The US government has initiated collaboration with leading blockchain oracle providers Chainlink and Pyth to enhance transparency in economic data. This effort aims to improve accountability and transparency in government spending, continuing initiatives promoted during former President Donald Trump’s administration. The Department of Commerce has selected Pyth as the publisher of Gross Domestic Product (GDP) data, representing the nation’s annual economic output. Publishing GDP data on the blockchain will enable verification and public access, significantly increasing transparency. Similarly, Chainlink has been entrusted by the Department of Commerce to provide data feeds from the Bureau of Economic Analysis (BEA), including real GDP, the Personal Consumption Expenditures (PCE) price index, and real sales to private domestic purchasers. Chainlink’s robust oracle network will assist in securely and reliably publishing these key economic indicators on the blockchain, allowing the public and stakeholders to independently analyze and verify the data. This development marks a significant step toward integrating blockchain technology into government data systems to enhance performance and financial transparency. It will facilitate easier monitoring of government financial activities and bolster public trust, setting a standard for promoting transparency and accountability in future public administration. Blockchain oracles deliver technology that connects real-world data with blockchain networks, improving accessibility, security, and transparency. This partnership highlights the US government’s growing efforts to adopt advanced technologies.
Source: binance
