Several lawmakers in the House of Representatives and the Senate have introduced bills that aim to place the national budget on the blockchain. However, there’s one important aspect we should always bear in mind — the cost.
During the House Committee on Appropriations hearing for the Department of Information and Communications Technology (DICT), Rep. Niko Raul Daza (Northern Samar, 1st District) asked DICT Secretary Henry Aguda about the department’s view on using blockchain for the national budget.
Sec. Aguda described blockchain as an “immutable ledger where all transactions are written and are forever kept.” He added that “it’s a technology that allows people not to be able to modify, subvert, or delete the information.”
The DICT stated that it has several initiatives and is working with other government agencies to implement blockchain technology, with the goal of improving governance, such as the Department of Budget and Management (DBM). The DICT also noted that the eGov app is already blockchain-ready.
When asked about the estimated budget requirement to implement blockchain in the government, Sec. Aguda answered that it might range from a couple of hundred million to a billion or so, depending on the scope.
While implementing the national budget on the blockchain will improve its transparency, some may question whether it’s worth it. However, if the cost of about Php1 billion for setup and maintenance can save more tax money in the long run, then it’s definitely worth the investment.