BIS Reveals Proof of Concept for Official Statistics Based on XRP Ledger

The Bank for International Settlements (BIS) has unveiled a proof of concept for verifying the source and changes of official statistical data based on the XRP Ledger (XRPL). The posting delay was measured at 3 to 5 seconds, while the verification delay was 1 to 2 seconds. In working paper number 1374, published on September 2, the researchers proposed a method for standardizing statistical datasets in SDMx format, generating hashes, and recording them on the XRP Ledger by bundling multiple hashes into a Merkle tree. The original statistical data is not stored on the blockchain; only the Merkle root is recorded. Users can verify the issuing entity and any changes by cross-referencing the file and ledger records. SDMx is a standard system used by international organizations and statistical agencies for exchanging statistical data, and the researchers explained the need to address the limitations of existing standards. While bundling multiple datasets can reduce costs, larger batch sizes may delay the release of urgent statistics. The study also presented an optimization model to balance cost reduction and posting delays. The public implementation is software that posts and verifies SDMx messages on the XRP Ledger Devnet, applying SHA-3-512 hashes and including optional disclosure features. The BIS stated that this research does not reflect official views and that several matters need to be determined separately before actual implementation.

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