US Secretary of Commerce Howard Lutnick said the Commercial Department will begin to publish economic statistics, including Gross Domestic Product (GDP) data, in Blockchain.
Lutnick made the announcement during a White House cabinet meeting on Tuesday, describing the effort as a step to expand the blockchain -based data distribution to government agencies. Talking to US president Donald Trump and other government officials, he Says:
“The commercial department will start issuing its statistics on the blockchain, since you are the president of the crypto, and we will put our GDP on the blockchain so that people can use it for data and distribution.”
Lutnick said the initiative would start with GDP numbers and could expand throughout the federal departments after the Commerce department “honored all the details” for implementation.
Related: US Treasury’s defi ID plan is ‘like putting cameras in every living room’
Global Adoption shows the potential of blockchain for governments
Other governments have adopted technology in public administration.
In 2016, Estonia’s Integrated Guardime Guardime government in its e-health system to secure More than one million patient records. The same infrastructure is now undergoing parts of its digital ID network, making the Baltic Nation an early pioneer.
https://www.youtube.com/watch?v=4n4Pznl8Syw
In 2018, the European Commission and the European Blockchain Partnership launched the Infrastructure of European blockchain services (EBSI), a permission network developed in Hyperledger Besu. Member states such as France, Slovenia and Denmark host validator node, giving it a decentralized structure designed to deliver public cross-border services that are proven and trustworthy.
In 2021 Singapore and Australia tried a blockchain system to issue and verify Cross-border trade documentsReducing paperwork and cutting costs. And in 2024, the California motor vehicle department Digitized 42 million car titles In an allowable avalanche blockchain to hinder lien fraud and streamline transfer of vehicle.
Before his fight against US President Donald Trump, Elon Musk floated the idea of running parts of US Government in BlockchainA proposal that has drawn the comparison of the EBSI project of Europe.
Related: Genius Act to Spark Wave of ‘Killer Apps’ and New Payment Services: Sygnum
Blockchain can record data, but cannot control its accuracy
The plan came as Trump repeatedly discussed the reliability of data in the US economy.
In April, he lowered a 0.3% first-quarter GDP contraction as a tariff-driven blip, and in May, he Removed an forecasting at the Congress budget office of 1.8% growth as bias while predicting the economy may Expand By almost 9%.
On August 1, Trump fired the Bureau of Labor Statistics Commissioner Erika Mcentarfer after a July report in July showed only 73,000 new positions and sharp downward revisions in the earlier months, accusing him of the release of “rigged” Data and sparking alarm to economists.
As Cointelegraph reported, Blockchain offers government benefits For data handling, from tamper-proof recordkeeping and secure digital identities to transparent sharing information and transactions to hear.
However, while technology can be able to secure how the data is stored and shared, it does not address the accuracy of the data itself.
Community Secrets: The Incoming Pump of Elon Musk Dogecoin? Sol hit the hit of $ 300 in 2025
