to admit that over the years, Blockchain technology has evolved into an independent technology. Today, there are many different blockchains and they can be applied in many different fields.

It can be said that they are two different entities, so government adoption of blockchain does not mean they will adopt bitcoin. They have many options, especially centralized blockchain, as it is more suitable for their centralized system.

[BitGoba]

While other countries are making use of cryptocurrencies by buying or investing in bitcoin or making this a reserve, a senate in the Philippines has proposed something else. He thinks that using blockchain technology can ensure transparency in a very corrupt government. Even now the country is going through a big issue regarding corruption.

Senator Bam Aquino has submitted a measure mandating the creation of a National Budget Blockchain System to strengthen transparency, accountability, and public participation in the country's budget process.

Under Aquino's Senate Bill No. 1330, blockchain technology will be utilized to ensure that every peso of public funds allocated in the national budget is traceable, transparent, auditable, and accessible to citizens in real time.

"Sa paggamit natin ng makabagong teknolohiya, masisiguro natin na bawat piso sa ating national budget ay mapupunta sa pinaglalaanan. Matitiyak din ng taumbayan na ito'y nagagamit sa tama, hanggang sa huling sentimo," Aquino stressed.

Translation: “In our use of the modern technology, we can ensure that every coin in our national budget will go to where it’s supposed to. The people can also ensure that this will be used correctly, up until the last cent,”.

It makes me think whether the usage of blockchain technology is a lot more effective in integrating cryptocurrency in a country. Will the use of blockchain lead to the country finally accepting bitcoin and maybe not only holding it as a reserve but also to be used in local transactions?

Blockchain only makes sense as a monetary protocol and money Bitcoin. Everything else is an scam.Blockchain is technologies developed in the 1990s, but until Bitcoin, it had no meaningful or practical use. It was Bitcoin that gave blockchain its first and only real purpose  as the foundation for decentralized money.Blockchain only makes sense when combined with Proof of Work. Without it, it loses its essence decentralization, security, and censorship resistance.Blockchain by itself is nothing more than a distributed database, but a very expensive and inefficient one. Unlike traditional databases, which are fast and cheap, blockchain is slow and requires enormous resources to maintain. Without additional mechanisms like Proof of Work, it has no real value, because its infrastructure is too complex and costly for what it provides

Mainstream media and propaganda have often pushed the narrative that blockchain is something big and revolutionary while portraying Bitcoin as insignificant or secondary. In reality, the truth is the opposite Bitcoin is the fundamental innovation that gives blockchain its meaning, while blockchain by itself is just a technology without real value
similar narrative is used by various scamers crypto and  token creators to promote their projects and offer new ‘uses’ for blockchain that make no real sense. When you dig deeper and examine closely, it becomes clear that only Bitcoin has true meaning and real value on the blockchain, while other uses are mostly impractical or unnecessary.

[davis196]

It makes me think whether the usage of blockchain technology is a lot more effective in integrating cryptocurrency in a country. Will the use of blockchain lead to the country finally accepting bitcoin and maybe not only holding it as a reserve but also to be used in local transactions?

If blockchain technology was so effective, many governments and companies would have implemented it years ago.
Using blockchain technology to keep track on fiat transactions and make them transparent seems like a weird idea to me.
I don't believe that blockchain technology could ever stop or reduce corruption. Adopting Bitcoin or any other other cryptocurrency also won't stop corruption. We should ask ourselves "Why would a country want to adopt Bitcoin?" and please don't use El Salvador as an example.
El Salvador adopted Bitcoin simply because Nayib Bukele is a Bitcoiner. Is there any real benefit, that could Bitcoin bring to a country?

[OcTradism]

If blockchain technology was so effective, many governments and companies would have implemented it years ago.
Using blockchain technology to keep track on fiat transactions and make them transparent seems like a weird idea to me.
I don't believe that blockchain technology could ever stop or reduce corruption. Adopting Bitcoin or any other other cryptocurrency also won't stop corruption. We should ask ourselves "Why would a country want to adopt Bitcoin?" and please don't use El Salvador as an example.
El Salvador adopted Bitcoin simply because Nayib Bukele is a Bitcoiner. Is there any real benefit, that could Bitcoin bring to a country?

Bitcoin is itself and it can serve many people and entities that accept Bitcoin, see its advantage and know how to use Bitcoin blockchain and bitcoins for benefits. It can be used very differently between people and nations but it's individual, business and national choice. Corruption in any nation must be solved by the government there and perhaps together with their citizens. Bitcoin if play any role in the national change and improvements will have only limited role and significance.

I believe that none of us are governments or government secret agency here, so we have a common advantage that if you are aware of it, we can benefit considerably from it. Imagine like Presidents like Nayib Bukele or Trump can come and go by any reasons while Bitcoin will be here with us. If we already see good things Bitcoin can help us, we can simply invest in bitcoin and hold it to wait for good profit in the future.

[melinoe]

It makes me think whether the usage of blockchain technology is a lot more effective in integrating cryptocurrency in a country. Will the use of blockchain lead to the country finally accepting bitcoin and maybe not only holding it as a reserve but also to be used in local transactions?

If blockchain technology was so effective, many governments and companies would have implemented it years ago.
Using blockchain technology to keep track on fiat transactions and make them transparent seems like a weird idea to me.
I don't believe that blockchain technology could ever stop or reduce corruption. Adopting Bitcoin or any other other cryptocurrency also won't stop corruption. We should ask ourselves "Why would a country want to adopt Bitcoin?" and please don't use El Salvador as an example.
El Salvador adopted Bitcoin simply because Nayib Bukele is a Bitcoiner. Is there any real benefit, that could Bitcoin bring to a country?

To big countries - I wouldn't think so, other than diversification of their already existing reserves, attraction of innovation, and new digital payment options.

All of these would already be there in the fiat form, BTC would be just another option that may be used by the people that would want it..

[Guccho]

I think, using blockchain to make the government's budget transparent is a smart move, and it tackles a very real problem in the Philippines: corruption. If all pesos are traceable and auditable, that could create much more trust in how public funds are spent.
That said, this doesn't necessarily mean the country will begin using Bitcoin or other cryptocurrencies right away. Blockchain for transparency and crypto adoption have a relationship but are not the same thing. Still, a government that begins to get comfortable with blockchain technology could be friendlier to experimenting with digital assets in the future. It sounds like a small, but important step to modernising the system.

[john_egbert]

I think, using blockchain to make the government's budget transparent is a smart move, and it tackles a very real problem in the Philippines: corruption. If all pesos are traceable and auditable, that could create much more trust in how public funds are spent.
That said, this doesn't necessarily mean the country will begin using Bitcoin or other cryptocurrencies right away. Blockchain for transparency and crypto adoption have a relationship but are not the same thing. Still, a government that begins to get comfortable with blockchain technology could be friendlier to experimenting with digital assets in the future. It sounds like a small, but important step to modernising the system.

Wouldn't this blockchain be centralized too?

And due to it, even if we track everything on it, be accountable to the departments that may be with the people that cause problems in the first place?

[peter0425]

Blockchain can improve accountability if it's public, independently verifiable, and anchored.

Otherwise it's just buzzwords. If they do want an easy win, start with the current budget system + daily hash commitments to Bitcoin--cheap, auditable, and hard to fake.

Honestly, is the Philippines ready for such a thing? I know there are very skilled and capable technologists or developers in the country but are they being granted enough money to be able to do what the senator hopes them to do? The money needed for such technology should be first used properly and not go to corrupt politicians. But it is a good initiative.