US Commerce Department to Publish GDP, Inflation Data On-Chain via Chainlink
Summary
- The US Department of Commerce is working with Chainlink (LINK) to provide macroeconomic data, including GDP and inflation indicators, on public blockchains.
- The partnership will make the Bureau of Economic Analysis' real GDP and Personal Consumption Expenditures (PCE) price index available on-chain.
- The on-chain data will be updated monthly or quarterly based on the BEA's official releases, allowing official US government economic data to be used on public blockchains.
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Cointelegraph reported on Sept. 1 that the US Department of Commerce is working with Chainlink (LINK) to publish key macroeconomic data, including gross domestic product and inflation indicators, on public blockchains. It marks the first time a US federal agency has distributed official economic data on-chain.
Under the partnership, major economic indicators published by the Bureau of Economic Analysis, including real GDP and the Personal Consumption Expenditures price index, will be made available on-chain.
The on-chain data will be based on the BEA's official releases. Updates will follow the existing release schedule, on a monthly or quarterly basis.
Chainlink is an oracle network that delivers external data to blockchains. The partnership will allow official US government economic data to be used on public blockchains.
