Chainlink Partners with U.S. Department of Commerce to Bring Economic Data On-Chain
The token LINK of the Chainlink network increased over 5% following a partnership with the U.S. Department of Commerce to integrate government economic data on-chain. This initiative is the first to connect public data infrastructure with blockchain technology.
Key macroeconomic statistics from the Bureau of Economic Analysis are now available on-chain through Chainlink Data Feeds, including:
- Real Gross Domestic Product (GDP)
- Personal Consumption Expenditures (PCE) Price Index
- Real Final Sales to Private Domestic Purchasers
In total, six data points are published, with both absolute levels and annual percentage changes provided.
The data can be accessed across ten blockchains, including Ethereum, Avalanche, and Optimism. Updates will occur monthly or quarterly, aligning with traditional data release schedules.
This development may enable new opportunities for DeFi applications, such as:
- Adjusting lending protocol interest rates based on GDP trends
- Incorporating the PCE Index in prediction markets for inflation forecasts
Chainlink aims to establish blockchain as a key repository for critical public data, providing transparency and composability not easily achieved by traditional systems. The company has also engaged with U.S. policymakers to clarify blockchain's role within current regulations.