BIS Tests XRP Ledger for Official Statistics Verification

The Bank for International Settlements (BIS) has tested the XRP Ledger (XRPL) to create a system that verifies official statistics. The researchers created a system that uses blockchain technology to link statistical data to the organization that published it.

This lets governments, banks, and automated systems verify that the data is authentic and hasn't been changed. The team tested the system on the XRP Ledger's development network.

The BIS system first creates a unique digital fingerprint, called a hash, for each statistical dataset. It can also fingerprint individual data series for more detailed verification.

The hashes are then combined into a Merkle tree, which produces one final fingerprint for a group of datasets. The system records this final fingerprint on the XRP Ledger with a timestamp.