Sure, for a traditional (non-blockchain) application this makes sense.
However, to use it with blockchain smart contracts, you'd need to run an oracle to retrieve the data from the authoritative source then submit it to a blockchain, constantly. This moves the responsibility of this back to the government.
If you don't have a blockchain project, then this doesn't add value to you.
No details on the implementation, but something like this would be great, because currently the fastest way to find out if an economic data print is good or bad is to watch the stock market, and then the numbers turn up in the news and tweets ~2 minutes later.
It's not clear where (and maybe not easily accessible) to get these numbers at -exactly- the moment they release.
You can use blockchain with fake data. The problem isn't chain of custody. It's that the source of truth in American financial data has been compeltely undermined and lacks legitimacy.
The reason why this is useful is for DeFi applications that are blockchain native. If an applications needs to rely on the economic data, it will be able to use it natively without using an oracle. This doesn't improve the integrity of the data or replace the old ways of getting the data, just makes it more accessible to the blockchain ecosystem.
Putting a hash of the PDF report is useless but this is probably just the first step.
One has to understand it is very hard to bring data on the blockchain. The system being in a way fully isolated to the external world (no http GET query possible on xxx.gov, a trusted source has to bring it in).
If they will next publish actual data through an oracle as the official source it is actually a revolution (I do not have access to the Bloomberg article, not sure they talk about this).
They are probably about to plug those blockhains as legitimate financial systems and it is gonna be hard to revert.
Whether we like or dislike blockchains, the US and others decided to dump their currencies on it to save them.
Probably not Trump idea, nor it was pitched to him by a crypto bro. He is just executing a move that is as big as Bretton Woods or the end the convertibility of the US dollar to gold.
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[ 1.1 ms ] story [ 31.0 ms ] threadHowever, to use it with blockchain smart contracts, you'd need to run an oracle to retrieve the data from the authoritative source then submit it to a blockchain, constantly. This moves the responsibility of this back to the government.
If you don't have a blockchain project, then this doesn't add value to you.
It's not clear where (and maybe not easily accessible) to get these numbers at -exactly- the moment they release.
If that’s the case, this is a great step forward for transparency and accountability.
We’ll see how it goes!
One has to understand it is very hard to bring data on the blockchain. The system being in a way fully isolated to the external world (no http GET query possible on xxx.gov, a trusted source has to bring it in).
If they will next publish actual data through an oracle as the official source it is actually a revolution (I do not have access to the Bloomberg article, not sure they talk about this). They are probably about to plug those blockhains as legitimate financial systems and it is gonna be hard to revert.
Whether we like or dislike blockchains, the US and others decided to dump their currencies on it to save them.
Probably not Trump idea, nor it was pitched to him by a crypto bro. He is just executing a move that is as big as Bretton Woods or the end the convertibility of the US dollar to gold.
or an insider trading scheme.