BIS uses XRPL in proof-of-concept for official data verification

The Bank for International Settlements used the XRP Ledger in a proof-of-concept blockchain-based system for verifying the authenticity of official statistical data, CoinPost reported. BIS researchers cited XRPL’s low fees, fast processing speed and development environment as reasons for the selection. The system could be used to verify whether official statistics such as GDP, inflation and interest rates have been tampered with and to confirm the issuing source. The research remains at the technical validation stage, however, and BIS has not decided to adopt XRPL in an actual system.