Michaela
Blockchain oracle networks Chainlink and Pyth have been chosen by the U.S. government to publish economic data on-chain, aiming to increase transparency in government spending.
Chainlink announced in a blog post that it is partnering with the U.S. Department of Commerce (DOC) to bring key government macroeconomic data on-chain from the Bureau of Economic Analysis (BEA). Using Chainlink Data Feeds, the initiative will securely deliver critical U.S. economic metrics, including Real Gross Domestic Product (GDP), the Personal Consumption Expenditures (PCE) Price Index, and Real Final Sales to Private Domestic Purchasers.
“Bringing U.S. government data [on-chain] unlocks innovative use cases for blockchain markets,” Chainlink wrote.
Pyth will focus on publishing annual gross domestic product (GDP) data, providing a clear measure of the nation’s total economic output. “Pyth is honored to have been selected as a critical component in this initiative. Without question, this marks a critical step forward in the public sector’s embrace of decentralized infrastructure,” Pyth wrote in a blog post.
The announcement follows U.S. Commerce Secretary Howard Lutnick’s recent statement that the Department of Commerce intends to publish key economic statistics on the blockchain. Speaking at a White House cabinet meeting on Tuesday, Lutnick informed President Donald Trump and other officials of the department’s plans to make its data accessible on-chain.
Lutnick emphasized the administration’s focus on cryptocurrency, noting that this initiative will allow the public to access and utilize government economic information directly through blockchain technology.
Making government data available on-chain aligns with the Trump administration’s efforts to enhance transparency in public spending, increase accountability, and position the U.S. as a global leader in cryptocurrency.
As blockchain technology advances, using Chainlink and Pyth to publish public data on-chain could set a global standard for government transparency. Experts suggest this approach may enable real-time economic tracking, automated reporting, and more efficient policy decisions.
The initiative emphasizes the growing intersection between digital innovation and traditional governance, signaling a shift toward more accessible and data-driven government operations.
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Michaela has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
