Underlining a significant leap in the public sector adoption of blockchain innovations, the United States of America government has partnered with Chainlink and Pyth to publish economic data on-chain. The US Bureau of Economic Analysis (BEA) joined forces with Chainlink to provide data feeds.
Likewise, the Department of Commerce selected Pyth to publish gross domestic product (GDP) data, which is the yearly total economic output. As indicated, key contributors to the Pyth Network expect the project to expand and support a broader range of economic datasets.
According to a statement released by Pyth Network on Thursday, the blockchain oracle firm will avail quarterly releases of the GDP from five years back. Also, the initiative will include the publication of real final sales to private domestic purchasers on-chain.
It is worth mentioning that publishing government data on public blockchain networks is part of President Donald Trump’s plan to make government expenditures more transparent to enhance accountability. Additionally, the growing challenges militating centralized systems convinced the US government to tap into blockchain innovations to boost confidence in public information infrastructures.
The development is also viewed as the first step in the long-term strategy to rebuild the data system of the United States of America.
Pyth Network provides deep insight into the project
According to the release, it took more of “close engagement with the Department of Commerce and Secretary of Commerce Howard Luthnick for Pyth to emerge as one of the key partners to the project.
Meanwhile, the blockchain oracle network established that the initiative is a noticeable advancement in the public sector’s adoption of on-chain infrastructure. Pyth said that Secretary Lutnick and the Department of Commerce’s visionary approach to data innovation and support for the blockchain space has positioned the United States as a leader in the finance world.
More so, Pyth emphasized that the selection illustrates its reputation as a trusted provider of secure, transparent, and verifiable data to the blockchain space. The firm said its capacity to ensure the cryptographic verifiability and immutable publication of official data indicates a new height in how governmental institutions interact with decentralized networks.
With its support, Pyth added that the US government is set to unlock a new generation of efficiency in key areas.
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