BIS Tests XRP Ledger for Verifying Official Statistics

Ripple CEO Brad Garlinghouse has responded to the news that the Bank for International Settlements (BIS) is testing the XRP Ledger, stating it's no surprise. The experiment used XRPL to verify official statistical datasets and found that the network can anchor and verify data quickly, with median publication times of three to five seconds and verification times of one to two seconds.

The system tested by BIS researchers converts each dataset into a cryptographic fingerprint and combines multiple fingerprints through a Merkle tree before anchoring the resulting root on XRPL. Only that root is recorded onchain, while the underlying information remains offchain.

Garlinghouse highlighted the XRP Ledger's technical characteristics, including low fees (0.00001 XRP) and fast settlement times, as reasons why BIS would choose to test it. The proof of concept does not constitute BIS adoption of XRPL.