BIS Conducts Proof of Concept for Official Statistics Verification on XRP Ledger

The Bank for International Settlements (BIS) has conducted a proof of concept to verify the authenticity and integrity of official statistical files on the XRP Ledger (XRPL). This experiment aims to validate data after the distribution of statistical information. In a working paper released on September 2, BIS stated that it tested a method to link official statistics in SDMX format to blockchain for verifying their source and integrity. In this experiment, the original statistical data was not uploaded to the blockchain; instead, cryptographic fingerprints and summary values of the dataset were recorded on the XRP Ledger. Users can cross-reference the file and ledger to verify the source of the data and any changes in figures. The prototype performance of BIS showed posting times of 3 to 5 seconds and verification times of 1 to 2 seconds. Brad Garlinghouse, CEO of Ripple, evaluated this experiment in connection with the technical characteristics of the XRP Ledger. However, this experiment does not imply BIS's adoption of XRP, as its purpose is to verify official statistics. The minimum transaction fee on the XRP Ledger is 10 drops, designed to bundle multiple datasets for anchoring. CryptoSlate analyzed that while this experiment demonstrates the institutional use potential of the XRP Ledger, the direct effect on fee burning is minimal. BIS's experiment serves as a verification structure for confirming the authenticity of official statistical files, holding significant implications for the changing use cases of blockchain.

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