Commerce Secretary Lutnick declares plans to situation US GDP statistics on blockchain


Commerce Secretary Howard Lutnick introduced the Division of Commerce will start issuing GDP and different financial statistics on blockchain throughout a White Home cupboard assembly on Aug. 26.

Positioning the know-how as a government-wide knowledge distribution instrument, Lutnick advised President Donald Trump:

“The Division of Commerce goes to start out issuing its statistics on the blockchain, trigger you [Trump] are the crypto president, and we’re going to put the GDP on the blockchain so folks can use the blockchain for knowledge distribution.”

Lutnick stated the Commerce Division plans to make blockchain-based statistics “obtainable for the whole authorities” whereas working by way of implementation particulars.

The announcement represents essentially the most outstanding federal blockchain deployment underneath the Trump administration’s crypto-friendly insurance policies.

Present federal applications

The Commerce initiative builds on present blockchain pilots throughout federal companies.

Treasury examined a grant distribution system utilizing blockchain to trace drawdowns with automated reconciliation and audit trails, although it by no means launched publicly.

The Commodity Futures Buying and selling Fee operates a pilot program evaluating tokenized collateral and stablecoin-based monetary transactions in regulated markets.

On the identical time, the Small Enterprise Administration has evaluated blockchain for monitoring fraud and efficiency metrics in mortgage applications, in keeping with Authorities Accountability Workplace reviews.

The Division of Protection and Homeland Safety are exploring using blockchain for elements monitoring, provide chain authentication, and digital documentation.

The Navy and the Protection Logistics Company collaborate with SIMBA Chain to trace high-value elements by way of blockchain ledgers, thereby lowering handbook knowledge entry in protection provide chains.

Customs and Border Safety beforehand ran blockchain trials to confirm mental property knowledge on imports and spot counterfeit items.

Congressional assist

The blockchain push aligns with pending congressional laws. The “Deploying American Blockchains Act of 2025,” sponsored by Rep. Kat Cammack and handed by the Home on June 23, moved to the Senate on June 24.

The invoice directs the Secretary of Commerce to advertise US competitiveness in blockchain deployment and purposes.

The laws would set up a Commerce Division Blockchain Deployment Program and create advisory committees that embrace federal companies, non-public sector representatives, and blockchain infrastructure operators.

This system would study how federal companies can profit from distributed ledger know-how whereas addressing considerations associated to cybersecurity and regulatory compliance.

The Commerce Division’s GDP blockchain initiative represents the most recent federal dedication to distributed ledger know-how for core authorities features.

Talked about on this article



Source link

Related articles

Monex Group Weighs Yen-Backed Stablecoin, Plans European Crypto Acquisition

Government Interview with Andres Jimenez from Swiset | iFX EXPO Worldwide 2025 Government Interview with Andres Jimenez from Swiset...

Home windows Server customers have a brand new software to transform VMware digital machines to Hyper-V situations

Microsoft has launched the VM Conversion software, a free extension inside Home windows Admin Heart designed to transform VMware digital machines into Home windows Server Hyper-V VMs. The corporate positions this software as...

Don’t Money Out On Meta But (NASDAQ:META)

This text was written byObserveHello, I am Yiannis. Recognizing winners earlier than they get away is what I do greatest.Expertise: Beforehand labored at Deloitte and KPMG in exterior/inner auditing and consulting. Training: Chartered...

Subsequent Commerce Distance Administration Based mostly on ATR – Buying and selling Concepts – 26 August 2025

🚀 Subsequent Commerce Distance Administration Based mostly on ATR – Check_NextTrade_ATR This technique optimizes scaling-in entries throughout dropping trades...
spot_img

Latest articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

WP2Social Auto Publish Powered By : XYZScripts.com