PANews August 28 news, according to Bloomberg, the US government began publishing Gross Domestic Product (GDP) data on a public blockchain on Thursday, marking the Trump administration's latest support for the cryptocurrency industry. According to Department of Commerce officials, this move will open another avenue for releasing economic data—but will not replace existing methods. The initial plan will cover nine blockchains, including Bitcoin, Ethereum, and Solana. The plan is to place the so-called encrypted hash values of this data on these blockchains.
Officials from the Department of Commerce stated that the Trump administration intends to seek to expand the scope of the program in the future. Department officials indicated that the blockchain program is unrelated to the dismissal of the Bureau of Labor Statistics director. The officials noted that Commerce Secretary Howard Lutnick is the driving force behind publishing data on the blockchain. Earlier this year, Lutnick also stated that he plans to change the way GDP is reported to eliminate the impact of government spending. GDP data is released by the Bureau of Economic Analysis, which is part of the Department of Commerce.
