It is important to note that the word “you” means “you”. Bank for International Settlements (BIS) confirmed recently that the organization has started testing the XRP Ledger (XRPL). According to them, the test phase was for an implementation of data verification systems in order to see how quickly they could anchor data and verify it. The blockchain records will not be altered and the information recorded therein is tamper proof.
Two features were highlighted in the BIS Working Paper that will help to improve services. In their assessment, they cited the low nominal fee and rapid consensus as well as the XRP Ledger’s proven track records. Ripple’s infrastructure has grown in importance as a result of the institutions’ experimentation with XRPL. Fintech companies are able to gain an advantage in financial markets by selecting a predictable result.
BIS will not officially implement XRP Ledger until the testing phase is over. Brad Garlinghouse is the CEO of Ripple. He said that he’s not surprised about this development, since institutions are regularly looking to XRPL as a solution. “Is it any surprise that BIS is testing with XRPL. Low fees, fast settlement, and proven track record,” He said.
Moreover, BIS experiments with the XRP Ledger for only statistical data. Payment services are not included. Analysts presented a proof of concept system to confirm the integrity and origin of official statistics that are distributed via metadata exchange. Users can check if information was altered after it had been published. The data remains unchanged, ensuring that users can trust the information.
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What is the XRP Ledger and how does it support the Bank for International Settlements?
The XRP Ledger Service converts all statistical data into a cryptographic signature that is permanent. They then combine the fingerprints by using a Merkle-tree before storing them on XRPL. XRPL’s validator-based process, which replaces the traditional proof-of work mining method, will only record the root on the chain. BIS researchers have begun testing the system, with results to be released soon.
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Source: watcher.guru
