U.S. Secretary of Commerce Lutnick: Starting from GDP, future economic data will be fully on-chain.

U.S. Secretary of Commerce Howard Lutnick announced this morning, 8/27, during a Trump cabinet meeting that the Department of Commerce will start putting economic data "on the Blockchain" in the future. However, no specific blockchain has been mentioned yet, nor has the specific purpose been explained.

When facing Trump, it is stated that economic data should be put on the Blockchain.

At the cabinet meeting, Lutnick directly told Trump:

"The Commerce Department wants to put economic data on the Blockchain because you are the cryptocurrency president." Trump nodded repeatedly.

Then Lutnik revealed that they would first start by putting GDP data on the blockchain, aiming to use the blockchain as a public transmission and publishing channel, and disclosed that it would be promoted to the entire government agencies in the future.

As of now, Lutnik has not disclosed which blockchain will be used, nor has he explained how putting data on-chain will assist government operations. The U.S. Department of Commerce has also not responded to related requests for comments.

Lutnik is actively involved in the cryptocurrency industry and has a good relationship with Tether.

Lutnick is not an outsider to the Blockchain industry. The financial services company he manages, Cantor Fitzgerald, not only has business ties with the world's largest stablecoin issuer, Tether, but also claims to hold most of Tether's U.S. Treasury reserves.

Additionally, it acquired 5% of Tether's shares for approximately 600 million USD, further solidifying its partnership with Tether. Furthermore, Cantor is currently evaluating a multi-billion-dollar Bitcoin (BTC) acquisition, demonstrating its significant investment in the cryptocurrency industry.

( Trump administration and Tether business collaboration? Wall Street Journal: Cantor Fitzgerald is negotiating to acquire 5% stake in Tether )

Whether it helps government operations is still unknown after the data is on the Blockchain.

The U.S. Department of Commerce is responsible for several core data statistics, such as the population census (Census) and GDP data, all of which are publicly available and can be accessed by anyone.

Therefore, whether moving data "on-chain" can truly bring additional value is still unknown. Lutnik stated that it would later be promoted to "the entire government," but the specific methods and actual benefits remain to be observed.

This article US Secretary of Commerce Lutnick: Starting from GDP, future economic data will be fully on the Blockchain first appeared in Chain News ABMedia.