US Department of Commerce puts economic data on-chain

Editorial

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The government has begun putting six data points – including real GDP, Personal Consumption Expenditures (PCE) Price Index, and Real Final Sales to Private Domestic Purchasers – on-chain via Chainlink and Pyth.

Chainlink says the data is updated monthly or quarterly as applicable, and is initially being made available across ten blockchain ecosystems: Arbitrum, Avalanche, Base, Botanix, Ethereum, Linea, Mantle, Optimism, Sonic, and ZKsync.

Major exchanges Coinbase, Gemini, and Kraken, have also helped facilitate the department’s publishing.

US Secretary of Commerce Howard Lutnick says: “We are making America’s economic truth immutable and globally accessible like never before, cementing our role as the blockchain capital of the world.”

Chainlink says bringing the data on-chain unlocks use cases for blockchain markets, such as automated trading strategies, increased composability of tokenised assets, the issuance of new types of digital assets, inflation-linked products, perpetual futures markets, real-time prediction markets for crowdsourced intelligence, transparent dashboards powered by immutable data, and DeFi protocol risk management based on macroeconomic factors.

Pyth claims the move will lead to a “wave of efficiency will establish the US as a global leader driving the digital revolution and unleashing new economic power”.