US Commerce Department partners with Chainlink for onchain economic data

Photo: Photo: Rostislav Uzunov / Pexels / Pexels The U.S. Department of Commerce has initiated a collaboration with Chainlink to provide macroeconomic data onchain, enabling blockchain applications to access official U.S. economic data. This development, reported by Chainlink, involves the Bureau of Economic Analysis data, including real GDP and the PCE Price Index, now accessible across multiple blockchain networks. This move suggests an increased integration of government data with blockchain technology, enhancing the potential for smart contracts and decentralized applications to utilize reliable economic indicators. The feeds are live on prominent chains such as Ethereum, Base, and Arbitrum, among others, expanding the reach of onchain government data. Key Takeaways The U.S. Department of Commerce’s collaboration with Chainlink appears to enhance the integration of blockchain technology with official economic data. Market pricing suggests potential increased interest in blockchain-based applications as government data becomes more accessible. The provision of macroeconomic data onchain is consistent with scenarios that support the utility and adoption of blockchain technology. ...