According to a Bloomberg report on August 28, the U.S. government began publishing GDP data by storing cryptographic hashes on a public blockchain to create an additional transparent channel without replacing the existing publication channel.
The initiative led by the Commerce Department will initially apply to nine blockchains, including Bitcoin, Ethereum, and Solana; GDP data will still be officially released by the Bureau of Economic Analysis of the Department of Commerce.
MAIN CONTENT
The U.S. government stores the hash of GDP data on the blockchain, according to Bloomberg on August 28.
Initially deployed on nine blockchains, including Bitcoin, Ethereum, and Solana.
The initiative aims to enhance transparency and may be scalable in the future.
How did the U.S. government post GDP data on the blockchain?
Short answer: According to Bloomberg on August 28, the government stores cryptographic hashes of GDP data on a public blockchain to provide an authentication trail, not posting the original economic data on-chain.
Analysis: Posting a hash allows verification of the integrity and timestamp of the original file without revealing detailed content on the blockchain. This is a common technical method used to authenticate digital data by comparing the on-chain stored hash and the hash of the original document.
Further analysis: According to information from Commerce Department officials, this mechanism adds an authentication channel for data released by the Bureau of Economic Analysis, without replacing the traditional publication process.
Which blockchains are included in the program and why?
Short answer: A Commerce Department official stated that initially the program will cover nine public blockchains, including Bitcoin, Ethereum, and Solana, according to Bloomberg.
Analysis: Choosing popular networks helps leverage decentralization and the durability of the blockchain to store hash information; large blockchains often have high levels of security and popularity, making verification by multiple parties easier.
Further analysis: The implementation of multichain also facilitates various communities and platforms to verify the consistency of the data while reducing the risk of reliance on a single infrastructure.
What are the goals of the initiative and future expansion plans?
Short answer: A Commerce Department official said the initiative aims to open up additional data publication pathways; the government intends to expand the scope of the program over time.
Analysis: Storing hashes on the blockchain aims to increase verification and transparency for public data. According to officials, this is an additional channel; official data is still released by the Bureau of Economic Analysis according to existing procedures.
Further analysis: The information also states that Commerce Secretary Howard Lutnick is the driving force behind this initiative and has proposed changing the way GDP is reported to eliminate the impact of government spending, according to the description from the source.
How is this related to recent personnel changes or policies?
Short answer: A Commerce Department official confirmed that the blockchain initiative is unrelated to the dismissal of the Director of the Bureau of Labor Statistics, according to information in the report.
Analysis: The report dissects personnel decisions and data publication policies; the blockchain initiative is described as a technical project to enhance data verification durability, not a substitute for the structure of the statistical agency.
What are the main impacts on transparency and data verification?
Short answer: Storing hashes on the blockchain creates evidence of the timestamp and integrity of the original document, helping third parties verify the data without needing to fully trust the publishing source.
Analysis: When the agency retains the original file and publishes the corresponding hash on-chain, auditors or the public can confirm that the file published at a certain time has not been altered. This is an important technical benefit for the transparency of public data.
Related sources and agencies
Short answer: Information about the initiative is cited according to Bloomberg on August 28 and quotes statements from officials of the Commerce Department and the Bureau of Economic Analysis, the agency responsible for releasing GDP data.
Analysis: The Bureau of Economic Analysis of the Commerce Department remains the official source of GDP data; storing hashes on the blockchain is initiated by the Commerce Department to supplement the authentication channel. Any changes to the official publication process still depend on notifications from this Bureau.
Frequently Asked Questions
Is the GDP data stored verbatim on the blockchain?
No, only the cryptographic hashes of the data are stored on the blockchain to verify integrity and timestamp; the original data continues to be released by the Bureau of Economic Analysis.
Does this undermine the value of the current publication channel?
According to a Commerce Department official, the initiative adds an authentication channel and does not replace the traditional publication channel maintained by the authorities.
Who is behind this initiative?
The initiative is led by the Commerce Department; the report mentions Commerce Secretary Howard Lutnick as the driving force, according to cited sources.
How does storing the hash help verify the data?
By comparing the hash of the existing document with the hash stored on the blockchain, the verifier can confirm that the document has not been altered since the hash was posted.
Source: https://tintucbitcoin.com/my-cong-bo-gdp-tren-9-blockchain/
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