CandleFocus Big Financial Institutions Turn to Chainlink and AI to Solve $3.1 Trillion Issue
2024-11-08
Author: Content Editor
Chainlink has unveiled an initiative to address the fragmented data and inefficiencies in financial data management, particularly regarding corporate actions. This fragmentation costs institutions millions of dollars annually and has been a persistent issue for over a decade. Chainlink plans to combine AI, oracles, and blockchain technology to create a more systematic approach. The initiative, called "A Unified Golden Record," aims to create a reliable and updatable data container that synchronizes across blockchains, providing a single source of truth accessible to all market participants. By cleansing and verifying corporate action data directly onto the blockchain, the process becomes more efficient and accurate, enhancing accessibility and trust among stakeholders. This demonstrates the potential of behind-the-scenes innovations to solve complex issues in traditional finance.
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