The US government has started using blockchains to disseminate key economic data, starting with the United States Ministry of Commerce raw-domestic product (GDP) Numbers Thursday, which was described as “proof of concept” to do more in the future.
“We make the economic truth of immutable America and accessible on a global scale like never before, cementing our role as the world capital of blockchain,” said trade secretary Howard Lux, in a statement that announced the new approach to the transmission of government data.
In a deliberate effort so as not to choose the Blockchain favorites, the department published Thursday’s data via Bitcoin, Ethereum, Solana, Tron, Stellar, Avalanche, Arbitrum One. Polygon POS and Optimism, identifying the transaction hash for everyone in their ad. The agency said it had also sent the data via Chainlink and Pyth and noted that Coinbase, Gemini and Kraken exchanges Aidait.
July GDP data, compiled by the Bureau of Economic Analysis, have been published as a PDF file.
The Lunick department has attributed to the promotion of President Donald Trump of cryptographic technology and blockchain of what it described as a “historical effort”.
The American government publishes a certain number of economic reports on a routine basis which have a huge weight with the financial markets, including the report on the jobs of the Ministry of Labor and the consumer price index.
According to its declaration, the trade department “will continue to innovate and expand the scope of the publication of future data sets such as GDP to include the use of other blockchains, oracles and exchanges”.
Read more: Chainlink and Pyth selected to provide American economic data on blockchain
