BIS Tests XRP Ledger for Official Data Verification
The Bank for International Settlements (BIS) has tested the XRP Ledger as a means of verifying official data. A proof of concept was built on XRPL, allowing users to check whether statistical data came from its claimed publisher and whether it had been altered.
The system works with SDMX, an international data standard backed by institutions including the IMF, World Bank, ECB, BIS, and United Nations. However, the IMF and World Bank did not participate in the XRPL test.
The prototype published data in 3-5 seconds and verified it in 1-2 seconds, although it ran on XRPL DevNet rather than a production deployment.
Researchers implemented the proof of concept on the XRP Ledger, creating a cryptographic fingerprint of official economic statistics. This fingerprint is anchored in an XRPL transaction, allowing users to recalculate its verification and compare it with the immutable onchain record.