The Bank for International Settlements has published Working Paper 1374, outlining a technical approach that uses the XRP Ledger, or XRPL, to verify the source and integrity of official statistical data. Under the proposal, cryptographic fingerprints would be generated for SDMX datasets, while summary values for batches of data would be recorded on XRPL. The original data itself would not be stored on-chain. Users would then be able to check the identity of the data publisher and confirm whether the data had been altered by combining digital signature credentials with a single on-chain query. Prototype testing cited in the paper showed publication times of about 3 to 5 seconds and verification times of about 1 to 2 seconds. The paper also makes clear that the system remains at the proof-of-concept stage and has not been deployed in a production environment.
The Bank for International Settlements (BIS) has released Working Paper 1374, proposing a technical system built on the XRP Ledger (XRPL) to verify the source and integrity of official statistical data.
Under the proposed design, the system generates cryptographic fingerprints for SDMX datasets and records summary values for data batches on XRPL. The original data itself is not stored on-chain.
Users can verify the identity of the data publisher and check whether the data has been tampered with by using digital signature credentials together with a single on-chain query.
Prototype test results in the paper show that data publication takes about 3 to 5 seconds, while the verification process takes about 1 to 2 seconds.
The paper states that the system is currently only at the proof-of-concept stage and has not been put into a formal production environment.
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