Following the earlier announcement by U.S. Secretary of Commerce Howard Lutnick this week, the U.S. government has now taken a historic step to officially publish economic statistics on public chains like Bitcoin, Ethereum, and Solana.
This initiative is a collaboration between the U.S. Department of Commerce and oracle protocols such as Chainlink and Pyth Network, with the first wave of data coming from the U.S. Bureau of Economic Analysis (BEA), including 6 core indicators—Real GDP, PCE Price Index, and Real Final Sales to Private Domestic Purchasers, among others. In the future, this data is expected to be applied in areas such as DeFi, prediction markets, and tokenized assets.
Multi-chain deployment
The Department of Commerce stated that this data will be updated monthly or quarterly and simultaneously published to multiple blockchains. According to Chainlink's announcement, the first batch of blockchains going live includes Arbitrum, Avalanche, Base, Botanix, Ethereum, Linea, Mantle, Optimism, Sonic, and ZKsync; while the Department of Commerce's press release noted that the data will be distributed via mainstream public chains such as Bitcoin, Ethereum, Solana, Tron, Stellar, and Polygon, coordinated with oracle dissemination.
Economic data will be published on the blockchain in the form of PDF files, with the specific operation method being to anchor the data's 'cryptographic hash' on the blockchain to ensure data integrity and immutability. This does not replace the existing data release mechanism but rather 'adds a new channel for public transparency.'
In addition, the Department of Commerce revealed that the process of putting economic data on the blockchain received assistance from U.S. cryptocurrency exchanges such as Coinbase, Gemini, and Kraken. According to (Bloomberg), the U.S. Department of Commerce used these platforms to purchase cryptocurrencies for paying on-chain transaction fees.
Make the 'truth of the U.S. economy' immutable
Howard Lutnick stated on Thursday:
The U.S. Department of Commerce and the government led by 'crypto president' Donald Trump will publish U.S. economic statistics on the blockchain, which couldn't be more appropriate.
We want to make the truth of the U.S. economy immutable and publicly available globally in an unprecedented way, solidifying the U.S. position as the world blockchain capital. And everyone must acknowledge that the 3.3% GDP growth rate in the U.S. is indeed impressive.
This development marks the Trump administration's view of blockchain as an important part of strategic technology. Earlier this year, under Elon Musk's 'Department of Government Efficiency', the U.S. government also assessed how to reduce administrative costs and enhance transparency through blockchain.
At the same time, Washington is also actively promoting a stablecoin pegged to the U.S. dollar as a tool to strengthen the dollar's status as the global reserve currency.
"The U.S. government is 'moving economic data onto the chain'! These '6 major indicators' land on Bitcoin, Ethereum, and Solana" was first published on (CoinVoice).
