Chainlink has partnered with the United States Department of Commerce (DOC) to bring US government economic data on the blockchain from the Bureau of Economic Analysis (BEA).
The data feeds will deliver key economic metrics such as real gross domestic product, personal consumption expenditures price index, and real final sales to private domestic purchasers.
The scheme will open up new possibilities for onchain products and markets grounded in real-world economic trends.
Some of these include automated trading strategies, increased composability of tokenised assets, the issuance of new types of digital assets, inflation-linked products, perpetual futures markets, real-time prediction markets for crowdsourced intelligence, transparent dashboards run by immutable data, and DeFi protocol risk management based on the broader financial conditions.
The data will be updated according to the DOC’s traditional release timing, either per month or per quarter.
Data will start off available across ten Layer 1 and Layer 2 blockchains including Arbitum, Avalanche, Base, Bontanix, Ethereum, Linea, Mantle, Optimism, Sonic, and ZKsync.
Support for other blockchain networks can be added over time if required, Chainlink says.
Through recording key economic data onchain, the DOC aims to ensure US GDP data is verifiable and globally accessible.
The partnership between the US Department of Commerce and Chainlink — who are increasingly engaging with US regulators and policymakers — reflects the US Government’s commitment to incorporating blockchain into core government functions.
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