The U.S. Department of Commerce has begun publishing Gross Domestic Product (GDP) data on nine major blockchains, marking a significant step towards government data transparency.
Initiative Launch
Starting in 2025, the U.S. Department of Commerce, under Secretary Howard Lutnick, has begun publishing GDP data directly on major blockchains. This initiative allows access to specific government economic statistics.
Blockchains and Technologies
This initiative involves nine leading blockchains, including Bitcoin, Ethereum, and Solana. Chainlink oracles and the Pyth Network are used for data transmission, enhancing engagement in the crypto industry.
Market Impact
Following the announcement, the value of Chainlink's LINK token increased by over 6%, reflecting positive market sentiment. The project is forecasted to serve as a proof-of-concept for future government blockchain initiatives.
The initiative serves as a proof of concept for using blockchain technologies in the public sector, which may enhance trust and transparency in data management.
