"According to Bloomberg, the Commerce Department's announcement on Thursday brings blockchain into the core of America's economic reporting, making GDP available on nine networks including Bitcoin, Ethereum, and Solana. The blockchain initiative involves posting cryptographic hashes of GDP data, which serve as digital fingerprints to verify the information's integrity. While limited in scope initially, Commerce Department officials confirmed that President Donald Trump's administration intends to expand the program further, Bloomberg reported."
"The move, however, carries significant symbolic weight, as it effectively places the government's seal of approval on technology once viewed with deep skepticism in Washington. "The entire administration has embraced this," said Mike Cahill, chief executive officer of Douro Labs, who confirmed he has been working with the Commerce Department on the initiative for the past two months. "With today's announcement we are now in a world where government data lives on blockchains, and market participants can participate in real time.""
The Commerce Department announced publishing GDP data hashes on nine public blockchains, including Bitcoin, Ethereum, and Solana. The initiative posts cryptographic hashes to serve as digital fingerprints that verify data integrity. Officials described the blockchain rollout as an additional distribution channel rather than a replacement for traditional economic releases. Commerce Secretary Howard Lutnick led the effort and told the president statistics would be issued via blockchain. Officials signaled plans to expand the program under President Donald Trump's administration. The initiative marks a policy shift from the previous administration's more cautious approach to digital assets.
Read at Bitcoin Magazine
Unable to calculate read time
Collection
[
|
...
]