The U.S. Department of Commerce is collaborating with Chainlink and Pyth to integrate key macroeconomic data, such as Gross Domestic Product (GDP), onto the blockchain.
This initiative involves the on-chain publication of six crucial data metrics, including real GDP, the Personal Consumption Expenditures (PCE) Price Index, and Real Final Sales to Private Domestic Purchasers, facilitated by Chainlink and Pyth. Updates will occur on a monthly or quarterly basis, as relevant, and the data will initially be accessible across ten blockchain platforms: Arbitrum, Avalanche, Base, Botanix, Ethereum, Linea, Mantle, Optimism, Sonic, and ZKsync.
Leading exchanges such as Coinbase, Gemini, and Kraken are also participating in this initiative, aiding the Department in disseminating this valuable information. U.S. Secretary of Commerce Howard Lutnick remarked, “We are making America’s economic truth immutable and globally accessible like never before, cementing our role as the blockchain capital of the world.”
By bringing this critical data on-chain, Chainlink opens up various use cases within blockchain markets. This includes automated trading strategies, enhanced composability of tokenized assets, the creation of new types of digital assets, inflation-linked financial products, perpetual futures markets, and real-time prediction markets for crowdsourced insights. Additionally, it promotes transparent dashboards powered by immutable data, as well as risk management in decentralized finance (DeFi) protocols that consider macroeconomic factors.
Pyth asserts that this transformative move is set to generate a “wave of efficiency,” positioning the United States as a global frontrunner in driving the digital revolution and unlocking new economic potential.