BIS Taps XRP Ledger for Official Statistical Data Pilot
The Bank for International Settlements (BIS) has confirmed it is using the XRP Ledger (XRPL) to power a pilot project designed to boost the integrity of official statistical data.
A working paper from the BIS's Monetary and Economic Department details how the group built and tested a proof-of-concept system using XRPL as its blockchain infrastructure.
The report, titled 'Verifiable Official Statistics: A Blockchain-Based Approach,' outlines a method for anchoring statistical datasets to a public blockchain in a cryptographically secure manner. The BIS relied specifically on XRPL due to its minimal fees and rapid consensus finality.
According to the paper, anchoring a single dataset costs roughly $0.000003 in transaction fees and achieves confirmation within one or two seconds under test conditions.