In a move aimed at increasing transparency around government spending, the US government announced on Thursday that it will begin publishing economic data onchain. The collaboration with blockchain oracle providers Chainlink and Pyth marks a significant step in the integration of blockchain technology into public sector data publishing.
Chainlink and Pyth selected for economic data publishing
The Department of Commerce has tapped Pyth to publish gross domestic product (GDP) data, which represents the total economic output for a given year. Meanwhile, Chainlink has been chosen to provide data feeds from the Bureau of Economic Analysis (BEA). These feeds will include key economic indicators such as:
- Real GDP
- Personal consumption expenditures (PCE) price index
- Real final sales to private domestic purchasers
These data points will be made available on the blockchain, enhancing public access to critical economic information and improving transparency in government spending.
A push for greater government transparency
This initiative is part of a broader effort under the Trump administration to increase accountability in government spending. By leveraging blockchain technology, the US government aims to provide real-time, verifiable economic data to the public, minimizing potential errors and increasing the trustworthiness of official reports.
The publication of economic data on the blockchain will not only improve transparency but also allow for real-time access to government data, facilitating better decision-making both for policymakers and the public.