The United States government has begun to use blockchains to disseminate key economic data, starting with the United States Department of Commerce Domestic products release (GDP) numbers On Thursday, which was described as a “proof of concept” to do more than this in the future.
“We are making the United States’s economic truth immutable and accessible worldwide as never before, consolidating our role as the world capital of Blockchain,” said Secretary of Commerce Howard Lutnick, in a statement that announced the new approach to draw the government data.
In a deliberate effort not to choose Blockchain’s favorites, the department took Thursday’s data through Bitcoin, Ethereum, Solana, Tron, Stellar, Avalanche, Arbitrum One. Polygon Post and optimism, identifying the transaction hash for each one in their announcement. The agency said it also sent the data through Chainlink and Pyth and pointed out that the exchanges of Coinbase, Gemini and Kraken helped.
July GDP data, compiled by the Office of Economic Analysis, were published as a PDF file.
The department of Lutnick accredited the promotion of President Donald Trump of cryptographic technology and blockchain with what he described as a “historical effort.”
The United States government issues a series of economic reports that have a tremendous weight with financial markets, including the job report of the Labor Department and the Consumer Price Index.
According to its statement, the Department of Commerce “will continue to innovate and expand the scope 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 deliver US economic data in blockchain
