Chainlink has partnered with major financial institutions like Franklin Templeton, UBS, and Vontobel to revolutionize data processing in the financial technology landscape.
The collaboration aims to streamline data processing for corporations by leveraging artificial intelligence (AI), blockchain technology, and Oracle capabilities.
The goal is to automate and standardize critical corporate data, such as mergers, dividends, and stock splits, to address inefficiencies that cost companies millions annually.
By integrating AI and blockchain, the project aims to create a more reliable and efficient data processing environment for financial institutions, potentially saving regional companies between $3 million and $5 million each year.
The solution combines Large Language Models (LLMs), Chainlink's Decentralized Oracle Networks (DONs), multiple blockchain networks, and traditional financial institutions.
Chainlink's Cross-Chain Interoperability Protocol (CCIP) facilitates the secure distribution of validated corporate action data across various blockchain networks.
The initiative aims to create a "Unified Golden Record" to reduce the risk of errors in financial data and enhance data reliability.
Future phases will focus on integrating the framework into existing financial systems and addressing liability issues related to AI-generated results and complex corporate actions.
The collaboration between Chainlink and financial institutions aims to improve data accuracy, redesign workflows for greater efficiency and transparency, and reshape the financial industry landscape.