U.S. Secretary of Commerce Announces On-Chain GDP Data to Enhance Value Transparency and Accessibility
This Tuesday (local time), U.S. Secretary of Commerce Howard Lutnick stated at a Cabinet meeting in Washington that the department will be the first to publish Gross Domestic Product (GDP) data on a blockchain platform, calling this move a response to President Trump's support for cryptocurrency and innovative technology.
Lutnick stated, "Because you are the cryptocurrency president, we will put GDP on the chain," and plans to provide blockchain data services to the entire government once specific implementation plans are confirmed.
This initiative is seen as part of the Trump administration's push for the application of Distributed Ledger Technology (DLT) and government modernization. It is not limited to GDP; in the future, it may gradually include key inflation reports such as the Consumer Price Index (CPI) and Personal Consumption Expenditures (PCE), achieving on-chain publication of broader economic data.
It is reported that this plan is being promoted in collaboration with White House cryptocurrency senior advisor David Sacks, and its concept also continues Elon Musk's earlier idea (before his fallout with Trump) of "using blockchain technology to manage certain government functions."
Lutnick also echoed and supported Trump's monetary policy stance, criticizing the current interest rate levels for "damaging the economy and the interests of American taxpayers," and calling for further interest rate cuts. This viewpoint is also consistent with the dovish signals recently released by Federal Reserve Chairman Powell at the Jackson Hole annual meeting.
Lutnick publicly supported Trump's decision to dismiss Federal Reserve Governor Lisa Cook and accused her of alleged mortgage fraud. He emphasized that such behavior is intolerable for core members of financial regulatory agencies.
In summary, if the U.S. Department of Commerce's on-chain initiative is implemented, it will significantly change the ways in which key economic data is published, verified, and disseminated, and may also establish new technical standards for government data management.
At the same time, from monetary policy stances to personnel changes, the Trump administration is reshaping the economic governance structure of the United States in multiple dimensions, and the intersection of technology, policy, and financial markets will become a focus of attention in the next stage.
What do you think of the initiative to put GDP and other economic data on-chain? Will this also encourage other countries to learn and emulate?