US Commerce Secretary Howard Lutnick mentioned the Department of Commerce will start publishing financial statistics, together with gross home product (GDP) information, on the blockchain.
Lutnick made the announcement throughout a White House cupboard assembly on Tuesday, describing the trouble as a transfer to develop blockchain-based information distribution throughout authorities companies. Speaking to US President Donald Trump and different authorities officers, he mentioned:
“The Department of Commerce goes to start out issuing its statistics on the blockchain, as a result of you’re the crypto president, and we’re going to put our GDP on the blockchain so folks can use it for information and distribution.”
Lutnick mentioned the initiative will start with GDP figures and will develop throughout federal departments after the Commerce Department finishes “ironing out all the particulars” for the implementation.
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Global adoption reveals blockchain’s potential for governments
Other governments have already adopted the know-how in public administration.
In 2016, Estonia’s authorities built-in Guardtime’s KSI blockchain into its e-Health system to safe over 1,000,000 affected person data. The similar infrastructure now underpins components of its digital ID community, making the Baltic nation an early pioneer.
In 2018, the European Commission and the European Blockchain Partnership launched the European Blockchain Services Infrastructure (EBSI), a permissioned community constructed on Hyperledger Besu. Member states corresponding to France, Slovenia and Denmark host validator nodes, giving it a decentralized construction designed to ship cross-border public companies which might be verifiable and reliable.
In 2021, Singapore and Australia trialed a blockchain system to situation and confirm cross-border commerce paperwork, decreasing paperwork and reducing prices. And in 2024, California’s Department of Motor Vehicles digitized 42 million automotive titles on a permissioned Avalanche blockchain to curb lien fraud and streamline automobile transfers.
Before his fallout with US President Donald Trump, Elon Musk floated the thought of working components of the US authorities on the blockchain, a proposal that drew comparisons to Europe’s EBSI undertaking.
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Blockchain can file information, however can’t management its accuracy
The plan comes as Trump has repeatedly questioned the reliability of US financial information.
In April, he downplayed a 0.3% first-quarter GDP contraction as a tariff-driven blip, and in May, he dismissed a Congressional Budget Office forecast of 1.8% development as biased whereas predicting the economic system might develop by as a lot as 9%.
On Aug. 1, Trump fired Bureau of Labor Statistics Commissioner Erika McEntarfer after a July jobs report confirmed solely 73,000 new positions and sharp downward revisions to earlier months, accusing her of releasing “rigged” information and sparking alarm amongst economists.
As Cointelegraph has reported, blockchain provides governments benefits for dealing with information, from tamper-proof recordkeeping and safe digital identities to clear data sharing and auditable transactions.
However, whereas the know-how can safe how information is saved and shared, it doesn’t tackle the accuracy of the information itself.
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