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Following
XRP XRP Ledger's unexpected role in verifying official statistics
In an unexpected twist, XRP Ledger recently played a key role in a study by the Bank for International Settlements (BIS) that focused on verifying official statistics. This development pushed XRP up slightly, with prices hovering around $1.39, an increase of about 3%. This research marks a groundbreaking attempt to combine blockchain technology with traditional data verification methods and is expected to bring major innovations to the financial system.
XRP Ledger experiments announced
This BIS report numbered 1374 and titled "A Blockchain-Based Method for Verifiable Official Statistics" was released on September 2. As an agency promoting cooperation among central banks around the world, BIS set out to test a system that uses XRP Ledger to record encrypted fingerprints on official datasets, recording only summary values on the ledger.
Interestingly, the dataset itself is not stored on XRP Ledger. They are cryptographically hashed, generate a digest value, and then recorded in the ledger. The prototype was tested on XRP Ledger Devnet, a separate test application environment rather than a formal production network.
Is XRP adopting this approach?
This eye-catching study does not mean that BIS has partnered with Ripple, adopted XRP on a large scale, or migrated central bank infrastructure to XRP Ledger. It exists purely as a technical proof of concept.
This study shows that it is feasible to anchor the summary values needed for verification on XRP Ledger without migrating the original official dataset to the blockchain.
During recent market adjustments, XRP has stayed above US$1.35 and continues to confirm it as a key technical support level. This level is critical for the short-term market outlook, as XRP remains close to its 200-day index moving average.
XRP had previously surged to $1.70 before being pulled back.
Sellers failed to put sustained pressure below the 200-day moving average.
The relative strength index is currently around 62, showing a more balanced outlook.
Holding on to $1.35 may push prices to try to break out of the $1.45 -1.50 range.
A break below this support level may weaken the market outlook, looking down at $1.29.
This study, while focusing on technical feasibility, paves the way for future consideration of blockchain technology in verifying and maintaining official statistics. The potential impact of such integrations could revolutionize the transparency and reliability of financial and statistical data processing.
