According to a Thursday report by Bloomberg, the Commerce Department of the U.S. government has started publishing gross domestic product (GDP) on a total of nine blockchains, including Bitcoin and Solana.
The move further legitimizes the nascent technology in the U.S. as the world's largest technology continues to further embrace crypto.
This innovation was initially teased by U.S. Commerce Secretary Howard Lutnick earlier this week.
Some of the leading U.S. cryptocurrency exchanges, including Coinbase and Gemini, also helped the Commerce Department to implement the change.
Chainlink powering blockchain data
Notably, the data is being published directly on blockchain networks with the help of prominent "oracle" provider Chainlink.
The price of the LINK token has now surged by more than 6% following the announcement.
Chainlink says that the most recent collaboration marks "a key milestone" for government adoption of blockchain technology.
Its technology is also used by such big names as SWIFT, BNY Mellon, BlackRock, as well as Visa and Mastercard.
Stronger-than-expected GDP growth
The U.S. economy has unexpectedly expanded by 3.3% in the second quarter, with consumption coming in at 1.6%. This is the best quarter since Q3, 2023. The latest GDP figure has been revised from 3%.
The data shows that the U.S. economy is slowing, but it "clearly" continues to grow, according to economist Heather Long.
Despite the relatively hot economic data, the Federal Reserve is still widely expected to cut rates next month.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team