Crypto News: US Government Issues GDP Data On Nine Blockchains

In recent crypto news, the US government began distributing gross domestic product data on public blockchains.

This marks yet another endorsement from the Donald Trump administration for the crypto industry .

As Bloomberg News reported, the Commerce Department will adopt blockchain to carry some of its most critical and market-moving economic data.

The announcement confirms an August 26 tease by Commerce Secretary Howard Lutnick.

Crypto News: Initiative Launches Successfully

IN recent crypto news, Commerce Secretary Howard Lutnick had announced the blockchain initiative during a cabinet meeting on August 26.

Lutnick told Trump that the reason for the push is that he is “the crypto president.” Lutnick spearheaded the push to publish data on blockchain networks, according to Commerce Department officials.

The shift came weeks after Trump fired the head of the Bureau of Labor Statistics (BLS) following an agency report that showed much weaker job growth than previously reported.

Commerce Department officials stated the blockchain initiative was unrelated to the BLS ouster.

Chainlink Powers Government Data Distribution

Chainlink and the US Department of Commerce worked together to bring government macroeconomic data on-chain from the Bureau of Economic Analysis.

The Chainlink Data Feeds securely delivered critical information around key US economic data, including Real Gross Domestic Product, Personal Consumption Expenditures Price Index, and Real Final Sales to Private Domestic Purchasers.

According to an August 28 announcement, the partnership provided six key data points on the US economy related to on-chain consumption.

Real GDP data included both level measurements in billions of chained 2017 US dollars and quarter-over-quarter percent changes at annual rates.

The PCE Price Index provided both index levels and percentage change measurements, serving as indicators of inflation and metrics for consumer sentiment.

Real Final Sales to Private Domestic Purchasers data measured the total value of goods sold to the US domestic market, adjusted for inflation, with both level and percent change metrics available for tracking domestic economic momentum.

Multi-Blockchain Implementation Strategy

The government’s effort initially targeted nine blockchain networks, including Bitcoin, Ethereum, and Solana.

The plan involved placing cryptographic hashes of the data on those blockchains, providing tools to verify data integrity across multiple networks.

Chainlink’s implementation made the data available across ten blockchain ecosystems, starting with Arbitrum, Avalanche, Base, Botanix, Ethereum, Linea, Mantle, Optimism, Sonic, and ZKsync.

Support for additional blockchain networks could be incorporated over time based on user demand.

Data updates occurred monthly or quarterly as applicable, with Chainlink’s oracle infrastructure ensuring secure delivery across all supported networks.

In addition, the oracle platform supported one of the largest ecosystems in Web3, leveraging secure data oracles to build advanced on-chain applications.

Mike Cahill, chief executive officer of Douro Labs, stated that he had been working with the Commerce Department on blockchain use cases for about two months.

He told Bloomberg that the announcement enables market participants to interact in real-time with government data.

Industry Push

The crypto industry has cemented itself as a political force, with investors and executives utilizing well-funded political action committees similar to those in traditional finance industries.

The industry donated heavily to Trump’s reelection campaign and backed many crypto-friendly politicians in Congress.

Crypto exchanges Coinbase, Kraken, and Gemini were involved in the Commerce Department’s effort, with the department utilizing the exchanges to purchase cryptocurrency needed to facilitate transactions on the blockchains.

The industry invested more than $133 Million in three super PACs backing crypto-friendly candidates in the 2024 election.

President Trump’s administration intended to seek to expand the scope of the initiative later, according to Commerce Department officials.

Lutnick suggested earlier that crypto could be used to disseminate far more than just economic indicators, telling federal agency heads that the blockchain approach would be “available to the entire government.”

The landmark initiative demonstrated growing government acceptance of blockchain technology as critical infrastructure for data distribution and verification, positioning the US as a leader in government blockchain adoption.