The U.S. Department of Commerce will publish economic data on blockchain to enhance transparency and data distribution.
The initial program focuses on GDP data and is being expanded to the entire government, helping the public use blockchain to access economic information.
MAIN CONTENT
The U.S. Department of Commerce will release GDP data on blockchain.
The goal is to make the distribution and access to economic data more transparent.
The plan to expand the application of blockchain to the entire government.
How does the U.S. Department of Commerce announce the project to release economic data on blockchain?
U.S. Secretary of Commerce, Howard Lutnick, just announced plans to publish economic data, including GDP data, on the blockchain platform to enhance transparency and accessibility.
The application of blockchain aims to ensure that data is distributed securely, cannot be tampered with, and can be easily verified by the public. This is a significant advancement in the governance of public data by the U.S. government, reinforcing trust in important economic figures.
How is the plan to expand the blockchain program to the entire government being implemented?
The program to release data on blockchain initially focuses on GDP data but will soon expand to all government agencies, according to the U.S. Department of Commerce.
This means the government will gradually apply blockchain technology in managing and publishing various types of data, helping to increase transparency, minimize the risk of data manipulation, and facilitate public access to government information.
"The Department will begin publishing GDP data on blockchain so that the public can use this technology for data distribution."
– Howard Lutnick, U.S. Secretary of Commerce, Announcement on August 28, 2024
What improvements does the application of blockchain bring to the distribution of public economic data?
Blockchain provides a platform for transparent, immutable data distribution with clear traceability. The government's use of blockchain will give citizens and stakeholders peace of mind regarding the authenticity and integrity of information.
This also facilitates auditing and real-time economic data analysis without concerns about data being altered or manipulated. As a result, the transparency and efficiency of state data management are significantly improved.
What are the practical benefits of publishing economic data on blockchain?
Creating a reliable open data source allows analysts, investors, and the public to access official economic information instantly and transparently.
Moreover, this opens up a path for developing a modern digital government, enhancing governance capacity and economic development based on accurate data to support better policy decisions.
How can other agencies apply blockchain in data management?
When the program expands to the entire government, agencies can apply blockchain in record management, financial reporting, tax data, and many other types of information.
This contributes to building a public, transparent, and easily verifiable system, laying the foundation to promote administrative reform and enhance public trust in government reporting outcomes.
Frequently Asked Questions
Which data does the U.S. Department of Commerce start publishing on blockchain?
GDP data will be published first to test the transparent distribution capability on blockchain.
Why does the government need to use blockchain to publish economic data?
Blockchain helps ensure data integrity, transparency, and accessibility, preventing fraud and misinformation.
Which agencies will the blockchain program apply to?
It will gradually expand to all agencies in the government to increase transparency and efficiency in public data management.
What benefits will citizens gain when economic data is published on blockchain?
Citizens can access accurate data quickly and easily verify the source of the information.
Can blockchain completely replace traditional methods of data publication?
Blockchain is seen as a supplementary technology that enhances security and transparency, but it will not completely replace traditional channels; rather, it will be used in conjunction.
Source: https://tintucbitcoin.com/bo-truong-my-cong-bo-gdp-blockchain/
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