Commerce Secretary Howard Lutnick announced that the Commerce Department will begin publishing economic statistics, including gross domestic product (GDP) data, on the blockchain. This move aims to enhance data security and transparency.
Announcement and Goals of the Initiative
Howard Lutnick made the announcement at a White House cabinet meeting regarding the shift to using blockchain technology for data publication. The initiative will start with GDP figures and could expand to other federal agencies.
Global Examples of Blockchain in Public Administration
The United States is joining a number of countries that have been implementing blockchain in public administration. Estonia was a pioneer in 2016, incorporating blockchain into its e-Health system, while the European Blockchain Services Infrastructure was launched in Europe in 2018. Other countries, like Singapore and Australia, have also conducted trials with blockchain systems.
Data Accuracy and Public Trust Issues
Experts warn that while blockchain ensures secure storage and distribution of data, it does not guarantee the accuracy of the data itself. This raises questions about whether blockchain-backed statistics will actually improve public trust in government data.
The initiative to publish economic data on blockchain opens up new avenues for enhancing transparency and security, but also raises questions about data accuracy and public trust.
