US to publish financial knowledge on blockchain, Commerce chief says

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US Commerce Secretary Howard Lutnick stated the Department of Commerce will start publishing financial statistics, together with gross home product (GDP) knowledge, on the blockchain.

Lutnick made the announcement throughout a White House cupboard assembly on Tuesday, describing the trouble as a transfer to broaden blockchain-based knowledge distribution throughout authorities businesses. Speaking to US President Donald Trump and different authorities officers, he stated:

“The Department of Commerce is going to start issuing its statistics on the blockchain, because you are the crypto president, and we are going to put our GDP on the blockchain so people can use it for data and distribution.”

Lutnick stated the initiative will start with GDP figures and will broaden throughout federal departments after the Commerce Department finishes “ironing out all of the details” for the implementation.

Related: US Treasury’s DeFi ID plan is ‘like putting cameras in every living room’ 

Global adoption reveals blockchain’s potential for governments

Other governments have already adopted the expertise in public administration.

In 2016, Estonia’s authorities built-in Guardtime’s KSI blockchain into its e-Health system to safe over one million 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 equivalent to France, Slovenia and Denmark host validator nodes, giving it a decentralized construction designed to ship cross-border public companies which can be verifiable and reliable.

In 2021, Singapore and Australia trialed a blockchain system to subject and confirm cross-border commerce paperwork, decreasing paperwork and slicing 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 challenge.

Related: GENIUS Act to spark wave of ‘killer apps’ and new cost companies: Sygnum

Blockchain can file knowledge, however can’t management its accuracy

The plan comes as Trump has repeatedly questioned the reliability of US financial knowledge. 

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% progress as biased whereas predicting the financial system may broaden 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” knowledge and sparking alarm amongst economists.

As Cointelegraph has reported, blockchain gives governments benefits for dealing with knowledge, from tamper-proof recordkeeping and safe digital identities to clear data sharing and auditable transactions. 

However, whereas the expertise can safe how knowledge is saved and shared, it doesn’t tackle the accuracy of the info itself.

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