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2 clusters · 8 sources · 4 days · First seen · Last updated

BIS XRP Ledger data verification pilot

Overview

The Bank for International Settlements (BIS) conducted a proof-of-concept pilot using the XRP Ledger (XRPL) to ensure the integrity of official economic statistics. The system, detailed in a working paper titled “Verifiable Official Statistics: A Blockchain-Based Approach,” utilizes a cryptographic hashing pipeline to create digital fingerprints of datasets in the SDMX format.

Rather than storing full datasets on the blockchain, the method anchors these fingerprints to the XRPL to provide a tamper-evident commitment. This allows for independent verification that published data has not been altered during redistribution. The BIS selected the XRPL due to its “low fees, three to five second settlement and proven track record.”

Testing indicated high efficiency, with publication latency between three and five seconds and verification times of one to two seconds. While the pilot focuses on data integrity rather than payment services, Ripple CEO Brad Garlinghouse noted the development aligns with a broader trend of institutions exploring the XRPL for its efficiency.

Entities

Bank for International Settlements · XRP Ledger · SDMX · Brad Garlinghouse · Ripple

Timeline

  1. 5 days ago

    [BUSINESS] 2 sources
    Bank for International Settlements tests XRP Ledger for data verification

    The Bank for International Settlements has tested the XRP Ledger as a proof-of-concept for verifying the integrity and origin of official statistical data using cryptographic fingerprints.

  2. 8 days ago

    [TECHNOLOGY] 7 sources
    Bank for International Settlements tests XRP Ledger for data verification

    The Bank for International Settlements tested the XRP Ledger to create a blockchain-based system for verifying the integrity and authenticity of official economic statistics.

Sources

bitcoinethereumnews.com · blockzeit.com · businesstechafrica.co.za · it-boltwise.de · merca2.es · timestabloid.com · watcher.guru · zycrypto.com