Federal authorities collaborate with blockchain-focused businesses to disseminate financial data publicly

In a significant move towards modernization and transparency, the US Commerce Department has announced a partnership with blockchain networks Chainlink and Pyth Network to distribute key economic statistics across multiple blockchains. This partnership marks a major step forward for both blockchain technology and government transparency.

The initiative focuses on six economic indicators from the Bureau of Economic Analysis, including real Gross Domestic Product (GDP) and the Personal Consumption Expenditures Price Index. The economic data, which covers both actual numbers and percentage changes over time, updates monthly or quarterly.

Chainlink, a leading blockchain-based oracle network, will handle most of the technical work, creating secure data feeds that deliver information to blockchains. Pyth Network, on the other hand, will publish quarterly GDP reports, including historical data from the past five years. This data will appear on ten different blockchains initially, including Ethereum, Avalanche, Arbitrum, Base, Optimism, and potentially Bitcoin and Solana.

The announcement caused immediate price jumps for both companies' tokens. Pyth Network's PYTH token surged 70% in one day, reaching its highest price since February, while Chainlink's LINK token gained over 5%. Trading volume for PYTH increased by more than 2,700% as investors rushed to buy.

The trend of government adoption of blockchain is not limited to the US. Other countries like Estonia, California, the Philippines, United Kingdom, and El Salvador are considering putting government spending data on blockchain networks. This move towards blockchain technology is seen as a way to enhance transparency and global access to verified statistics.

The partnership between the US government and Chainlink and Pyth Network is part of the Trump administration's broader endorsement of cryptocurrency and blockchain technology. The Deploying American Blockchains Act, which passed the House with bipartisan support in June 2025, gives the Commerce Department authority to lead federal blockchain policy. The bill awaits Senate approval.

The government uses a special process to ensure data accuracy, creating a unique digital fingerprint (cryptographic hash) of each data point and storing it on the blockchain. This ensures that the data cannot be tampered with or altered without being detected.

The use of blockchain technology opens up new possibilities for financial technology developers. For instance, automated trading systems could be built that respond to economic changes in real-time. Decentralized finance (DeFi) platforms might adjust interest rates based on GDP growth or inflation data. Stablecoins and tokenized assets could also benefit from having reliable government economic data built into their systems.

Secretary Lutnick indicated that blockchain-based data publishing could expand across the entire federal government, with other agencies potentially adopting similar systems once technical details are worked out. This could lead to a more transparent and efficient government, benefiting citizens and businesses alike.

The move by the US government to adopt blockchain technology for economic data distribution is a significant step forward. It validates the potential of blockchain technology to handle serious government applications and could pave the way for wider adoption of this technology in the future.

Federal authorities collaborate with blockchain-focused businesses to disseminate financial data publicly