The US Department of Commerce plans to utilize blockchain for the publication of economic data, aiming to improve transparency and accessibility.
Lutnick's Announcement
US Commerce Secretary Howard Lutnick stated that the department would begin issuing its statistics on the blockchain. He made this announcement during a Cabinet meeting, noting that 'The Department of Commerce is going to start issuing its statistics on the blockchain, because you are the crypto president, and we are going to put our GDP on the blockchain.'
Benefits of Blockchain
Lutnick added that using blockchain could enhance data accessibility and distribution for the entire government. This initiative was made possible through collaboration with the White House’s top adviser on crypto, David Sacks.
Economic Data and Its Impact
The Commerce Secretary also emphasized the need for interest rates to be lowered, as he believes they are hurting the economy and American taxpayers. The upcoming second-quarter gross domestic product (GDP) report, due out Thursday, will provide additional insights into the state of the economy.
The Department of Commerce's plans to adopt blockchain technology reflect a growing interest in innovations aimed at improving economic data management and transparency.
