Michaela
Summary: What is the U.S. Commerce Depаrtment planning to do with economic data?
The Department of Commerce plans to publish key economic statistics, including GDP figures, on the blockchain. This move is intended to make government data more secure, transparent, and accessible. The initiative will start with GDP data and may expand to other federal departments over time.
U.S. Commerce Secretary Howard Lutnick has announced that the Department of Commerce has plans to publish key economic statistics, including gross domestic product (GDP) figures, on the blockchain, marking a step toward broader adoption of blockchain technology for government data distribution.
During a White House cabinet meeting on Tuesday, Lutnick told President Donald Trump and other officials that the Commerce Department plans to start publishing its statistics on the blockchain. Lutnick emphasized the administration’s cryptocurrency focus, noting that President Trump is “the crypto president,” and emphasized that this approach will allow people to use the info on the blockchain for data and distribution.
The initiative is expected to start with GDP data and could later extend to other federal departments once the Commerce Department finalizes the implementation details.
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Governments worldwide are increasingly adopting bloсkchain technology to enhance transparency, security, and efficienсy in public services.
In Estonia, the government has partnered with Guardtime to implement the Keyless Signature Infrastructure (KSI) blockchain, securing over a million patient records in its e-Health system. This initiative ensures that electronic health records are tamper-proof and auditable, providing a reliable audit trail for healthcare data.
The European Union has developed the Europeаn Blockchain Services Infrastructure (EBSI), a decentralized network of blockchain nodes across member states. EBSI aims to provide cross-border public services that are verifiable and trustworthy, suрporting applications in areas such as digital identity, notarization, and diplomas.
In January, tech visionary Elon Musk, then leading the Department of Government Efficiency (DOGE), explored ways to leverage blockchain technology to modernize U.S. government operations and optimize federal spending.
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At the time, reports suggested that the department was investigating how blockchain technology could improve data security, simplify payment processes, and optimize facility management as part of its broader push for greater government efficiency. Details on specific blockchain platforms under consideration were not disclosed.
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MICHAELA
Michaela is a news writer focused on cryptocurrency and blockchain topics. She prioritizes rigorous research and accuracy to uncover interesting angles and ensure engaging reporting. A lifelong book lover, she applies her passion fоr reading to deeply explore the constantly evolving crypto world.
