The U.S. Department of Commerce has partnered with the renowned crypto exchange, Coinbase, to bring economic data on-chain in real time. The partnership focuses on improving accessibility, transparency, and showing blockchain technology’s transformative potential concerning public datasets. As Coinbase announced on X and the U.S. Department of Commerce revealed in its official press release, the collaboration attempts to enable the GDP data on diverse blockchain networks.
This initiative is anticipated to build confidence in open economic data along with displaying the United States’ position as leading country in blockchain innovation.
U.S. Department of Commerce Partners with Coinbase to Make GDP Data Available On-Chain
The partnership between Coinbase and the The Department of Commerce includes making economic statistics available on 9 notable blockchains. They take into account Bitcoin, Solana, Ethereum, Avalanche, TRON, Optimism, Polygon PoS, and Arbitrum One. The project leverages cutting-edge oracles like Pyth and Chainlink to guarantee the real-time verification and integrity of the data. Apart from that, the well-known crypto exchanges such as Kraken, Gemini, and Coinbase are jointly providing technical integration to let the Department of Commerce disseminate the information effectively.
What Can Developers Expect from this Alliance?
In line with the announcement of Coinbase and the U.S. Department of Commerce, the development offers developers noteworthy benefits, taking into account access to validated macroeconomic statistics to build applications, creating cutting-edge financial products, and automating compliance. Keeping this in view, both the partners are strengthening the blockchain network to provide efficient and trustworthy tools, leading toward a relatively data-led digital economy.
