The U.S. Department of Commerce said it issued its gross domestic product data via nine blockchains, including Bitcoin, Ethereum and other crypto-world pathways.

The U.S. Department of Commerce said it issued its gross domestic product data via nine blockchains, including Bitcoin, Ethereum and other crypto-world pathways.

archive: https://archive.ph/RDgRJ

  • towerful@programming.devEnglish
    2·
    27 days ago

    Yay, decentralised and immutable!

    Data integrity at source: If the BEA’s initial data is wrong (as sometimes happens with revisions), blockchain only makes the error permanent until corrected with new updates

    Oh, so… Like previously just publishing a pdf on a website, then.
    I guess it means they can’t hide revisions. Which is what archive.org (and the us government equivalent that archives government sites) provided when the government just published the pdf.

    At least it’s decentralised!

    Over-reliance on oracles: Chainlink and Pyth are powerful, but their centrality creates new concentration risks. If they malfunction or face attacks, critical data feeds could be disrupted.

    Gotcha, still has centralised services.

    Quotes taken from https://www.ccn.com/education/crypto/gdp-on-blockchain-us-government-data-bitcoin-ethereum-other-networks/ which seems to have the best technical info I could find

    Still not much information. I’m presuming an “oracle” is something that gives you a hash of the “immutable” data, so you only have to pay to get that hash recorded on a blockchain instead of however many kB of PDF.