US Commerce Secretary Howard Lutnick said the Department of Commerce will begin publishing its official economic statistics, starting with gross domestic product, directly on a blockchain ledger
US Commerce Secretary Howard Lutnick said the Department of Commerce will begin publishing its official economic statistics, starting with gross domestic product, directly on a blockchain ledger. The initiative, announced at a White House cabinet meeting on Aug. 26, aims to use distributed-ledger technology to make federal data releases transparent, tamper-evident and instantly accessible to the public and private sector.
Lutnick told President Donald Trump—whom he referred to as the “crypto president”—that officials are still ironing out technical details, including which blockchain network will host the figures. He added that the department intends to expand the approach to other key indicators after GDP is on-line.
The decision signals the administration’s broader embrace of digital assets. Earlier in the day Lutnick predicted that “Bitcoin is going much higher,” while former White House crypto director Bo Hines said he expects the US government to increase its Bitcoin holdings in 2025. No timetable was provided for the blockchain rollout, and the Commerce Department has yet to release formal implementation guidelines.
This is an AI-generated article powered by DeepNewz, curated by The Defiant. For more information, including article sources, visit DeepNewz.
Source: https://thedefiant.io/news/blockchains/us-commerce-department-publish-gdp-data-on-blockchain-9bfbaac5
