The US Commerce Department has begun publishing gross domestic product (GDP) data on nine blockchains including Bitcoin and Solana. This initiative highlights the growing acceptance of blockchain technologies.
GDP Publishing on Blockchain
According to a report by Bloomberg, the US Commerce Department has started to publish GDP data on nine blockchains. This event reinforces the legitimacy of blockchain technologies in the US and highlights their expanding use at the governmental level.
Partnership with Chainlink
The data is being published with the assistance of Chainlink, a leading oracle provider. Following the announcement, the price of LINK token surged by over 6%. Chainlink described this partnership as 'a key milestone' for government adoption of blockchain technology.
State of the US Economy
The US economy unexpectedly expanded by 3.3% in the second quarter, with consumption registering at 1.6%. This marks the best quarter since Q3 2023. While the economy is slowing down, it continues to show growth, according to economist Heather Long.
The publication of GDP data on blockchain represents a noticeable step towards integrating blockchain technologies at the governmental level and confirms the increasing involvement of cryptocurrencies in the country’s economy.
