The US Department of Commerce has selected two oracle providers, Chainlink and Pyth, for publishing economic data on the blockchain.
Pyth Selected for GDP Data Publishing
Pyth was chosen by the Department of Commerce to serve as a publisher of gross domestic product (GDP) data — the total economic output in a year.
Chainlink’s Role in Data Provision
Oracle provider Chainlink was also tapped by the US Department of Commerce to provide data feeds from the Bureau of Economic Analysis (BEA). These feeds include real gross domestic product (GDP), personal consumption expenditures (PCE) price index, and real final sales to private domestic purchasers.
Goals of Onchain Data Publishing
Publishing government data onchain is part of the Trump administration's plan to enhance transparency in government spending, aimed at improving accountability.
The use of blockchain for publishing economic data marks a significant step towards increased transparency and accountability in government finances.