ME News reports that on September 4 (UTC+8), the Bank for International Settlements (BIS) published a working paper proposing a blockchain-based method to verify the source and integrity of official statistical data, addressing the lack of tamper-proof verification in the international standard SDMX. The research team computed cryptographic fingerprints for datasets and recorded the hash values on the XRP Ledger with timestamps, ensuring immutability. Users can confirm data source and integrity using only the published file and a single on-chain query. Prototype testing showed that publishing takes 3 to 5 seconds and verification takes 1 to 2 seconds, with only the data fingerprint stored on-chain, not the original data. The research team has provided an open-source reference implementation, and the method is also scalable to other structured reporting formats. (Source: Foresight News)
BIS Paper Explores Statistical Data Verification Using the XRP Ledger
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Summary
The BIS released a working paper exploring how a distributed ledger can verify official statistical data. The team used the XRP Ledger to store cryptographic fingerprints with timestamps, enabling on-chain data verification. Users can verify authenticity through a published file and a single query. Tests demonstrated fast publishing and verification times, with only hash values stored on-chain. The project includes an open-source tool that supports other structured formats.
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