BIS Tests XRP Ledger as Proof-Concept for Official Statistics On-Chain

The Bank for International Settlements (BIS) has released a working paper that explores the use of the XRP Ledger as a proof-of-concept for anchoring official statistics on-chain. The paper, titled Working Paper No 1374, tests the ability of the XRPL to verify the origin and integrity of published data without changing existing dissemination systems.

The BIS relies on the SDMX standard to exchange official statistics with international organizations. The prototype uses hashing and writing a single summary value to the ledger to bind each dataset to its source.

Although only fingerprints reach the chain, confidential data remains off-ledger. The method extends to formats such as XBRL, and has been tested on XRPL's DevNet, a test network that shares the mainnet's transaction format and close cadence.

The paper notes that anchoring data on-chain would be cost-effective, with a single ledger entry able to cover thousands of datasets at a fraction of a cent each. The BIS has previously tested public blockchains, including Project Mariana, which trialed wholesale central bank digital currency settlement on a public chain.