The US Government has begun to use Blockchains to spread central economic data, starting with the US Ministry of Commerce Release of gross -caring product (GDP) number Thursday, described as a “proof of concept” to do more of this in the future.
“We make America’s economic truth unchanging and globally accessible as never before and cement our role as the world’s blockchain capital,” said trade secretary Howard Lutnick in a statement announcing the new approach to spinning out government data.
In a conscious effort not to choose blockchain favorites, the department issued Thursday’s data via Bitcoin, Ethereum, Solana, Tron, Stellar, Avalanche, Arbitum One. Polygon Pos and optimism that identify the transaction shashes for each in its message. The agency said it also sent the data through Chainlink and Pyth and noticed that exchanges Coinbase, Gemini and Kraken helped.
The GDP data in July, prepared by the Bureau of Economic Analysis, was sent as a PDF file.
Lutnick’s department credited President Donald Trump’s promotion of Crypto and Blockchain technology with what it described as a “landmark effort.”
The US government issues a number of financial reports on a routine basis that have tremendous weight with the financial markets, including the Department of Labor’s Jobs Report and the Consumer Price Index.
According to its statement, the trade department “will continue to innovate and expand the extent of publishing future data sets such as GDP to include the use of other blockchains, oracles and exchanges.”
Read more: Chainlink and Pyth selected to provide US financial data on Blockchain
