Key Takeaways
- The US Commerce Department is publishing GDP data on nine public blockchains.
- This marks a major adoption of blockchain technology for official government economic reporting in the US.
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The US government has tapped Chainlink and Pyth Network to deliver official economic and financial data on-chain, according to an official announcement from the US Department of Commerce (DOC). Both Chainlink and Pyth Network have confirmed they are working with the DOC on the initiative.
“It’s only fitting that the Commerce Department and President Donald Trump, the Crypto-President, publicly release economic statistical data on the blockchain,” said Commerce Secretary Howard Lutnick. “We are making America’s economic truth immutable and globally accessible like never before, cementing our role as the blockchain capital of the world. And everybody has to admit that 3.3% GDP growth is impressive.”
The latest development comes shortly after Lutnick said Tuesday that the Department of Commerce would put GDP and other economic statistics on the blockchain, using the technology for enhanced data distribution. The agency is also looking to broaden this approach across other government agencies.
The integration initially targets ten blockchain networks, including Arbitrum, Avalanche, Base, Botanix, Ethereum, Linea, Mantle, Optimism, Sonic, and ZKsync, Chainlink confirmed in a Thursday blog announcement. The US Department of Commerce (DOC), via its Bureau of Economic Analysis (BEA), has started publishing official US macroeconomic statistics on those networks using Chainlink oracles.
Six BEA indicators are now live on-chain through Chainlink Data Feeds, covering GDP, inflation, and domestic demand. The data are updated monthly or quarterly in line with BEA releases, as noted in the release.
The team noted that support for other networks may be added over time, depending on user demand.
This is a developing story.
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