Using ChainLink AI, Oracle to bring market-driven corporate data onchain
According to an October 21 announcement, Chainlink has tested an onchain database of corporate actions using artificial intelligence and decentralized Oracle technology.
The pilot seeks to “use the combined advances in AI, oracle and blockchain technology to overcome the lack of real-time and standardized information around corporate actions,” Chainlink said.
We have found using multiple data oracles [large language AI models]By generating unverifiable, unstructured and often inaccessible off-chain data, we are able to autonomously transform it into digital data, which will be available in the near future,” said Chainlink.
Source: Chainlink
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Information on corporate actions such as mergers, divestitures and stock splits – “now available.[s] It is one of the most complex unstructured data problems in the financial world,” Chainlink said in a report detailing the startup.
The data is “initially presented in human-readable PDFs and press releases […] It leads to a fragmented ecosystem with weak data timelines, duplicate sources and extensive data cleansing,” the report states.
These inefficiencies cost investors, brokers and custodians roughly $3 million to $5 million annually, according to Chainlink.
According to the announcement, ChainLink has completed its pilot with financial firms — including Franklin Templeton, SWIFT and UBS — and blockchain networks such as Avalanche and Zysync.
“Using AI and Chainlink oracles, […] “We can significantly reduce the manual processes required,” says Mark Garabedian, director of digital assets and token strategy at Wellington Management.
Decentralized oracles like Chainlink connect blockchain networks to external data sources, including financial market data.
Chainlink Oracle has been exploring different ways to help institutional financial markets.
On October 2, Chainlink partnered with Taurus digital asset infrastructure provider to facilitate institutional tokens.
The partnership aims to promote the adoption of tokenized assets in institutional markets with a focus on improving data transparency, cross-chain portability and security.
On September 23, cryptocurrency asset manager 21Shares, the parent company of 21.co, announced that it will add Chainlink's proof of reserve to 21 Bitcoin (BTC) to address potential concerns about Bitcoin's support.
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