TLDR
- The U.S. Commerce Department releases GDP data on Bitcoin, Ethereum, Solana, and other blockchains.
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Chainlink and Pyth networks are used to securely deliver and verify U.S. economic data.
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This initiative reflects the growing government interest in utilizing blockchain for transparency.
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President Trump supports blockchain as the future of the U.S. economy and data transparency.
The U.S. Department of Commerce (DoC) has posted key economic data on several leading blockchains, including Bitcoin (BTC), Ethereum (ETH), and Solana (SOL). This initiative represents a major step in the U.S. government’s commitment to utilizing blockchain technology to ensure transparency and security in economic data publishing.
The U.S. government released macroeconomic data from the Bureau of Economic Analysis (BEA), including real GDP and the PCE Price Index, on multiple blockchains. These data points are now available through Chainlink Data Feeds and the Pyth Network. The use of blockchain ensures that this vital information is immutable and can be accessed globally.
“This is the first time that a federal agency has released economic statistical data in this manner,” the Commerce Department stated in its announcement. The move also highlights the growing role of blockchain in public sector operations and data management.
Blockchain Networks and Data Feeds Used
The Commerce Department collaborated with Chainlink and Pyth Networks to make this blockchain-based data release possible. Pyth will provide quarterly releases of GDP data from the past five years and expects to expand to more datasets in the future.
Chainlink’s role involves serving as the oracle that transports BEA data to blockchain networks, including Arbitrum, Polygon, and ZKsync. This collaboration ensures that macroeconomic data like the Real GDP and Personal Consumption Expenditures (PCE) Price Index will be distributed in a timely manner, providing updates on a monthly or quarterly basis as needed.
The use of decentralized networks like Bitcoin and Ethereum demonstrates how blockchain technology can offer secure, transparent, and decentralized financial data publishing.
The Trump Administration’s Crypto Push
The move to publish economic data on blockchain comes under the Trump administration, which has been proactive in promoting crypto-related policies. U.S. Secretary of Commerce Howard Lutnick described the initiative as a commitment to making “America’s economic truth immutable and globally accessible like never before.”
“We are cementing our role as the blockchain capital of the world,” Lutnick said. This statement highlights the administration’s push to establish the U.S. as a leader in crypto adoption and blockchain-based governance.
The move also reflects the broader trend of institutional investors, such as exchanges Coinbase, Gemini, and Kraken, supporting and facilitating these blockchain-based initiatives.
