Chainlink partners with leading financial companies on AI, Oracles and Blockchain data solution project

On October 22, Chainling announced the results of its industry-wide corporate equity initiative involving major financial players such as Euroclear, Swift, UBS, Franklin Templeton and Sygnum Bank. Blockchain ecosystem partners included the Avalanche, ZKsync, and Hyperledger Besu networks.

The oracle provider successfully demonstrated how artificial intelligence, oracles and blockchains “can solve a decades-old unstructured data challenge in finance.”

Automation of corporate actions

Research found that processing “corporate actions” is one of the most complex areas of post-marketing operations, with current inefficient processes costing regional companies between $3-5 million annually.

Corporate actions are significant events or changes related to securities, such as stocks and bonds, that affect investors. However, automating and standardizing this data could help significantly reduce operational inefficiencies due to errors and manual data processing.

We are pleased to announce the results of an industry-wide corporate action initiative between Chainlink, Euroclear, Swift and 6 financial institutions.

We’ve successfully demonstrated how AI, oracles and blockchains can solve a decades-old unstructured data challenge in finance⬇️ pic.twitter.com/4YOT5tX2sr

— Chainlink (@chainlink) October 21, 2024

Chainlink proposed a technical solution that combined three technologies: AI Large Language Models (LLM), its own Decentralized Oracle Networks (DONs), and multiple blockchains. The AI ​​models he used were OpenAI’s ChatGPT 4, Google Gemini 1.5 Pro, and Anthropic’s Claude 3.5 Sonnet.

It created “unified gold records,” which were verifiable, persistent, and had updatable data containers along with a two-tier consensus system to verify data accuracy.

“Turning multiple disconnected pieces of corporate stock data into unified ‘golden records’ that can then be trusted by hundreds of market participants as a single and definitive source of truth is truly a huge step forward,” said the co-founder of Chainlink Sergey Nazarov and added:

“This will help financial markets synchronize faster, reduce errors and reduce costs.”

The project successfully processed corporate actions across equity and fixed income securities and achieved 100% consensus on fixed income events.

“With proper implementation, co-creation allows AI and DLT (digital record technology) to amplify each other’s strengths, creating golden records accessible to everyone in real time and paving the way for transformative solutions,” commented Stéphanie Lheureux, director of digital assets. Competence center at Euroclear.

In the future, it should integrate Swift messaging standards, address accountability issues over AI-generated results, and handle more complex corporate actions, the report concludes.

LINK Prices Outlook

Chainlink’s native token, LINK, is trading at $11.85 the day after the big market rally on October 21st. LINK has moved very little over the past month, gaining less than 4% despite continued integration with the ecosystem and traditional finance.

In late September, Chainlink partnered with major Australian bank ANZ on a real-world asset (RWA) tokenization initiative. Additionally, the asset remains down 78% from its May 2021 all-time high of $52.70.

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