Chainlink Seeks to Revolutionize Corporate Actions Data with AI and Blockchain Technology
- Chainlink is working on a project to combine AI and blockchain technology to solve corporate action data issues.
- Collaborators include global financial entities such as Swift and Euroclear, focusing on reducing inefficiencies in data processes.
- This initiative aims to significantly lower operational costs and errors in financial transactions for institutions worldwide.
In recent months, the intersection of AI and blockchain technology has gained significant interest, notably in the financial sector. A project led by Chainlink aims to tackle the challenges of data fragmentation in real-time standardized corporate actions. Collaborating with major financial institutions such as Swift and Euroclear, this initiative involves using decentralized blockchain oracles alongside advanced AI models to ensure the accuracy of corporate data. The efforts address inefficiencies that currently cost financial institutions millions annually. As firms struggle with mismatched data from various custodians, brokers, and exchanges, the combination of AI and blockchain offers a path toward enhanced efficiency and consistency. The overarching goal is to streamline corporate action processes and lessen operational costs within the financial market infrastructure. This endeavor highlights the potential of blending AI with blockchain to solve complex issues in non-glamorous sectors of finance, ultimately leading to improved services and less costly errors in the transactions of global financial entities.