US Commerce Department Set to Revolutionize Economic Data with Blockchain Transparency
Breaking the mold—Washington's moving economic data onto the chain.
Transparency Unleashed
The Commerce Department's pivot to blockchain isn't just tech for tech's sake—it's a full-scale assault on outdated data dissemination. By deploying distributed ledger tech, they're slashing delays, killing intermediaries, and handing real-time access to economists, traders, and policymakers. No more waiting for quarterly revisions—this is data that lives and breathes on-chain.
Finance's New Reality
Forget trusting centralized databases prone to errors or manipulation. Every data point—from GDP figures to trade balances—gets timestamped, immutable, and publicly verifiable. Wall Street quants can now backtest strategies on unforgeable numbers, while crypto traders get another fundamental dataset to obsess over. Because nothing says 'healthy market' like volatile assets reacting to bulletproof data.
And yes—this might finally give those 'efficient market' theorists something to actually work with. Or not. Some hedge funds will still lose money regardless.
Howard Lutnick reveals plans to launch economic data on blockchain
The US Commerce Department is set to release its economic data on a blockchain, aligning with President Donald Trump's initiative to make America the crypto capital of the world.
During a cabinet meeting on Tuesday, Commerce Secretary Howard Lutnick stated that the department will issue key statistics on a blockchain, while addressing President TRUMP as the "crypto President."
"The Department of Commerce is going to start issuing its statistics on the blockchain, because you are the crypto president," Lutnick told Trump.
He added that GDP will be the first data the department shares via a blockchain, making the information accessible to everyone.
"We are going to put our GDP on the blockchain so people can use the blockchain for data, distribution and then we're going to make that available to the entire government," said Lutnick.
However, market participants argued that GDP data is already accessible to the general public through current channels.
Although he did not provide any details about which blockchain the department intends to issue the GDP on, Lutnick noted that they are "just ironing out the details" before proceeding.
The plan follows a series of President Trump's criticisms of US economic data in the past few months. Earlier in August, Trump fired Dr. Erika McEntarfer, the commissioner of the Bureau of Labor Statistics (BLS), after a monthly jobs report showed that the US economy added only 73,000 jobs in July, weaker than expected.
