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The U.S. government has revealed plans to publish essential macroeconomic indicators on public blockchains via Chainlink and Pyth Network. Initially, six primary indicators will be accessible.
The U.S. Department of Commerce (DOC), in partnership with prominent decentralized oracle providers Chainlink and Pyth Network, has launched a groundbreaking initiative to transfer key macroeconomic data from the Bureau of Economic Analysis (BEA) into the blockchain environment. This project aims to improve the transparency, accessibility, and security of vital economic data, thereby creating new avenues for innovation within the digital economy.
The Chainlink team has disclosed the on-chain release of six BEA metrics, which include:
- Real GDP — Level (billions, chained 2017 USD).
- Real GDP — Percent change (Annual rate, QoQ SAAR %).
- PCE Price Index — Level (Index, 2017=100, headline PCE).
- PCE Price Index — Percent Change (Annual rate, QoQ SAAR %).
- Real Final Sales to Private Domestic Purchasers — Level (billions, chained 2017 USD).
- Real Final Sales to Private Domestic Purchasers — Percent Change (Annual rate, QoQ SAAR %).
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The data will be refreshed monthly or quarterly and will be accessible across ten blockchain ecosystems: Arbitrum, Avalanche, Base, Botanix, Ethereum, Linea, Mantle, Optimism, Sonic, and ZKsync. Overall, Chainlink supports over 2,400 integrations.
Simultaneously, representatives from Pyth Network announced that the protocol will carry out cryptographic verification and publication of official statistics. Initially, quarterly GDP data for the last five years will be made available on-chain, with plans for further expansion to additional datasets. Pyth Network data can be accessed across more than 100 blockchains and over 600 decentralized applications.
The official introduction of macroeconomic data into the blockchain ecosystem creates new possibilities for both traditional financial markets and the digital asset sector. Potential applications include algorithmic trading strategies, financial derivatives, and risk management tools within the decentralized finance (DeFi) domain.
This initiative signifies a strategic transition by the U.S. government towards utilizing blockchain infrastructure for the dissemination of public data. This move not only enhances transparency and trust in government statistics but also establishes a groundwork for future digital contracts, tokenized securities, and innovative financial solutions. Experts suggest that this will assist the U.S. in reinforcing its position in the global digital economy and establishing a new benchmark for transparency in government data.
Just a week prior, the U.S. President enacted an executive order permitting investments in cryptocurrencies and other alternative assets within 401(k) retirement plans.
Сообщение U.S. Macroeconomic Statistics to Be Published on Public Blockchains появились сначала на CoinsPaid Media.
