The U.S. Department of Commerce has initiated a significant blockchain project, utilizing Chainlink and Pyth Network to publish official economic data on the blockchain.
Summary
- Chainlink and Pyth Network have been chosen to bring verified U.S. economic data on the blockchain.
- Chainlink is publishing 6 essential macroeconomic indicators from the Bureau of Economic Analysis, including real GDP and the PCE Price Index, across ten prominent blockchain networks.
- Pyth Network will initially publish five years of quarterly U.S. GDP data on the blockchain and aims to expand to additional datasets.
The U.S. government has commenced the publication of key economic indicators on the blockchain. This initiative, spearheaded by the Department of Commerce, utilizes the infrastructure of two leading oracle providers—Chainlink (LINK) and Pyth Network (PYTH).
How Chainlink brings U.S. economic data on the blockchain
Chainlink now publishes macroeconomic data from the Bureau of Economic Analysis (BEA) on the blockchain via its secure, enterprise-grade infrastructure.
The data includes 6 major indicators:
- Real GDP (Level)
- Real GDP (Percent Change, Annual Rate)
- PCE Price Index (Level)
- PCE Price Index (Percent Change, Annual Rate)
- Real Final Sales to Private Domestic Purchasers (Level)
- Real Final Sales to Private Domestic Purchasers (Percent Change, Annual Rate)
These datasets will be updated monthly or quarterly and made accessible across ten blockchain ecosystems, including Ethereum, Arbitrum, Base, Avalanche, Mantle, Optimism, ZKsync, Linea, Sonic, and Botanix. This enables developers, financial institutions, and DeFi protocols to incorporate reliable economic data into applications like inflation-linked products, tokenized assets, prediction markets, and automated trading strategies. The published indicators are expected to expand over time based on public and government demand.
Pyth to publish verified GDP data on the blockchain
Pyth Network has also been selected to bring official GDP data on the blockchain. Following close collaboration with Secretary of Commerce Howard Lutnick and the Department of Commerce, Pyth will start by publishing five years of quarterly U.S. GDP figures.
The data will be verifiably distributed across Pyth’s infrastructure, which encompasses over 100 blockchains and supports more than 600 decentralized applications. Over time, Pyth expects to broaden its offerings to include a wider range of macroeconomic indicators in partnership with government agencies.
