The US may soon begin publishing important economic data on blockchain, according to Commerce Bureau Chief Howard Lutnick.
summary
- U.S. Department of Commerce Secretary Howard Lutnick has confirmed plans to release important economic data on the blockchain.
- The implementation timeline has not been disclosed.
Speaking to President Donald Trump and other government officials at the White House Cabinet meeting on August 26, Ludwick said the Commerce Department would begin issuing statistics on blockchain.
“Because you’re the president of crypto (…), we put GDP on the blockchain so that people can use it for data and distribution.”
It’s not much clearer as to which blockchain the government will use, but considering the president’s affinity for US-development technologies, platforms like Ripple Labs in San Francisco, such as the US-based Solana Labs, or the Solana built by Ripple Labs’ XRP ledger, could be one of the domestic platforms being considered.
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Other domestic projects such as Aptos, one of the top picks of Wyoming’s stable token pilot program launched earlier this year, could also be on the agency’s radar.
Initially, agents will use blockchain rails to publish GDP figures, while other economic indicators will continue.
Ultimately, the data will be available for use across the federal government, he added.
Why does the US Department of Commerce publish economic data on blockchain?
Although Commerce Department datasets, such as census information and GDP estimates, have already been published, placing them on-chain adds a layer of immutability, auditability, allowing faster access and sharing across the network.
Lutnick has made it very clear that the decision to integrate blockchain technology fits Trump’s broader pro-crypto agenda.
The Trump administration has previously contemplated integrating blockchain technology into other government weapons.
For example, a leaked memo obtained by the media earlier this year suggested that lawmakers are considering plans to restructure the US Agency for International Development (USAID) and implement a blockchain-based procurement system.
Even Elon Musk had proposed integrating blockchain technology into specific federal functions before fallout with Trump.
That being said, several jurisdictions around the world, such as the European Union, India, Estonia, Georgia and Sweden, have already experimented with administrative blockchains.
While no timeline for the deployment has been announced at the moment, Lutnick said the Commerce Department is “ironing all the details” and that the initiative is coordinated with David Sacks, the White House’s top crypto advisor.
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