The US government has tapped Chainlink and Pyth, two blockchain oracle providers, to publish economic data onchain.
Chainlink was selected to provide data feeds from the Bureau of Economic Analysis (BEA), and will publish additional data feeds in response to consumer demand or at the behest of the US government, a Chainlink spokesperson told Cointelegraph.
These feeds include real gross domestic product (GDP), Personal Consumption Expenditures (PCE) price index, and real final sales to private domestic purchasers, the company said.
The Department of Commerce also selected Pyth to be a publisher of gross domestic product (GDP) data — the total economic output in a year — according to an announcement on Thursday.
Publishing government data onchain is part of the Trump administration’s plan to make government spending more transparent in a bid to improve accountability and make the US a “world capital” of crypto.
Related: Philippine lawmaker to propose putting government budget on blockchain
Bringing government economic data onchain will provide positive benefits to spot crypto markets, a Chainlink spokesperson said.
These include automated trading strategies that execute based on changing government data, real-time prediction markets for macroeconomic developments and risk-management strategies for decentralized finance (DeFi) protocols.
Stablecoins, tokenized government bonds, perpetual futures contracts, real-world tokenized assets (RWAs) and other digital financial instruments reliant on macroeconomic inputs also stand to benefit from onchain government economic data.
Proposals to bring public spending data and other macroeconomic figures onchain are currently fomenting in the Philippines, the United Kingdom and El Salvador.
Traders eye potential gains for crypto markets
The price of Pyth (PYTH) surged by nearly 70% on the news, and Chainlink (LINK) posted modest gains of over 3% before falling back to about $25.
LINK has rallied by about 61% since the start of August, going from a low of about $15.43 per token to the current price level.
Chainlink rallies by about 61% during August. Source: TradingViewMagazine: Elon Musk’s plan to run government on blockchain faces uphill battle
Source: https://cointelegraph.com/news/us-government-chainlink-pyth-economic-data-onchain?utm_source=rss_feed&utm_medium=feed&utm_campaign=rss_partner_inbound
