The Bank for International Settlements published a working paper proposing a blockchain-based method for independently verifying the source and integrity of official statistics distributed through Statistical Data and Metadata eXchange (SDMx). The proof of concept canonicalises and hashes datasets or individual series, aggregates fingerprints into a Merkle root and anchors that root on the XRP Ledger (XRPL). A verifiable credential links the data to the publisher, allowing users to confirm the publisher’s identity and detect changes using the file and a single ledger lookup, while dataset content remains off-chain. Prototype tests recorded median publication latency of three to five seconds and verification latency of one to two seconds under controlled conditions. The accompanying cost model shows that batching reduces transaction and fixed overhead costs, while the optimal batch size depends on publication volume and the economic cost of delay. The architecture is blockchain- and data-format-agnostic, but production deployment would require stronger operational controls, including hardware-backed key management, resilient storage, revocation and correction processes, and load and security testing.
2026-09-02Bank for International Settlements
Bank for International Settlements presents XRP Ledger proof of concept for verifiable official statistics
The Bank for International Settlements presented an XRPL-based proof of concept that cryptographically links SDMx statistics to their publisher and enables independent integrity checks without placing data on-chain. Prototype publication took three to five seconds and verification one to two seconds under controlled conditions. The approach supports batching and other structured data formats but requires additional operational safeguards for production use.