US Secretary of Commerce Howard Lutnick announced that the department will start publishing economic statistics, including GDP data, on the blockchain. This initiative aims to enhance blockchain technology's use within government agencies.
Announcement of Blockchain Usage
Lutnick made the announcement during a cabinet meeting at the White House, describing the effort as a move to expand blockchain-based data distribution across government agencies. He stated: "The Department of Commerce is going to start issuing its statistics on the blockchain, because you are the crypto president, and we are going to put our GDP on the blockchain so people can use it for data and distribution."
Global Blockchain Experience
Other countries have already adopted blockchain technology in public administration. In 2016, Estonia's government integrated Guardtime's KSI blockchain into its e-Health system to secure over a million patient records. The European Commission and the European Blockchain Partnership launched the European Blockchain Services Infrastructure (EBSI) in 2018 to provide cross-border public services. In 2021, Singapore and Australia tested a blockchain system to issue and verify cross-border trade documents.
Future Prospects and Limitations
Lutnick's plan comes as Trump has repeatedly questioned the reliability of U.S. economic data. Blockchain technology can ensure the integrity of records and secure data sharing; however, it does not address the accuracy of the data itself.
The Commerce Department's initiative may mark a significant step towards integrating blockchain into government in the USA, but it is essential to consider existing risks and questions about data reliability.
