The U.S. Department of Commerce has announced partnerships with blockchain oracle providers Chainlink and Pyth Network to publish official macroeconomic data on-chain, marking a significant milestone in integrating blockchain technology with government data infrastructure.
The initiative aims to enhance the transparency and accessibility of economic data by leveraging decentralized networks.
Chainlink was selected to provide data feeds from the Bureau of Economic Analysis (BEA). The new data feeds are expected to securely deliver critical information around key U.S. economic data onchain, including Real Gross Domestic Product (GDP), Personal Consumption Expenditures (PCE) Price Index, and Real Final Sales to Private Domestic Purchasers.
Pyth was selected to be a publisher of gross domestic product (GDP) data — the total economic output in a year.
Some consider this gradual move to get government data on-chain as the decentralized equivalent of President Trump’s plan to make government spending more transparent and accountable, which led to the polarizing Department of Government Efficiency (DOGE) agency.
Trump administration works with blockchain projects
The integration will initially target ten blockchain networks, including Arbitrum, Avalanche, Base, Botanix, Ethereum, Linea, Mantle, Optimism, Sonic, and ZKsync, Chainlink has confirmed.
Already, the U.S. Department of Commerce (DOC), via its Bureau of Economic Analysis (BEA), has started publishing official U.S. macroeconomic statistics on those networks using Chainlink oracles.
Six BEA indicators are reportedly live on-chain through Chainlink Data Feeds, covering GDP, inflation, and domestic demand. The data are updated monthly or quarterly in line with BEA releases.
Commerce Secretary Howard Lutnick played a big role
The initiative being launched via Pyth Network and Chainlink is happening after months of constant engagement with the Department of Commerce and Secretary of Commerce Howard Lutnick.
In its announcement, Pyth commended Secretary Lutnick and the Department of Commerce for their visionary stance on data innovation as well as their willingness to embrace blockchain technology, a move they say is positioning the U.S. as a world leader in finance.
“It’s only fitting that the Commerce Department and President Donald Trump, the Crypto-President, publicly release economic statistical data on the blockchain,” said Commerce Secretary Howard Lutnick. “We are making America’s economic truth immutable and globally accessible like never before, cementing our role as the blockchain capital of the world. And everybody has to admit that 3.3% GDP growth is impressive.”
The agency is also looking to broaden this approach across other government agencies.
Commenting on the move, Mike Cahill, founder of Douro Labs and core contributor to Pyth, said about the initiative: “It’s been a privilege for me and the Pyth team to work closely with the Department of Commerce over the past few months to make this happen.”
“Secretary Howard Lutnick and his team are pushing the boundaries of innovation as they modernize and position the United States to be the worldwide blockchain leader. We’ve entered a new era,” Cahill added.
Your crypto news deserves attention – KEY Difference Wire puts you on 250+ top sites
Earn more PRC tokens by sharing this post. Copy and paste the URL below and share to friends, when they click and visit Parrot Coin website you earn: https://parrotcoin.net0
PRC Comment Policy
Your comments MUST BE constructive with vivid and clear suggestion relating to the post.
Your comments MUST NOT be less than 5 words.
Do NOT in any way copy/duplicate or transmit another members comment and paste to earn. Members who indulge themselves copying and duplicating comments, their earnings would be wiped out totally as a warning and Account deactivated if the user continue the act.
Parrot Coin does not pay for exclamatory comments Such as hahaha, nice one, wow, congrats, lmao, lol, etc are strictly forbidden and disallowed. Kindly adhere to this rule.
Constructive REPLY to comments is allowed