The U.S. government has announced the use of blockchain oracles Chainlink and Pyth Network to publish official economic indicators. This initiative aims to enhance the transparency of budget data.
Publication of Economic Data on Blockchain
For the first time, federal economic data will be streamed through decentralized networks. This is said to help reduce the risks of data manipulation and give markets quicker access to key statistics.
Role of Chainlink and Pyth Network
Chainlink will provide data feeds from the Bureau of Economic Analysis (BEA), including real GDP and the personal consumption expenditures price index. Pyth, which is part of Jump Trading, will publish GDP data on-chain.
Market Impact and Financial Implications
The initiative is expected to create new opportunities for the cryptocurrency market and automated trading strategies. After the announcement, trading volumes for Pyth and Chainlink tokens surged significantly.
The introduction of economic data on blockchain promises to improve transparency and accountability, creating new financial instruments reliant on economic indicators.
