XRP, ranked fifth among the largest cryptocurrencies, experienced a 6% increase in the last 24 hours. As the XRP price approaches $1.5 again, the BIS published a noteworthy study regarding the XRP ecosystem.
At this point, the Bank for International Payments (BIS) announced that it used XRPL in a proof-of-concept study for formal data validation.
According to the official statement, the BIS used the XRP Ledger in a proof-of-concept blockchain-based system to verify the accuracy of official statistical data.
BIS researchers have announced in a new study that they have developed a proof-of-concept on the XRP Ledger (XRPL) to improve the verifiability of official economic and financial data.
The system could be used to verify whether official statistics such as GDP, inflation, and interest rates have been manipulated and to confirm the data source.
The study noted that the system does not record all economic or financial data on the blockchain, i.e., XRPL; instead, a cryptographic fingerprint (hash) is created from the data, and this record is stored on the XRP Ledger. This allows users to verify whether their data file matches the original publication and whether the data has been altered.
The prototype developed by BIS researchers reportedly completes the publishing process in 3 to 5 seconds and the verification process in 1 to 2 seconds. However, it was emphasized that the research is still in the technical validation phase and BIS has not yet decided whether to use XRPL in a real system.
Why was XRP Ledger chosen?
What made the study noteworthy was that BIS researchers chose XRP Ledger from among numerous blockchains.
Researchers cited XRPL’s low transaction fees, fast transaction speed, and development environment as reasons for choosing it.
In this context, the new study revealed that XRP Ledger can be used not only as a payment infrastructure but also to verify data integrity.
In conclusion, while BIS’s XRPL test isn’t direct news of XRP adoption, it’s seen as a noteworthy development in terms of the network’s potential for enterprise use.
*This is not investment advice.
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