BIS Tests XRP Ledger for Data Verification System Implementation

The Bank for International Settlements (BIS) has begun testing the XRP Ledger (XRPL), specifically its data-verification system implementation. This testing phase aims to verify how quickly XRPL can anchor and confirm data, making it tamper-proof.

According to a BIS working paper, two key features of XRPL that make it attractive for this application are low nominal fees and quick consensus. The paper also highlights the ledger's proven track record in these areas.

The CEO of Ripple, Brad Garlinghouse, is not surprised by the development, stating that 'Is it any surprise that BIS is testing with XRPL. Low fees, fast settlement, and proven track record.'

It's essential to note that this is only a testing phase, and the BIS has yet to officially onboard XRPL's services. The experiment focuses on statistical data verification, not payment services.