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Bitcoin News Today: "U.S. Makes Economic Truth Immutable—GDP Data Locked Onto Blockchains"

Bitcoin News Today: "U.S. Makes Economic Truth Immutable—GDP Data Locked Onto Blockchains"

ainvest2025/08/29 11:03
By:Coin World

- U.S. Department of Commerce publishes 2025 GDP data on nine blockchains, including Bitcoin and Ethereum, via Chainlink and Pyth oracles. - Initiative aims to enhance transparency and cryptographic verification of economic statistics through decentralized infrastructure. - PYTH token surged 61% post-announcement, reflecting market validation of blockchain's role in government data distribution. - Trump administration's blockchain push includes crypto reserves and regulatory shifts, signaling departure fro

The U.S. Department of Commerce has launched a groundbreaking initiative to publish economic data on public blockchains, marking a significant step in integrating decentralized technology into federal data infrastructure. The department, led by Secretary Howard Lutnick, announced that it has released the official hash of its quarterly GDP data for 2025 onto nine blockchains: Bitcoin , Ethereum , Solana , TRON , Stellar, Avalanche , Arbitrum One, Polygon PoS, and Optimism [2]. The data is also being distributed via oracle services Chainlink and Pyth, which act as trusted data providers for blockchain applications. This move is framed as a “proof of concept” for future expansion of blockchain use in federal reporting and is part of a broader effort to enhance the transparency, accessibility, and cryptographic verifiability of official statistics [3].

The initiative has been positioned as a validation of blockchain’s potential in government operations, with Secretary Lutnick stating that the move is “making America’s economic truth immutable and globally accessible like never before.” The data includes key metrics such as Real GDP and the PCE Price Index, which are crucial for financial markets and economic analysis [5]. By leveraging decentralized infrastructure, the Department of Commerce aims to build a more secure and tamper-proof system for disseminating economic information. This is particularly relevant as the integrity of data becomes increasingly scrutinized in the digital age [1].

The project is also expected to support smart contract development and on-chain financial instruments, including prediction markets and automated financial derivatives. As more economic datasets become available via blockchains—such as inflation data or Federal Reserve interest rates—the potential for real-time, trustless execution of financial transactions expands. This shift could redefine the interaction between traditional finance and blockchain-based systems, enabling greater transparency and programmability of economic data [5].

The involvement of Pyth Network and Chainlink in the initiative has had immediate market effects. Following the announcement, the price of PYTH, the token associated with Pyth Network, surged by approximately 61% within 24 hours [2]. This price movement underscores the market’s positive reaction to the government’s endorsement of blockchain technology and the growing role of decentralized oracles in financial infrastructure. The Pyth Network, which operates on over 100 blockchains and supports more than 600 applications, is positioned to play a central role in distributing and verifying government data in the future [1].

The initiative aligns with the Trump administration’s broader push to integrate blockchain and cryptocurrency into public policy. This includes the creation of a U.S. Bitcoin reserve, the stockpiling of other major cryptocurrencies, and the appointment of crypto-friendly regulators. The administration has also moved to regulate stablecoins and reduce enforcement actions against major exchanges [4]. The symbolic weight of this move is significant, as it represents a departure from the cautious stance taken by the previous administration, which often imposed restrictions on digital assets and expressed skepticism about blockchain adoption in government operations [4].

The Department of Commerce has emphasized that the blockchain rollout is not intended to replace traditional data release mechanisms but to serve as an additional, transparent channel for disseminating economic information. Officials have also clarified that the initiative is separate from the recent controversy surrounding the Bureau of Labor Statistics and is part of a broader strategic effort led by Secretary Lutnick [2]. The administration has indicated plans to expand the initiative to include more blockchains, oracles, and economic datasets in the future [3].

Source:

Bitcoin News Today:
1

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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