The US Department of Commerce has selected blockchain oracle providers Chainlink and Pyth Network to publish official economic data onchain as part of the Trump administration's transparency initiative. Pyth was specifically chosen to publish gross domestic product (GDP) data, while Chainlink will provide data feeds from the Bureau of Economic Analysis (BEA).
The integrated data feeds include real gross domestic product (GDP), personal consumption expenditures (PCE) price index, and real final sales to private domestic purchasers. This initiative aims to make government spending more transparent and improve accountability through blockchain technology.
Commerce Secretary Howard Lutnick stated: "We are going to put our GDP on the blockchain so people can use the blockchain for data, distribution, and then we're going to make that available to the entire government." The partnership represents a significant integration of blockchain technology with federal data dissemination and could revolutionize how government data is accessed and utilized.