The US has officially launched a project to host Gross Domestic Product (GDP) data on the blockchain, partnering with major crypto exchanges.
Launch of the Initiative and Partnership
The initiative, hinted at earlier this week by Commerce Secretary Howard Lutnick, officially launched Thursday, according to a Bloomberg report. The US Department of Commerce has partnered with major crypto exchanges such as Coinbase and Gemini to bring the project online, ensuring that economic data can now be verified transparently across multiple distributed ledgers.
Chainlink Technology in Data Verification
The blockchain integration is powered by Chainlink, one of the most widely used data providers in the industry. By delivering GDP figures directly onto decentralized networks, Chainlink’s technology effectively bridges the gap between government data and blockchain infrastructure. This announcement sparked a rally in Chainlink’s token, LINK, which jumped more than 6%.
Economic Context and Implications
The release coincides with stronger-than-expected economic performance in the U.S. GDP rose 3.3% in Q2, revised up from an earlier estimate of 3%, marking the best quarter since late 2023. Despite signs of slowing, economists like Heather Long noted that expansion remains "clear and steady." This move signals the US's willingness to experiment with digital infrastructure beyond financial markets, potentially giving blockchain technology a level of legitimacy long sought by the crypto sector.
By anchoring official government data to public blockchains, the US enhances transparency and marks a significant step towards the adoption of blockchain technology in various sectors.
