The Bank for International Settlements (BIS) has conducted testing of the XRP Ledger (XRPL) as a conceptual solution for verifying official statistics on the blockchain. Research has demonstrated the ability to record cryptographic fingerprints of public datasets that can be published in three to five seconds and verified in one to two seconds. This confirms BIS's ongoing interest in exploring the application of blockchain technologies in the field of reporting and statistics.
In its working paper number 1374, BIS examines how statistical agencies can provide users with an independent way to verify the provenance and integrity of published data without altering existing distribution systems. Using the SDMX standard for exchanging official statistics, the proposed prototype links each dataset to its source through hashing and recording a summary value in the ledger. In this process, only the fingerprints of the data enter the blockchain, preserving the confidentiality of the original figures. The use of Canonical XML 1.1 and hashing with SHA3-512 at the file level and for each series significantly simplifies and secures the process.
Ripple CEO Brad Garlinghouse stated that the testing of the XRP Ledger by BIS did not come as a surprise to him, as the network meets the standard criteria for an efficient infrastructure. He specifically highlighted the low fees, high transaction speed, and proven track record of XRPL. According to the authors, the document is not a decision for implementation and does not represent an endorsement of XRP by BIS or participating central banks. The results are described as an experimental proof-of-concept, and a production version will require hardware signatures, secured validator nodes, and comprehensive load testing.