The Bank for International Settlements has published Working Paper 1374, describing a technical method that uses the XRP Ledger, or XRPL, to verify the source and integrity of official statistical data. Under the proposal, cryptographic fingerprints are created for SDMX datasets, while only summary values for data batches are written to XRPL. The underlying raw data is not stored on-chain.
The paper says users could confirm both the publisher’s identity and whether the data has been altered by using digitally signed credentials together with a single on-chain query. In prototype testing, publishing data took about 3 to 5 seconds, while verification took around 1 to 2 seconds. The BIS also noted that the system remains at the proof-of-concept stage and has not been deployed in a production environment.
Odaily reported that the Bank for International Settlements, or BIS, has released Working Paper 1374, setting out a technical approach that uses the XRP Ledger (XRPL) to verify the origin and integrity of official statistical data.
Under the proposal, the system generates cryptographic fingerprints for SDMX datasets and records summary values for data batches on XRPL. The raw data itself is not stored on-chain.
Users would be able to verify the identity of the data publisher and check whether the data was tampered with by combining digitally signed credentials with a single on-chain query.
Prototype test results in the paper showed that data publication took about 3 to 5 seconds, while the verification process required about 1 to 2 seconds.
The paper specifically noted that the system is still at the proof-of-concept stage and has not yet been put into a formal production environment.
This article was originally published by Bit.Fan. For more cryptocurrency news and market insights, visit www.bit.fan. Disclaimer:
The market information, project data, and third-party content displayed on this platform are for industry information sharing only and do not constitute any form of investment advice or return commitment.
Cryptocurrency trading carries high risks. Users should fully assess their risk tolerance and make independent decisions. All profits, losses, and legal responsibilities are borne by the users themselves.
