The Secretary of American Trade Howard Lutnick said that the Trade Department would start publishing economic statistics, including gross domestic product data (GDP) on blockchain.
Lutnick announced on Tuesday during the meeting of the office in the White House, describing the effort as a move of the extension of the distribution of data based on blockchain between government agencies. Talking to US President Donald Trump and other state officials, he he said:
“The Trade Department will start issuing its statistics on blockchain because you are a cryptographic president, and we intend to put our GDP on blockchain so that people can use it for data and distribution.”
Lutnick said that the initiative would start with the numbers of GDP and can expand to federal departments after the “Strengthening all details” trade department to implement.
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Global Adoption shows the potential of blockchain for governments
Other governments have already adopted technology in public administration.
In 2016, the Estonia government integrated the blockchain of KSI Guardtime with the e-health system to secure over a million patients’ entries. The same infrastructure is currently part of its digital identification network, making the Baltic Nation an early pioneer.
https://www.youtube.com/watch?v=4n4pnl8syw
In 2018, the European Commission and the European Blockchain partnership launched the European Blockchain Services (EBSI) infrastructure, an allowed network built on Hyperledger Besu. Member States such as France, Slovenia and Denmark Walidation of Host, giving it a decentralized structure designed to provide cross -border services of public services, which are verifiable and trustworthy.
In 2021, Singapore and Australia tested the blockchain system to issue and verify cross -border commercial documents, reducing documents and reduction of costs. And in 2024, the California motor vehicle department digitized 42 million car titles on the permissible avalanche blockchain to reduce pledge fraud and improve vehicle transfers.
Before his fall with the US President Donald Trump, Elon Musk raised the idea of conducting part of the US government in blockchain, a proposal that aroused comparisons with the European EBSI project.
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Blockchain may record data, but cannot control its accuracy
The plan appears when Trump has repeatedly questioned the credibility of the US economic data.
In April, he disregarded 0.3% of GDP contraction in the first quarter as a tariff hit, and in May, he released Congress Budget Office forecast by 1.8% boost as biased, and the prediction of the economy may boost up to 9%.
On August 1, Trump dismissed the commissioner for work statistics Erika MCTyarfer after a work report in July showed only 73,000 recent items and piercing correction down to earlier months, accusing her of issuing “fixed” data and causing an alarm among economists.
According to CointeLgraph, Blockchain offers governments of data handling, from resistance to manipulation and secure digital identities to clear information exchange and transactions on control.
Although the technology can secure the method of storing and sharing data, it does not apply to the accuracy of the data themselves.
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