The US Department of Commerce is tagging Chainlink (LINK) to help the US government bring “government macroeconomic data on-chain. Commerce Secretary Howard Lutnick announced the government’s plans to resume trying to place key US spending and economic data on blockchain on Wednesday, saying the department was just “ironing out all of the details.”
According to Chainlink, the data will be updated at least quarterly and is available across ten blockchain ecosystems, including Avalanche, Base, and Ethereum. LINK’s announcement adds that more blockchain ecosystems could be added to support this data, based on user demand.
The following six data points on the U.S. economy are now available for viewing on-chain:
| U.S. Government Macroeconomic Data | Data Type | Data Description |
| Real GDP — Level | Raw numbers (billions, chained 2017 USD) | Real GDP is a measure of the value of domestically produced goods and services adjusted for inflation. It shows the overall size of the economy in real terms. |
| Real GDP — Percent change (Annual rate) | QoQ SAAR % | Quarter-over-quarter percent change at an annual rate in real GDP. It tells the story of whether the economy is expanding or contracting in real terms. |
| PCE Price Index — Level | Index (2017=100, headline PCE) | PCE Price Index is a measure of the change in price of domestic consumer goods and services. This metric is often used as an inflation indicator and sometimes as a sentiment indicator for changes in consumer behavior. |
| PCE Price Index — Percent Change (Annual Rate) | QoQ SAAR % | Quarter-over-quarter percent change at an annual rate in the headline PCE price index. This metric shows the pace of consumer price inflation in the economy |
| Real Final Sales to Private Domestic Purchasers — Level | Raw numbers (billions, chained 2017 USD) | Real Final Sales to Private Domestic Purchasers is a measure of the total value of goods sold to the US Domestic market adjusted for inflation. This metric is often used as an economic indicator of domestic economic momentum or as an indicator of domestic demand. |
| Real Final Sales to Private Domestic Purchasers — Percent Change (Annual rate) | QoQ SAAR % | Quarter-over-quarter percent change at an annual rate in real final sales to private domestic purchasers. Indicates the underlying strength of private consumption and investment. |
Earlier this year, Chainlink officials met with members of the US government and Commerce to discuss crypto and blockchain technology, and how that technology could help with further transparency of government data. Additionally, Chainlink also engaged with the SEC’s Crypto Task Force around the importance of compliance frameworks. Furthermore, the White House published a report from The President’s Working Group on Digital Asset Markets in July that highlighted how Chainlink is critical infrastructure for powering stablecoins, tokenized funds, and the on-chain economy.
Also Read: U.S. Government to Release Statistics and Data on The Blockchain
Chainlink’s LINK cryptocurrency is receiving a slight boost on Thursday following the US Commerce Department’s announcement as well. The coin has jumped over 3% in the last 24 hours, and is up over 41% this month. A US Government department’s trust in Chainlink is a bullish signal for investors in the native LINK coin, as it could surge soon, with prices already targeting $25 and $30 next.
Users can begin integrating these feeds today into their on-chain applications by following Chainlink’s official documentation.
