EI BIS (Bank for International Settlements)
tests the XRP Ledger network to authenticate
global data.
EI BIS published Working Paper No. 1374 titled "Verifiable official statistics: a blockchain-based approach". In this paper, BIS analysts evaluated and built a proof of concept (PoC) directly on the XRPLedger.
🔑 The problem it solves:
International organizations and central banks disseminate official statistics using standards such as SDMX. However, once the data is released, users, platforms, or AI models lack a native mechanism to verify whether the information was altered or manipulated.
The report highlights the choice of XRPL over other networks for several key reasons:
1.- Negligible Costs: an average transaction fee of just 10 drops (0.00001 XRP). When aggregating thousands of reports, the anchoring cost is practically zero.
2.- Fast Finality: registration times and immutability of 3 to 5 seconds for publication, and 1 to 2 seconds for real-time verification.
3.- Data Privacy: only cryptographic fingerprints are recorded in the public ledger, ensuring that confidential information stays off-chain.
🌐 Impact and Implications:
• Real Institutional Use: Unlike announcements or advertising partnerships, this is an open-source
(Apache-2.0) implementation developed and tested by researchers from the central banking authority.
• Ready for AI Agents: It enables automated systems and
artificial intelligences to verify the authenticity of financial information in nearly real time before making operational decisions.
• Scalability to Other Standards: The architecture proven on XRPL can be extended to other financial and
regulatory formats such as XBRL.
It is a research document and technical proof of concept that demonstrates XRPL’s technical capability and efficiency in international financial infrastructure.
$XRP #XRPL #BIS
tests the XRP Ledger network to authenticate
global data.
EI BIS published Working Paper No. 1374 titled "Verifiable official statistics: a blockchain-based approach". In this paper, BIS analysts evaluated and built a proof of concept (PoC) directly on the XRPLedger.
🔑 The problem it solves:
International organizations and central banks disseminate official statistics using standards such as SDMX. However, once the data is released, users, platforms, or AI models lack a native mechanism to verify whether the information was altered or manipulated.
The report highlights the choice of XRPL over other networks for several key reasons:
1.- Negligible Costs: an average transaction fee of just 10 drops (0.00001 XRP). When aggregating thousands of reports, the anchoring cost is practically zero.
2.- Fast Finality: registration times and immutability of 3 to 5 seconds for publication, and 1 to 2 seconds for real-time verification.
3.- Data Privacy: only cryptographic fingerprints are recorded in the public ledger, ensuring that confidential information stays off-chain.
🌐 Impact and Implications:
• Real Institutional Use: Unlike announcements or advertising partnerships, this is an open-source
(Apache-2.0) implementation developed and tested by researchers from the central banking authority.
• Ready for AI Agents: It enables automated systems and
artificial intelligences to verify the authenticity of financial information in nearly real time before making operational decisions.
• Scalability to Other Standards: The architecture proven on XRPL can be extended to other financial and
regulatory formats such as XBRL.
It is a research document and technical proof of concept that demonstrates XRPL’s technical capability and efficiency in international financial infrastructure.
$XRP #XRPL #BIS
