US Commerce Secretary Howard Lutnick announced that the Department of Commerce will begin distributing key economic indicators, including gross domestic product (GDP) statistics, using blockchain technology. The declaration was made during a cabinet meeting at the White House, where Lutnick emphasized the administration’s commitment to modernizing data infrastructure across federal agencies. Addressing President Donald Trump and other senior officials, he stated: “The Department of Commerce is going to start issuing its statistics on the blockchain, because you are the crypto president, and we are going to put our GDP on the blockchain so people can use it for data and distribution.” n nThe rollout will initially focus on GDP figures, with plans to potentially extend the system to other federal departments once implementation protocols are finalized. Officials are currently refining technical and security frameworks to ensure seamless integration. n nOther nations have already explored similar applications. In 2016, Estonia adopted Guardtime’s KSI blockchain to protect over one million health records, later expanding its use to digital identity systems. The European Blockchain Services Infrastructure (EBSI), launched in 2018 by the European Commission and the European Blockchain Partnership, operates on Hyperledger Besu and includes validator nodes in countries like France, Slovenia, and Denmark to support secure cross-border services. n nIn 2021, Singapore and Australia tested a blockchain solution for verifying international trade documents, reducing administrative burdens and operational expenses. More recently, in 2024, California’s Department of Motor Vehicles recorded 42 million vehicle titles on a private Avalanche blockchain to prevent fraud related to liens and improve transfer efficiency. n nPrior to his public disagreement with President Trump, Elon Musk had suggested leveraging blockchain for government operations—a concept echoing elements of the EBSI initiative. n nThis move follows growing skepticism from the Trump administration about the credibility of official economic reports. In April, Trump dismissed a 0.3% decline in first-quarter GDP as a temporary effect of tariffs. In May, he criticized a Congressional Budget Office projection of 1.8% growth as politically influenced, forecasting instead a potential 9% expansion. On August 1, he terminated Bureau of Labor Statistics Commissioner Erika McEntarfer after a jobs report revealed only 73,000 new hires and significant downward revisions, accusing the agency of releasing manipulated data—an action that raised concerns among economic experts. n nAs noted by Cointelegraph, blockchain offers governments benefits such as immutable recordkeeping, enhanced data security, and transparent transaction logs. However, while the technology ensures data integrity in storage and transmission, it does not verify the correctness of the original input. n— news from Cointelegraph
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US to publish economic data on blockchain, Commerce chief says
US Commerce Secretary Howard Lutnick said the Department of Commerce will begin publishing economic statistics, including gross domestic product (GDP) data, on the blockchain. n nLutnick made the announcement during a White House cabinet meeting on Tuesday, describing the effort as a move to expand blockchain-based data distribution across government agencies. Speaking to US President Donald Trump and other government officials, he said: n n“The Department of Commerce is going to start issuing its statistics on the blockchain, because you are the crypto president, and we are going to put our GDP on the blockchain so people can use it for data and distribution.” n nLutnick said the initiative will begin with GDP figures and could expand across federal departments after the Commerce Department finishes “ironing out all of the details” for the implementation. n nRelated: US Treasury’s DeFi ID plan is ‘like putting cameras in every living room’ n nGlobal adoption shows blockchain’s potential for governments n nOther governments have already adopted the technology in public administration. n nIn 2016, Estonia’s government integrated Guardtime’s KSI blockchain into its e-Health system to secure over a million patient records. The same infrastructure now underpins parts of its digital ID network, making the Baltic nation an early pioneer. n nIn 2018, the European Commission and the European Blockchain Partnership launched the European Blockchain Services Infrastructure (EBSI), a permissioned network built on Hyperledger Besu. Member states such as France, Slovenia and Denmark host validator nodes, giving it a decentralized structure designed to deliver cross-border public services that are verifiable and trustworthy. n nIn 2021, Singapore and Australia trialed a blockchain system to issue and verify cross-border trade documents, reducing paperwork and cutting costs. And in 2024, California’s Department of Motor Vehicles digitized 42 million car titles on a permissioned Avalanche blockchain to curb lien fraud and streamline vehicle transfers. n nBefore his fallout with US President Donald Trump, Elon Musk floated the idea of running parts of the US government on the blockchain, a proposal that drew comparisons to Europe’s EBSI project. n nRelated: GENIUS Act to spark wave of ‘killer apps’ and new payment services: Sygnum n nBlockchain can record data, but can’t control its accuracy n nThe plan comes as Trump has repeatedly questioned the reliability of US economic data. n nIn April, he downplayed a 0.3% first-quarter GDP contraction as a tariff-driven blip, and in May, he dismissed a Congressional Budget Office forecast of 1.8% growth as biased while predicting the economy could expand by as much as 9%. n nOn Aug. 1, Trump fired Bureau of Labor Statistics Commissioner Erika McEntarfer after a July jobs report showed only 73,000 new positions and sharp downward revisions to earlier months, accusing her of releasing “rigged” data and sparking alarm among economists. n nAs Cointelegraph has reported, blockchain offers governments advantages for handling data, from tamper-proof recordkeeping and secure digital identities to transparent information sharing and auditable transactions. n nHowever, while the technology can secure how data is stored and shared, it does not address the accuracy of the data itself.