BIS Tests XRP Ledger for Data Verification
Ripple's CEO Brad Garlinghouse has spoken out about the Bank for International Settlements' (BIS) experiment using the XRP Ledger. The BIS published a research paper on September 2 describing a data-verification system implemented on XRPL, which anchors and verifies data through a Merkle tree.
The BIS researchers tested how quickly XRPL could process this verification, finding median publication times of three to five seconds and verification times of one to two seconds. They conducted the experiment on XRPL DevNet, a test network where XRP has no real-world value.
Ripple's CEO framed the BIS' selection as a foreseeable result of XRPL's technical characteristics, citing its low fees, fast settlement, and proven track record. He stated that it was 'no surprise' that the BIS is testing with XRPL, given these features.