The US Department of Commerce will soon publish economic data on the blockchain platform to enhance transparency.
The application of blockchain technology in government agencies aims to enhance the reliability and transparency of information while affirming the commitment to digital innovation in national policy.
MAIN CONTENT
The US Department of Commerce leads the way in publishing GDP data on blockchain.
Many federal agencies have applied blockchain to increase efficiency and transparency.
The state's adoption of blockchain will promote trust and the development of the cryptocurrency market.
What plans does the US Department of Commerce have with blockchain technology?
The US Department of Commerce announced it will release economic data, including GDP, on the blockchain platform to enhance transparency and reliability.
Howard Lutnick – Secretary of the US Department of Commerce stated that this is the first step in the strategy to put all government data on blockchain for easy tracking and verification. This move is also made under the direction of President Donald Trump, reflecting the commitment to promote blockchain technology in public administration.
Blockchain mining helps ensure that data cannot be tampered with or forged, thereby enhancing the reliability of important economic statistics.
How have US government agencies adopted blockchain?
Many federal agencies of the United States have implemented blockchain projects to increase transparency and improve efficiency. Notable examples include the Commodity Futures Trading Commission (CFTC) with its testing program for tokenized collateral and financial transactions related to stablecoins.
The US Department of Defense collaborates with SIMBA Chain to track high-value components through blockchain ledgers, enhancing security and precise tracking.
Chairman of the US Securities and Exchange Commission (SEC) Paul Atkins also emphasized interest in applying blockchain to modernize the financial market. The SEC is currently operating the 'Project Crypto', part of the web3 technology development program under government leadership.
What impact does government adoption of blockchain have on the cryptocurrency market?
The widespread involvement of US government agencies in blockchain applications will contribute to legitimizing and enhancing the credibility of the global cryptocurrency market.
Notably, agencies do not develop their own blockchains but primarily use existing public chains, facilitating the integration and development of a common blockchain ecosystem.
This fosters trust from institutional investors and forecasts a positive growth trend in the long term for the cryptocurrency market in the United States.
"The Department of Commerce will begin publishing statistics on blockchain because the President is the leader of cryptocurrency. This technology will be widely disseminated throughout the government."
– Howard Lutnick, Secretary of the US Department of Commerce, March 20, 2024
Frequently Asked Questions
What will the US Department of Commerce use blockchain for?
The Department will publish economic data, including GDP, on the blockchain to enhance transparency and prevent data fraud.
Which US agency implemented blockchain earlier?
CFTC, the Department of Defense, and the US Securities and Exchange Commission are leading agencies in the application of blockchain in finance and management.
What is one of the biggest benefits of the US government adopting blockchain?
Helps increase data transparency and enhance credibility, thereby attracting investment and supporting the development of the cryptocurrency market.
Does the SEC have any notable blockchain projects?
The SEC operates the 'Project Crypto' to modernize the financial market using blockchain technology as directed by the government.
What does the use of public blockchain mean?
Allowing connectivity, direct verification, and leveraging the existing blockchain ecosystem, facilitating sustainable development.
Source: https://tintucbitcoin.com/bo-thuong-mai-my-trien-khai-blockchain/
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