US Commerce Department Adopts Chainlink for On-Chain Economic Data Plan
Chainlink partnered with the US Department of Commerce to put macroeconomic data on the blockchain. Secretary Howard Lutnick teased this plan earlier this week, and it’s already in motion.
Apparently, several other blockchains are also included in this program, but reports vary as to how many or which ones are participating. So far, LINK is the only relevant token to spike in value.
Chainlink to Host US Economic DataWhen Commerce Secretary Howard Lutnick announced his intention to put US macroeconomic data on the blockchain, it drew a lot of skepticism. Why do this, and how will the Department of Commerce carry it out?
Today, however, Chainlink’s announcement that it partnered with the US drew a lot of attention.
Thanks to this partnership, Chainlink will encode important US macroeconomic data on the blockchain. This includes figures like the Real GDP, PCE Price Index, and Real Final Sales to Private Domestic Purchasers.
Such an integration might enable new niche uses for blockchain markets.
Chainlink, the blockchain infrastructure firm, has been putting a priority on US regulatory compliance lately. The firm is riding high on ambitious partnerships, and its LINK token received the support of a new DAT today. Among all these factors, Chainlink’s partnership announcement caused its token price to rally.
Chainlink (LINK) Price Performance. Source: CoinGecko
Who’s In The Blockchain Bonanza?
However, Chainlink isn’t the only firm that can partner with the US. Although its early announcement led LINK-centric hype to go viral, other chains have demonstrated the ability to encode US financial data.
It quickly became apparent that this partnership extends to several open source blockchains:
