The US Department of Commerce has announced its partnership with Pyth Network to verify and distribute economic data onchain.
Following this announcement, the initiative will focus on the public sector’s incorporation of decentralised infrastructure, as Pyth will continue to provide secure, transparent, and verifiable data to the blockchain ecosystem.
In addition, as both the finance industry and the US government continue to push further into the digital frontier, Pyth aims to provide its expertise and suite of solutions in order to accelerate the development of the initiative.
More information on the US Department of Commerce x Pyth Network partnership
According to the official press release, Pyth Network has been developed in order to deliver trusted data through its transparent relationship with data publishers and a staking model designed to improve security. At the same time, the integrity of economic data represents an essential part of global markets, and bringing this data onchain aims to open up new possibilities for transparency, accessibility, as well as composability across DeFi, enterprise use cases, and public accountability.
Furthermore, Pyth’s ability to ensure the cryptographic verifiability and immutable publication of official statistics marks a new chapter in the manner in which governments can interact with decentralised technology. Smart contracts will replace paper ones, where onchain data, once verified by Pyth, will have the possibility to secure real-world transactions ranging from tokenized securities to new developments.
Through its collaboration, Pyth will initially offer quarterly releases of the GDP going back 5 years, as the Pyth Contributors will anticipate expanding this initiative to support a broader range of economic datasets. As trust in centralised intermediaries continues to be challenged, this new strategy reflects the US government’s initiative to leverage cryptographic tools to increase confidence in public information systems.
This announcement follows the US Department of Commerce's partnerships with Kraken and Chainlink, which aimed to bring US government macroeconomic data onchain for more transparency.
