Odaily Planet Daily reports that the Bank for International Settlements (BIS) has released Working Paper 1374, proposing a technical solution based on the XRP Ledger (XRPL) to verify the authenticity and integrity of official statistical sources. The solution generates cryptographic fingerprints for SDMX datasets and records summary values of batch data on the XRPL, while the original data itself is not stored on-chain. Users can verify the identity of the data publisher and whether the data has been tampered with by combining digital signature credentials with a single on-chain query. Prototype testing showed that data publication takes approximately 3 to 5 seconds, while verification requires only about 1 to 2 seconds. The paper specifically notes that the system is currently at the proof-of-concept stage and has not yet been deployed in a production environment.
BIS Proposes XRPL-Based Data Verification Scheme for Immutable Chain Storage
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Summary
BIS proposes an XRPL-based data verification system for on-chain news storage, as detailed in Working Paper 1374. The scheme uses cryptographic fingerprints for SDMX datasets, storing batch digests on the XRP Ledger. Users can verify the identity of data publishers and check for tampering through digital signatures and a single on-chain query. Tests show data publishing takes 3–5 seconds, with verification taking 1–2 seconds. The system is currently a proof of concept. This project could influence how inflation data is authenticated and shared across global financial systems.
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