Commerce Secretary Lutnick announces plans to issue US GDP statistics on blockchain

Commerce Secretary Howard Lutnick introduced that the Ministry of Commerce BBP and different financial statistics about blockchain will publish throughout a White House Cabinet meeting on August 26.

Lutnick positions the know-how as a authorities -wide information distribution software, Lutnick instructed President Donald Trump:

“The Ministry of Commerce goes to spend its statistics on the blockchain [Trump] Are the crypto president, and we’re going to put the GDP on the blockchain so that folks can use the blockchain for information distribution. “

Lutnick stated that the commerce division is planning to make blockchain-based statistics “out there to your entire authorities” whereas they work by way of implementation information.

The announcement is probably the most distinguished federal blockchain deployment underneath the crypto-friendly coverage of the Trump authorities.

Present federal packages

The Commerce Initiative builds on current blockchain pilots About federal agencies.

Treasury examined a subsidy distribution system utilizing blockchain to observe Drawdowns with computerized reconciliation and audit paths, though it was by no means publicly launched.

The Commodity Futures Buying and selling Fee has a pilot program that evaluates tokenized collateral and on stablecoin -based monetary transactions in regulated markets.

On the similar time, the Small Enterprise Administration Blockchain has evaluated on monitoring fraud and efficiency statistics in mortgage packages, in keeping with the Authorities Accountability Workplace.

The Ministry of Protection and Homeland Safety are investigating using blockchain for following components, provide chain -authentication and digital documentation.

The Navy and the Protection Logistics Company work along with SIMBA chain to observe high-quality components through blockchain wholesalbooks, lowering handbook information entry into protection choice chains.

Customs and border safety beforehand carried out blockchain checks to confirm verifiable information on import and to identify cast items.

Congress assist

The blockchain pushes itself with hanging convention laws. The “The use of American Blockchains Act from 2025‘Sponsored by Rep. Kat Cammack and handed by way of the home on 23 June, moved to the Senate on 24 June.

The invoice instructs the Minister of Commerce to advertise the US competitiveness in blockchain implementation and purposes.

The laws would arrange a blockchain implementation program of the Commerce Division and arrange advisory committees that embody federal companies, representatives of the non-public sector and blockchain infrastructure operators.

This system would examine how federal companies can profit from distributed ledger know-how and on the similar time fear about issues with regard to cyber safety and compliance with the laws.

The GDP Blockchain initiative of the Commerce Division is the most recent federal dedication to distributed ledger know-how for presidency core capabilities.

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