The Bank for International Settlements (BIS) published Working Paper No 1374 testing the XRP Ledger as a proof-of-concept to verify official statistics on-chain. The system records cryptographic fingerprints of public datasets using the SDMX standard, with publishing in three to five seconds and verification in one to two seconds. Confidential data remains off-chain as only a summary value is written to the ledger via SHA3-512 hashing and a Merkle root in the Memos field of an XRP transaction. Anchoring costs are near zero thanks to the base fee of 10 drops and the ability to batch thousands of datasets into a single ledger entry.
Source: Read the original article
