U.S. to publish GDP data on blockchain, aiming for transparency, reliability, and modernization of federal statistics and data sharing.
The United States is preparing to take a major step in adopting blockchain technology for public data. During a recent cabinet meeting at the White House, Commerce Secretary Howard Lutnick announced that the Department of Commerce will begin releasing Gross Domestic Product (GDP) data using blockchain. This aims to make it more transparent, more accurate, and bring government statistics up to date in terms of how they are presented to the public.
Blockchain to Host U.S. Trade, Inflation, and Jobs Data
Lutnick called the venture a proactive step. By putting GDP data on a blockchain, the department has made this vital economic information directly accessible to anyone. A secure and decentralized network, blockchain is used to record information in an unalterable format. The data that is uploaded is non-easily changeable, which makes it more reliable for those who rely on accurate statistics provided by the government.
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According to the secretary, the project is only the beginning. Although the immediate interest is to base GDP figures on blockchain, it is also the plan to extend use to other government agencies. In future, the agencies may post trade, employment and inflation reports using the same technology. Lutnick said that technical details of how blockchain-based data will be made available across various departments are still being worked out.
This would be one of the first times that a national government is leveraging blockchain to distribute official economic data. If the plan succeeds, it could set an example for other governments. Sharing data in clear and safe ways may build trust in official statistics. It could also reduce the chances of manipulation or delays.
Howard Lutnick has been an advocate of digital assets, especially Bitcoin. He has regularly made the comparison between Bitcoin and gold, which is a means of digital store of value. At his Senate confirmation hearing, he defended stablecoins like Tether, saying he did not see a problem with them being misused in illegal actions. He has proposed that Bitcoin should be treated as a commodity which would subject it to the current regulatory regimes.
Federal Blockchain Initiative Could Reshape Public Data Access
In addition to the blockchain announcement, Lutnick also spoke about broader economic topics. He noted the robustness of the stock market in the U.S., which has been scaling new heights. He, at the same time, criticized the prevailing interest rates. Lutnick reckons that the bond market is stable, but rates ought to be lower. He has pointed out that even a one percent drop in interest rates could save the taxpayers up to 360 billion dollars every year.
This effort is put forth at a time when the use of blockchain technology is gaining popularity in several industries. It is already in use in the financial services of private companies, the supply chain, and secure communications. The U.S. government is now considering it to be applied to government data infrastructure.
Although it is only in the development stage, the project holds a lot of promise for how federal agencies can relate to technology in the coming years. The Department of Commerce initiative may turn out to be one of several modernizations of government services. International observers will probably follow the progress of the implementation keenly. This action is the step that may influence the future of data transparency and trust in governmental systems.
