The US will soon start publishing important economic data on the blockchain, according to Secretary Howard Lutnick of the Ministry of Commerce.
Summary
- US Department of Commerce Secretary Howard Lutnick has confirmed plans to publish important economic information about the blockchain.
- No timeline for implementation has been announced.
While he appealed to US President Donald Trump and other government officials during a Cabinet meeting of the White House on 26 August, Lutwick said that the Ministry of Trade will spend his statistics on the blockchain.
‘Because you are the crypto president […] We are going to place our GDP on the blockchain so that people can use it for data and distribution. “
Not much was revealed about which blockchain the government can use, but given the affinity of the president opposite by the US, platforms such as Solana, built by the American Solana Labs, or Ripple’s XRP whides, could belong to Ripple Labs in San Francisco, one of the household platforms.
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Other domestic projects, such as Aptos, who belonged to one of the top choices for the stable token pilot program of Wyoming that was launched earlier this year, can also be on the radar of the desk.
Initially, the agency is planning to publish GDP figures using blockchain rails, with other economic indicators that are expected to follow.
Ultimately, the data would be made available for use throughout the federal government, he added.
Why will the US Department of Trade publish economic data on blockchain?
Department of Commerce data sets, such as census information and GDP estimates, are already public, but placing them on-chain would add a layer of immutability, auditability and also make faster access and parts possible via networks.
Lutnick made it very clear that the decision to integrate blockchain technology in the wider pro-crypto agenda of Trump.
The Trump governance has previously considered the integration of blockchain technology in other arms of the government.
Earlier this year, for example, a leaked memo that was taken over by the media suggested that legislators assessed plans to restructure the American Agency for International Development (USAID) and to implement a blockchain-based purchasing system.
Even Elon Musk had proposed to integrate blockchain technology into certain functions of the federal government prior to his consequences with Trump.
That said, all over the world, different areas such as the European Union, India, Estonia, Georgia and Sweden have already experimented with blockchain in public administration.
From now on, no timeline for the rollout has been announced, but Lutnick said that the initiative is being coordinated with the best crypto adviser of the White House, David Sacks, as soon as the Ministry of Trade has finished “ironing all the details”.
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