Officially, the U.S. has started publishing GDP data in public blockchains. According to BloombergIn an announcement made on Thursday, the Commerce Department brought blockchain to the heart of American economic reporting by making the GDP accessible on nine networks such as Bitcoin, Ethereum, or Solana.
The Commerce Department stressed that this blockchain-based data release is not meant to replace traditional economic releases but rather to complement them. “another avenue” Bloomberg reports that the move is for distribution. It is a symbolic move that gives the seal of government approval to technology, which was previously viewed as sceptical in Washington.
“The entire administration has embraced this,” Mike Cahill said, Chief Executive Officer of Douro Labs. Cahill confirmed he worked with Commerce Department to develop the initiative over the past two month. “With today’s announcement we are now in a world where government data lives on blockchains, and market participants can participate in real time.”
It is important to note that the word “you” means “you”. blockchain This initiative involves posting digital fingerprints (cryptographic hashes) of the GDP data to ensure its accuracy. Bloomberg reports that, while initially limited, officials from the Commerce Department confirmed President Donald Trump’s administration plans to expand this program.
Howard Lutnick, Commerce Secretary at the time, told Trump that this project would take place via Blockchain. “because you are the crypto president.” Lutnick suggested previously reshaping GPD reporting to remove the impact of spending by government.
This initiative represents a radical departure from previous administrations. The former President Joe Biden adopted a cautious approach to crypto. He often clashed and restricted digital assets. Trump on the contrary has quickly integrated Bitcoin into government policies. He has been adamant about integrating Bitcoin into government policy since he took office. created A U.S. Bitcoin reserves, stockpiled currencies such as Ether or Solana. signed Coinbase has ceased enforcement action against Coinbase after the government passed legislation to regulate stablecoins and named crypto-friendly regulators.
Trump’s Family has a deepened presence in digital assets, supporting ventures like World Liberty Financial. It is clear that the crypto industry is gaining political influence. Crypto companies contributed to Trump’s 2016 reelection and have given over $133 million in support of pro-crypto candidates by 2024.
Commerce Department is joining other government agencies in experimenting with the crypto-technology by leveraging blockchains. Bloomberg reports that the Department of Homeland Security is considering blockchain technology for airport screening. California’s DMV also has digitalized vehicle titles using crypto.
Trump is positioning himself as the new leader. “crypto president,” the adoption of blockchain for GDP distribution signals a profound shift in U.S. economic policy—and further cements Bitcoin as a powerful political and financial force in Washington.
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: bitcoinmagazine.com
