The ChainLink Network native token, Link increased by more than 5% after the network announced a partnership with the US trade ministry to provide official economic data on economic data, marking a leading effort to fill the infrastructure of public data with blockchain applications.
Pyth Network was also selected alongside Chainlink, sending his native token, Pyth, up almost 50% after the announcement.
Key macroeconomic statistics of the Bureau of Economic Analysis – as the real gross domestic product (GDP)Personal consumption expenses (PCE) The price index and real final sales to private national buyers – are now accessible in ONCHAIN via ChainLink data flows, the company announced in a blog article on Thursday. Six data points in total are being published, in particular both absolute levels and changes as a annualized percentage.
The data is available on ten blockchain networks, including Ethereum Avalanche and optimism . ChainLink indicates that flows will update monthly or quarterly, reflecting the release schedules for their traditional counterparts.
Meanwhile, Pyth said that he will initially offer quarterly versions of GDP data dates back five years, with expectations aimed at extending the initiative to other economic data sets.
Historical movement
The initiative, a first for the American government, opens up new possibilities for the construction of developers in DEFI and beyond.
For example, loan protocols could adjust interest rates according to GDP trends, while prediction markets could incorporate the PCE index into inflation forecasts from crowdsource.
“The implementation of American government data is unlocking innovative use cases for blockchain markets, such as automated trading strategies, increased component of token assets, deliverance from new types of digital assets, real -time prediction markets for Crowdsourcae’s intelligence, transparent edge tables fueled by data data data immutable and risk management of protocol based on macroeconomic factors “,” Chainlink Blog.
The contribution of economic data sets on blockchain also provides efficiency and transparency to the data published by the government.
“The integrity of economic data is essential to global markets, and bring this ONCHAIN data opens up new borders for transparency, accessibility and composibility through DEFI, business use cases and public responsibility,” said Pyth in its declaration.
Crypto in Washington
Chainlink and other actors in the cryptographic industry have deepened their commitment to American decision-makers this year after Donald Trump won the US elections last year, with the promise to make the United States the world capital of cryptography.
Chainlink had held several meetings with the Securities and Exchange Commission (SECOND) To help clarify how the blockchain infrastructure is held within the existing broker and transfer agent, as well as other legislators to help establish the Act on Engineering, said the company.
By providing federal economic indicators, Chainlink tries to normalize blockchain as a destination for mission critical public data-offering transparency and composibility that traditional systems do not support easily, he said.
This decision highlights the US government’s pressure to adopt blockchain technology for public data infrastructure. On Tuesday, the Secretary of Commerce, Howard Lunick, said that the Ministry of Commerce planned to start publishing economic statistics – including the GDP figures – Onchain as part of an effort to extend the distribution of data based on the blockchain between federal agencies.
Lutnick said the initiative aims to modernize how official data is shared by making it more transparent and infiltrated, without disclosing how the government plans to do so.
He said the ministry hopes to define a precedent so that other agencies can follow by moving key indicators such as Blockchain, by laying the basics of a more secure and interoperable system to publish government data.
“The secretary Lutnick and the visionary position of the Ministry of Commerce on data innovation and the desire to adopt blockchain technology position the United States as a world leader in finance. But this is only the first stage of a long and high effort to reconstruct the data infrastructure of the United States of America,” said Pyth in his statement on Thursday.
Read more: Chainlink links on membership of the tokenization initiative of the dry working group Crypto Task Force
UPDATE (August 28, 3:00 p.m. UTC):: Updates the title and history through to add more information on the government that wishes to use the blockchain for the infrastructure of public data. Also adds that Pyth Network has been selected alongside ChainLink.
