BIS Tests XRP Ledger for Recording Official On-Chain Statistics in Proof-of-Concept Report
- The Bank for International Settlements (BIS) is testing the XRP Ledger (XRPL) as a proof-of-concept to verify official on-chain statistics, allowing users to independently check the integrity of published data without changing existing systems.
- This approach involves hashing datasets and writing a summary value to the ledger, thereby ensuring security by keeping the original data off-chain; it is also cost-effective and fast thanks to XRPL's low fees and quick consensus finality.
- The report emphasizes that this is an experimental concept and not an endorsement of XRP, while noting that further development will require additional security measures and formal testing.
Source: CryptoPotato
🌍 Updated by GemCrypto
$XRP
#XRP #Crypto
- The Bank for International Settlements (BIS) is testing the XRP Ledger (XRPL) as a proof-of-concept to verify official on-chain statistics, allowing users to independently check the integrity of published data without changing existing systems.
- This approach involves hashing datasets and writing a summary value to the ledger, thereby ensuring security by keeping the original data off-chain; it is also cost-effective and fast thanks to XRPL's low fees and quick consensus finality.
- The report emphasizes that this is an experimental concept and not an endorsement of XRP, while noting that further development will require additional security measures and formal testing.
Source: CryptoPotato
🌍 Updated by GemCrypto
$XRP
#XRP #Crypto
