The U.S. Department of Commerce will put economic data on blockchain

U.S. Secretary of Commerce, Howard Lutnick, just announced that the Department will begin publishing economic data "on blockchain." He made this statement during a cabinet meeting, viewing it as part of the Trump administration's support for the crypto industry.

The statement and unanswered questions

Howard Lutnick stated that the Department of Commerce will put data #GDP on blockchain for everyone to use. He also suggested that this initiative will soon be applied across the entire U.S. government.

However, this statement lacks many important details. It is still unclear which blockchain Lutnick will use to store government data and what benefits this will bring to government agencies.

The connection to the crypto industry and its significance

Lutnick himself has many connections in the crypto industry through his company Cantor Fitzgerald, which is linked to Tether and is considering buying Bitcoin.

While putting public data on #blockchain may bring transparency, it could also become redundant without a more specific purpose. Lutnick's statement is seen as an effort to demonstrate the Trump administration's friendliness towards crypto, but its practical significance remains vague. #anhbacong