The U.S. government may soon begin publishing important economic data on the blockchain, as indicated by Department of Commerce Secretary Howard Lutnick.
Summary
- U.S. Department of Commerce Secretary Howard Lutnick has validated plans to release vital economic data on the blockchain.
- No specific timeline for execution has been provided.
During a White House cabinet meeting on Aug. 26, while addressing US President Donald Trump and other officials, Lutnick mentioned that the Department of Commerce will begin to share its statistics via blockchain technology.
“Because you are the crypto president […] we are going to place our GDP on the blockchain so it can be utilized for data and distribution.”
Details about the specific blockchain to be used weren’t disclosed, but platforms like Solana, developed by U.S.-based Solana Labs, or Ripple’s XRP Ledger from Ripple Labs in San Francisco, could be among the domestic options considered.
Other domestic projects, such as Aptos, which was highlighted in Wyoming’s Stable Token pilot program initiated earlier this year, may also be on the agency’s radar.
The initial plan is to publish GDP figures using blockchain infrastructure, with more economic indicators anticipated to follow.
Ultimately, the data could be made accessible across the entire federal government, according to Lutnick.
What is the rationale behind the U.S. Department of Commerce’s decision to publish economic data on blockchain?
Department of Commerce datasets, like census data and GDP projections, are currently public; however, placing them on-chain would enhance immutability, auditability, and facilitate quicker access and sharing across networks.
Lutnick emphasized that the integration of blockchain technology aligns with Trump’s broader pro-crypto agenda.
The Trump administration has previously considered incorporating blockchain technology in various governmental functions.
For example, a leaked memo earlier this year suggested that lawmakers were evaluating plans to revamp the U.S. Agency for International Development (USAID) and establish a blockchain-based procurement system.
Furthermore, Elon Musk, prior to his disagreements with Trump, had proposed employing blockchain technology in specific federal government operations.
Globally, numerous jurisdictions including the European Union, India, Estonia, Georgia, and Sweden have already trialed blockchain in public administration.
Currently, no timeline for implementation has been revealed, but Lutnick stated that the initiative is being organized with the White House’s chief crypto advisor, David Sacks, once the Department of Commerce finalizes “all of the details.”
