The U.S. Department of Commerce is set to begin publishing economic data, including the Gross Domestic Product (GDP), directly on a blockchain network. Commerce Secretary Howard Lutnick announced the initiative during a White House cabinet meeting on Tuesday, stating that the move aims to enhance data transparency and modernize information distribution across government agencies and to the public.

Lutnick, who previously stepped down from Cantor Fitzgerald to lead the Commerce Department, highlighted that this initiative is being undertaken because President Trump is a "crypto president," emphasizing the administration's support for digital asset innovation. He envisions that publishing GDP figures on the blockchain will enable people to utilize the blockchain for data distribution. The blockchain-published data would be shared across all government departments, ensuring real-time economic data accessibility for federal agencies and the public.

The Commerce Department is currently finalizing the details of the implementation. Lutnick stated that they are "just ironing out all the details" to ensure a smooth rollout. While he didn't provide a specific timeline for when the blockchain data would be fully available, the announcement signals a significant step towards integrating blockchain technology into U.S. government operations.

This initiative is viewed as part of a broader pro-crypto policy shift under President Trump's second term. Lutnick has been a long-time advocate for Bitcoin and stablecoins, comparing Bitcoin to gold and defending Tether's reserves. He has argued that Bitcoin should be treated as a commodity to fit within federal regulatory frameworks.

The concept of using blockchain for government data is not entirely new. Elon Musk's D.O.G.E. department previously explored publishing spending on a blockchain for public viewing, though the project was never completed. Several U.S. departments, including the Treasury, the Fiscal Service, and the Department of Defense, have already begun exploring blockchain applications for tracking spending and parts.

Other countries have also adopted blockchain technology in public administration. Estonia has been using blockchain since 2016 to secure patient records and digital ID systems. The European Union launched the European Blockchain Services Infrastructure (EBSI) in 2018 to support cross-border public services. Singapore and Australia trialed a blockchain system in 2021 for cross-border trade documentation.

The move by the U.S. Commerce Department to publish economic data on blockchain is a significant step towards modernizing data sharing and increasing transparency. By leveraging the immutability and transparency of blockchain technology, the government aims to enhance the accessibility and reliability of economic statistics.