Bank for International Settlements Tests XRP Ledger
The Bank for International Settlements (BIS) confirmed recently that the organization has started testing the XRP Ledger (XRPL). They stated the testing phase is for a data-verification system implementation to check how quickly it could anchor and verify data. Information recorded in the blockchain will be tamper-proof, with no changes to receipts. The BIS working paper noted two Features that can help in strengthening their services. Their assessment cited low nominal fees and quick consensus, and also highlighted the XRP Ledger’s proven track record. The institutions’ experiment with XRPL highlights the growing importance of Ripple’s infrastructure. The selection of a foreseeable result puts the fintech company ahead in the financial markets. However, this is only a testing phase, and BIS is yet to officially get the XRP Ledger’s services onboard. The CEO of Ripple, Brad Garlinghouse, said that he is not surprised by the development as institutions have been regularly turning ...