Can blockchain solutions disrupt US inflation forecasting?

Economist Paul Krugman composed in a New York Times column in late October: “Ive been having some fun with a project called Truflation, which supposedly utilizes the blockchain and was backed in part by crypto types and which I presume was intended to show that main inflation was considerably understated. Whats noteworthy is that this Nobel laureate was taking blockchain-based inflation analytics seriously.Commenting on Truflation last year, David Harris, chairman of Rockefeller Capital Management, kept in mind: “Their inflation data last fall seemed prescient, as it signified an upturn before the BLS did. The Federal Reserve Bank of Cleveland created a real-time inflation index called “Nowcasts” back in 2014, and today, the bank issues inflation projections each month before the official CPI or personal intake expenditures (PCE) inflation information are launched. Because 2012, the indexs correlation with the CPI is 97%, Booth said, which is very high.As kept in mind, Truflation is accessible on-chain– its a node on the Chainlink oracle network that feeds its inflation data into clever agreements across four blockchains: Ethereum, Avalanche, BNB Chain and Fantom.”The supreme test” for Truflation, according to Booth, is whether it can show useful to practitioners whose careers depend on making precise inflation forecasts.

Whats noteworthy is that this Nobel laureate was taking blockchain-based inflation analytics seriously.Commenting on Truflation last year, David Harris, chairman of Rockefeller Capital Management, kept in mind: “Their inflation data last fall seemed prescient, as it signaled an upturn before the BLS did. The Federal Reserve Bank of Cleveland developed a real-time inflation index called “Nowcasts” back in 2014, and today, the bank concerns inflation forecasts each month before the main CPI or individual intake expenses (PCE) inflation data are launched. Considering that 2012, the indexs correlation with the CPI is 97%, Booth said, which is extremely high.As noted, Truflation is accessible on-chain– its a node on the Chainlink oracle network that feeds its inflation data into clever contracts throughout 4 blockchains: Ethereum, Avalanche, BNB Chain and Fantom.