Key Takeaways
- The US Commerce Department is publishing GDP data on nine public blockchains.
- This marks a major adoption of blockchain technology for official government economic reporting in the US.
The US government has tapped Chainlink and Pyth Network to deliver official economic and financial data on-chain, according to two separate announcements from the projects.
The integration initially targets ten blockchain networks, including Arbitrum, Avalanche, Base, Botanix, Ethereum, Linea, Mantle, Optimism, Sonic, and ZKsync, Chainlink confirmed in a Thursday blog announcement. The US Department of Commerce (DOC), via its Bureau of Economic Analysis (BEA), has started publishing official US macroeconomic statistics on those networks using Chainlink oracles.
Six BEA indicators are now live on-chain through Chainlink Data Feeds, covering GDP, inflation, and domestic demand. The data are updated monthly or quarterly in line with BEA releases, as noted in the release.
The latest development comes shortly after Commerce Secretary Howard Lutnick said Tuesday that the Department of Commerce would put GDP and other economic statistics on the blockchain.
The strategic move aims to utilize blockchain technology for enhanced data distribution, and the department is looking to broaden this approach across other government agencies.
This is a developing story.
Source: https://cryptobriefing.com/gdp-data-blockchain-distribution/
