The U.S. government uses blockchain technology to publish GDP data

The news from Hash World Chain states that the U.S. government has begun to publish Gross Domestic Product (GDP) data on public blockchains, marking the latest support from the Trump administration for the cryptocurrency industry. According to officials from the Department of Commerce, this move opens new avenues for publishing economic data but does not replace existing methods. The U.S. government's plan will initially cover nine blockchains, including Bitcoin, Ethereum, and Solana. The plan is to place the so-called encrypted hash values of this data onto these blockchains. Department officials indicated that the Trump administration intends to seek to expand the coverage of this plan in the future. They also stated that the blockchain initiative is unrelated to the dismissal of the Bureau of Labor Statistics director. Officials noted that Secretary of Commerce Howard Lutnick is the driving force behind the push to publish data on the blockchain. Earlier this year, Lutnick also stated his intention 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.