The U.S. Department of Commerce will begin publishing gross domestic product (GDP) data on a blockchain platform. Commerce Secretary Howard Lutnick shared the update during a Cabinet meeting in Washington on Tuesday. Speaking to President Donald Trump, he said the move aims to improve access and transparency.
“The Department of Commerce is going to start issuing its statistics on the blockchain, because you are the crypto president, and we are going to put our GDP on the blockchain,” Lutnick said.
He explained that the system will allow people and agencies to retrieve data from a single, secure source. The initiative is being developed with support from David Sacks, the White House’s crypto adviser.
GDP data will be the first to be published using the system. Lutnick noted that other economic reports may be added once the process is finalized.
Governments Explore Blockchain for Public Use
The U.S. is not the first to explore blockchain in public systems. Estonia integrated blockchain into its health and digital ID systems in 2016. The European Commission launched the European Blockchain Services Infrastructure (EBSI) to provide public services across borders using a shared network.
In 2024, California digitized more than 42 million car titles using a blockchain network to reduce fraud and speed up transfers. Countries like Singapore and Australia also tested blockchain for trade documents to reduce costs and simplify processes.
Some in the U.S. government have shown interest in broader blockchain use. Elon Musk previously suggested putting parts of the federal system on blockchain before distancing himself from the Trump administration.
Data Storage vs. Data Accuracy
Blockchain can make data harder to alter once published. However, it does not check whether the original data is accurate. Concerns over data reliability have increased after Trump questioned several government reports.
Earlier this month, Trump fired Bureau of Labor Statistics Commissioner Erika McEntarfer, saying job numbers had been “rigged.” He also disputed GDP and growth estimates from other agencies, claiming they were politically motivated.
The blockchain plan may address concerns about how data is shared and tracked, but it does not solve disagreements over how data is collected or calculated.
Upcoming GDP Report and Interest Rate Debate
The Commerce Department is scheduled to release its revised second-quarter GDP report on Thursday. It will include updated figures based on new data. The Federal Reserve Bank of Atlanta currently estimates third-quarter growth at 2.2%.
During the Cabinet meeting, Lutnick supported Trump’s call for lower interest rates.
“They’re hurting the economy and American taxpayers,” he said.
He also defended Trump’s recent decision to remove Federal Reserve Governor Lisa Cook, accusing her of misconduct. The action drew attention as the Federal Reserve is usually considered independent from political control.
