Ripple CEO Responds to BIS Testing on XRP Ledger
- Ripple CEO Brad Garlinghouse highlighted the XRP Ledger‘s low fees and fast settlement in response to BIS research.
- BIS researchers tested a data-verification system on XRPL DevNet, focusing on data integrity rather than payment settlement.
- The proof of concept did not equate to BIS adopting the XRP Ledger for institutional use.
- The system used cryptographic fingerprints and Merkle trees, with only the root recorded onchain.
- Controlled tests showed median publication times of three to five seconds and verification times of one to two seconds.
The Bank for International Settlements (BIS) conducted an experiment using the XRP Ledger’s test network, emphasizing its technical strengths like low transaction fees and quick consensus finality. Ripple CEO Brad Garlinghouse noted these attributes as reasons for XRPL’s selection in this trial.
Despite promising results, the BIS paper clarified that this was not an adoption of XRPL but rather an exploration of blockchain technology’s potential for verifying official statistics efficiently. Source
