US Commerce Department to Release Blockchain-Based Economic Statistics
The U.S. Department of Commerce plans to release GDP and other economic data on public blockchains starting in 2025, marking a significant move toward decentralization and transparency in economic reporting.
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Summary
The U.S. Department of Commerce will publish key economic statistics, including GDP and PCE price indices, on public blockchains such as Bitcoin, Ethereum, and Solana starting in July 2025. The data will be provided by decentralized oracles Chainlink and Pyth, showcasing growing government adoption of blockchain technology for transparency and security. Following the announcement, Pyth's token saw a significant surge, while other blockchain tokens had little market impact.
Terms & Concepts
- Blockchain: A decentralized digital ledger that records transactions across a network of computers, ensuring transparency and security.
- GDP (Gross Domestic Product): A measure of the total market value of all goods and services produced within a country over a specific period.