U.S. GDP Could Be Recorded On Blockchain, Says Lutnick

Howard Lutnick Proposes Putting U.S. Economic Data on Blockchain

During a recent Cabinet meeting under President Donald Trump, Commerce Secretary Howard Lutnick sparked attention by suggesting that U.S. economic data could be recorded on the blockchain, starting with GDP figures.

U.S. Data on Blockchain

Lutnick’s statement highlights the potential of blockchain to enhance transparency and security in handling economic statistics. However, his comments lacked a detailed plan, and President Trump did not respond during the meeting, leaving doubts about the feasibility of the proposal.

Governments Exploring Blockchain

The idea of using blockchain for data management is not new. India has been testing blockchain for land records, supply chains, and e-commerce documentation. Similarly, the SEC recently launched a program to explore blockchain integration in U.S. capital markets. This shows growing global interest in applying blockchain at the government level.

Which Blockchain Could Be Chosen?

If Lutnick’s vision is pursued, Ethereum appears to be the most suitable option due to its scalability, open-source ecosystem, and role as the backbone of DeFi. However, Trump’s administration has no strong ties to Ethereum. Some experts believe alternatives like Solana or Ripple might be more likely, given their closer connections to U.S. business and political circles.

Challenges and Skepticism

Although the idea gained attention in the crypto community, critics argue it may be more of a political gesture than a real plan. Previously, Trump promised to establish a Strategic Crypto Reserve, but the initiative never materialized. This raises a key question: Will U.S. economic data truly be recorded on blockchain, or is it just another campaign promise?

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