The U.S. Department of Commerce has announced partnerships with blockchain oracle providers Chainlink and Pyth Network to publish official macroeconomic data on-chain, marking a significant milestone in integrating blockchain technology with government data infrastructure.
Partnership with Chainlink and Pyth Network
The Department of Commerce selected Chainlink to provide data feeds from the Bureau of Economic Analysis (BEA). The new data feeds are expected to securely deliver critical information around key U.S. economic data onchain, including Real Gross Domestic Product (GDP) and the Personal Consumption Expenditures (PCE) Price Index. Pyth was selected to be a publisher of GDP data, which reflects the total economic output in a year.
Goals and Infrastructure
The initiative aims to enhance the transparency and accessibility of economic data by leveraging decentralized networks. Integration will initially target ten blockchain networks, including Arbitrum, Avalanche, and Ethereum. The Bureau of Economic Analysis has already begun publishing official U.S. macroeconomic statistics on these networks using Chainlink oracles.
Role of the Commerce Secretary
Commerce Secretary Howard Lutnick played a significant role in the initiative. In his statement, Lutnick expressed that publicly releasing economic statistical data on the blockchain would make America’s economic truth immutable and globally accessible. "Secretary Lutnick and his team are pushing the boundaries of innovation as they modernize and position the United States to be the worldwide blockchain leader," added Mike Cahill, founder of Douro Labs.
Thus, integrating blockchain technology into the U.S. government data structure opens new horizons for enhancing transparency and accessibility of economic data on a global scale.
