US Gov Publishes GDP Data on Blockchains via Chainlink, Pyth
US Government Brings GDP Data On-Chain with Chainlink and Pyth Network
In a move towards greater transparency, the US Department of Commerce (DOC) is now publishing Gross Domestic Product (GDP) data on multiple public blockchains. This initiative leverages Chainlink and Pyth Network to deliver official economic data directly on-chain.
Both Chainlink and Pyth Network have confirmed their collaboration with the DOC on this project.
Key Takeaways
- The US Commerce Department is publishing GDP data on nine public blockchains.
- This marks a major adoption of blockchain technology for official government economic reporting in the US.
Blockchain Networks Involved
The initial integration spans nine blockchain networks:
- Bitcoin
- Ethereum
- Solana
- TRON
- Stellar
- Avalanche
- Arbitrum One
- Polygon PoS
- Optimism
Chainlink's announcement also mentioned support for Base, Botanix, Linea, Mantle, Sonic, and ZKsync.
Data Feeds and Indicators
The DOC, through its Bureau of Economic Analysis (BEA), is utilizing Chainlink oracles to publish US macroeconomic statistics on these networks. Currently, six BEA indicators are live on-chain, including GDP, inflation, and domestic demand. These data feeds are updated monthly or quarterly, aligning with BEA releases.
Mike Cahill, founder of Douro Labs and a core contributor to Pyth, highlighted the significance of this step, stating that government data on-chain can foster a new era of transparency and innovation.
As blockchain technology gains traction, initiatives like these signal a potential shift in how governments manage and distribute critical economic information. As smart contract adoption increases, reliable economic data on-chain will be critical. Platforms like Codeum offer the security audits and KYC services to ensure that blockchain and smart contract projects are built securely and in compliance with industry standards.