- US Commerce Secretary Howard Lutnick revealed his plan to modernize the government’s economic reporting by integrating blockchain technologies in a press briefing.
The US Department of Commerce is about to make a historic milestone. During a press briefing on Tuesday, Commerce Secretary Howard Lutnick confirmed that they will start publishing reports on the blockchain soon.
Lutnick’s Blockchain Integration Proposal
The data will include economic statistics, such as the gross domestic product (GDP). Lutnick’s goal is to streamline the distribution of data among different departments. This will also make the government’s reports more transparent for public consumption.
“The Department of Commerce is going to start issuing its statistics on the blockchain, because you are the crypto president, and we are going to put our GDP on the blockchain so people can use it for data and distribution,” said Lutnick, addressing the panel presided over by President Donald Trump.
“And we’re going to make that available to the entire government,” he added. “So all of you can do it.”
Still Ironing Out the Kinks
The Commerce Department Secretary stated they are still “ironing out the details” as they must address several matters first, starting with the issues on several patents. He pointed out that despite the government providing universities with grants for research and innovation, the universities end up owning all the patents.
Lutnick plans to “make a deal with them all” through US Department of Education Secretary Linda McMahon, as the government is the one coughing up all the money.
A Follow-Up to DOGE’s Proposal
The move follows the recommendations of Tesla CEO and X (formerly Twitter) owner Elon Musk during his stint as head of the Department of Government Efficiency (DOGE). The billionaire entrepreneur previously assembled a team of around 100 people to work on integrating blockchain tech for government productivity and spending data for the public’s easy viewing.
Musk’s earlier pronouncement was part of the agency’s mandate of “modernizing federal technology and software to maximize governmental efficiency and productivity.” The measure primarily aimed to reduce government spending by up to $6.5 trillion annually through transparency, accountability, and security in its payment transactions. This fueled speculations that he may be considering the Dogecoin chain for such a purpose.
Musk’s departure from Trump’s inner circle halted the project. Nonetheless, Lutnick appears to be continuing where the DOGE chief left off.
The Commerce Secretary has yet to reveal which blockchain they will use.
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