U.S. Secretary of Commerce Howard Lutnick announced that the Department of Commerce will begin publishing economic statistics on the blockchain, including Gross Domestic Product (GDP) data.
Lutnick made the announcement during a Cabinet meeting at the White House on Tuesday, stating that this initiative aims to expand the government’s data distribution based on blockchain technology. He told U.S. President Donald Trump and other government officials:
"The Department of Commerce will start publishing statistics on the blockchain because you are the cryptocurrency president, and we will put GDP on the blockchain so that people can use it for data and distribution."
Lutnick indicated that the initiative will start with GDP data and may expand to various federal departments once all the "details are finalized" by the Department of Commerce.
Other governments have already adopted this technology in public administration.
In 2016, the Estonian government integrated Guardtime's KSI blockchain into its electronic health system, protecting over one million patient records. The same infrastructure now supports some functions of its digital identity network, making this Baltic nation an early pioneer.
In 2018, the European Commission and the European Blockchain Partnership launched the European Blockchain Services Infrastructure (EBSI), a permissioned network built on Hyperledger Besu. Member states like France, Slovenia, and Denmark host validation nodes, giving it a decentralized structure aimed at providing verifiable and trustworthy cross-border public services.
In 2021, Singapore and Australia trialed a blockchain system to issue and verify cross-border trade documents, reducing paperwork and lowering costs. In 2024, the California Department of Motor Vehicles digitized 42 million vehicle title certificates on the permissioned Avalanche blockchain to curb lien fraud and streamline vehicle transfers.
Before his fallout with U.S. President Donald Trump, Elon Musk proposed the idea of running some functions of the U.S. government on the blockchain, a proposal that was compared to Europe’s EBSI project.
The plan comes at a time when Trump has repeatedly questioned the reliability of U.S. economic data.
In April, he downplayed the first quarter's 0.3% GDP contraction as a tariff-driven temporary fluctuation. In May, he dismissed the Congressional Budget Office's 1.8% growth forecast as biased while predicting the economy could grow by as much as 9%.
On August 1, after the July employment report showed only 73,000 new jobs and significantly revised down earlier months' data, Trump fired Bureau of Labor Statistics Director Erica McEntyre, accusing her of releasing "manipulated" data, raising alarms among economists.
As reported by Cointelegraph, blockchain offers advantages for governments in handling data, from tamper-proof record keeping and secure digital identities to transparent information sharing and auditable transactions.
However, while the technology can protect the way data is stored and shared, it does not address the issue of the accuracy of the data itself.
Related: The Trump Family's Crypto Empire: The Business Collision of Suits and Tattoos
Original article: “U.S. Secretary of Commerce Howard Lutnick: Economic Data to be Published on Blockchain”
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