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: archive.ph/RDgRJ
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) does.
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 ccn.com/…/gdp-on-blockchain-us-government-data-bi… 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.
xenomor@lemmy.world 13 hours ago
I like how the article doesn’t even attempt to communicate a potential benefit to doing this or any rationale for why this is useful or good at all. Of course, the real rationale is that it allows the administration to hand wave about being “innovative” without backing that assertion with any substance. It also allows the administration to apply some of the supposed legitimacy of the US government to this wholly pointless, fraud riddled joke of a technology. JFC, this is such a clown of a nation.
superglue@lemmy.dbzer0.com 10 hours ago
If you didn’t know anything else about bitcoin you’d know its a scam just from Trump getting involved.