U.S. Government Begins Publishing Economic Data on Blockchains
The U.S. government has initiated the use of blockchains to share essential economic data, starting with GDP figures released by the Department of Commerce. This effort is seen as a "proof of concept" for future applications.
Key points include:
- The GDP data was made available via multiple blockchains: Bitcoin, Ethereum, Solana, TRON, Stellar, Avalanche, Arbitrum One, Polygon PoS, and Optimism.
- Data transmission utilized Chainlink and Pyth, with support from exchanges like Coinbase, Gemini, and Kraken.
- The July GDP report was compiled by the Bureau of Economic Analysis and is accessible as a PDF.
- Commerce Secretary Howard Lutnick highlighted this initiative as a step towards making economic data immutable and widely accessible.
- The department plans to expand its use of blockchains, oracles, and exchanges for future datasets.
This approach aims to enhance the transparency and accessibility of key economic indicators, which significantly impact financial markets.