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    Chainlink using AI, oracles to bring market-moving corporate data on-chain

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    Chainlink has introduced a new project using AI, blockchain, and decentralized oracle tech to handle the issue of disorganized and delayed data in corporate actions. The company has developed a method to convert unstructured off-chain data into digitized, real-time data via oracles and AI models. This system could potentially save the finance sector between $3 to $5 million a year, currently lost due to inefficient data handling. Chainlink’s pilot program was carried out with industry players like Franklin Templeton, Swift, Avalanche, UBS, and zkSync.

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    Chainlink is making waves with a new project that uses AI and decentralized oracle tech, as they shared in an announcement on October 21st. The scheme aims to use AI, blockchain tech, and oracles to solve the problem of delayed and unorganized data in relation to corporate actions, according to Chainlink.

    The company explained that they have been able to convert unverified and unorganized off-chain data into digitized, near real-time information using oracles and AI models.

    Data on corporate actions, for example, stock splits, dividends and mergers, is a major headache for the finance sector due to its unstructured nature. Typically, the information is published in a way that is readable to humans (like press releases and PDFs) which results in delayed and at times, duplicated data needing thorough cleanup. This inefficiency ends up costing investors, brokers and others between $3 to $5 million a year, Chainlink reported.

    The pilot program was carried out with financial businesses and blockchain networks like Franklin Templeton, Swift, Avalanche, UBS, and zkSync. One of the participants, Mark Garabedian, the director of digital assets & tokenization strategy at Wellington Management, indicated that the use of AI and Chainlink oracles might significantly cut down the manual work needed and save costs.

    Decentralized oracles like Chainlink allow blockchain networks to connect with information from external sources, such as financial market data. Chainlink has been looking into how oracles could support institutional finance markets. For instance, on October 2nd, Chainlink teamed up with Taurus, a provider of digital asset infrastructure, to encourage the tokenization at the institutional level.

    Source: Cointelegraph

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