Pyth·Chainlink, U.S. government collaborate… on-chain publication of economic indicators
Summary
- The U.S. government has selected Chainlink and Pyth Network as partners for on-chain publication of economic indicators.
- Pyth Network will record the Department of Commerce's GDP data, and Chainlink will record the Bureau of Economic Analysis (BEA)'s real GDP, the personal consumption expenditures (PCE) price index, etc. as major economic indicators on the blockchain.
- Cointelegraph reported that publishing government data on-chain is intended to enhance spending transparency and strengthen accountability.
The U.S. government has selected Chainlink and Pyth Network (PYTH) as partners for on-chain publication of economic indicators.
On the 28th (local time), Cointelegraph reported that the U.S. Department of Commerce recorded the revised second-quarter GDP figure on the blockchain using Chainlink and Pyth Network that day.
Specifically, Pyth Network was selected as the institution to record the Department of Commerce's GDP data on the blockchain. Chainlink records data from the Bureau of Economic Analysis (BEA), under the Department of Commerce, on the blockchain. The BEA produces economic indicators such as real GDP and the personal consumption expenditures (PCE) price index.
Cointelegraph said, "Publishing government data on-chain is part of the Donald Trump administration's plan to increase transparency of government spending and strengthen accountability."
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul
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