In a groundbreaking move, the US government has started disseminating crucial economic data via blockchain technology, with the Department of Commerce's recent release of GDP numbers serving as a pilot project. According to Secretary of Commerce Howard Lutnick, this approach aims to make America's economic data 'immutable and globally accessible like never before.' To avoid favoring specific blockchains, the department published the data on nine different platforms, including Bitcoin, Ethereum, and Solana, and collaborated with exchanges like Coinbase and Gemini. The GDP data for July, compiled by the Bureau of Economic Analysis, was shared as a PDF file.
The Commerce Department credits President Donald Trump's support for crypto and blockchain technology as a driving force behind this 'landmark effort.' The US government regularly releases influential economic reports, such as the jobs report and consumer price index, which significantly impact financial markets. The Department of Commerce plans to continue innovating and expanding its use of blockchain, oracles, and exchanges to publish future datasets.