BIS Paper Proposes Using XRP Ledger to Verify Official Statistics

The Bank for International Settlements (BIS) proposed in its working paper "Verifiable Official Statistics: A Blockchain-Based Approach" to record the cryptographic fingerprints of official statistical data on the XRP Ledger (XRPL) to verify the source and integrity of the data. The prototype introduced in the paper writes the hash values of each batch of datasets onto the XRPL, with a publishing time of about 3 to 5 seconds and a verification time of about 1 to 2 seconds. Under moderate batch processing, on-chain costs are negligible, and only the data fingerprints are recorded on-chain without disclosing the original data. This solution is currently still a proof of concept and has not yet been deployed or adopted for production.

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