Howard Lutnick, U.S. Commerce Secretary and former Cantor Fitzgerald CEO, announced the integration of blockchain technology into government economic reporting. This decision was made during a meeting with President Donald Trump.
Announcement of Blockchain Integration
Lutnick stated that the Commerce Department will begin publishing its statistical data on the blockchain. He mentioned: “The Commerce Department will start publishing its statistics on the blockchain. Because you are the crypto president, and we will put GDP data on the blockchain so people can use this technology for data distribution.”
Approach to Economic Reporting
Lutnick noted that the project's details are still being developed but are intended to be shared with government agencies. This initiative promises to be a groundbreaking method for updating economic reports.
Role of Blockchain in Transparency
Lutnick emphasized that the introduction of blockchain will provide greater transparency in global markets. He also mentioned collaboration with David Sacks, the White House's crypto and AI chief, which enabled the creation of the Bitcoin strategic reserve.
Howard Lutnick's initiative to integrate blockchain into U.S. economic reporting could significantly change the approach to data and enhance transparency.
