BIS Develops Blockchain System for Tamper-Proof Economic Data on XRP Ledger
- The Bank for International Settlements (BIS) published Working Paper No. 1374 on September 2, detailing a blockchain-based system to ensure the integrity of official economic data.
- The proof of concept was built and tested on the XRP Ledger, achieving publication times of just 3–5 seconds and verification times of 1–2 seconds.
- Each dataset is assigned a cryptographic fingerprint that can be bundled into a Merkle root, which is timestamped and anchored on the XRP Ledger.
- On-chain costs are minimal, with one ledger entry capable of covering thousands of datasets while preserving confidentiality.
- As of publication, XRP is trading at $1.37 with a market cap of approximately $85.7 billion, despite a weekly decline of about 2.40%.
This research addresses gaps in verifying financial datasets published using the SDMX standard, which lacks mechanisms to confirm data integrity after download. The BIS initiative highlights institutional interest in leveraging blockchain technology for enhanced data security.
While this project showcases potential applications for the XRP Ledger, it remains a proof of concept rather than an official partnership or infrastructure adoption by BIS.(Source)
