BIS Taps XRP Ledger for Secure On-Chain Data Anchoring
The Bank for International Settlements (BIS) has published a working paper that explores using the XRP Ledger to anchor official statistics on-chain. This proof-of-concept study, which ran on XRPL's DevNet test network, found that cryptographic fingerprints of public datasets can be recorded and verified in a matter of seconds.
The researchers used the SDMX standard to exchange official statistics, binding each dataset to its source by hashing it and writing a summary value to the ledger. Although only the fingerprints reach the chain, confidential data remains off-ledger.
One key advantage of this approach is that it extends to formats such as XBRL, and the cost of anchoring datasets on-chain is minimal, with a base fee of 0.00001 XRP (10 drops) per transaction. The paper also cites the ledger's fast consensus finality and technical analysis of its consensus protocol.
The authors note that this build is an experimental proof-of-concept and would require hardware-backed signing, pinned validator nodes, and formal load testing for a production service. They emphasize that the ledger certifies only what was published, by whom and when, and do not endorse XRP or make any adoption decision.