CandleFocus

Chainlink tests streamlined business processes with oracles, chains and LLM AI

Author: Content Editor
Chainlink, a leading oracle service for crypto and market data, has completed a study with major European financial companies to explore the use of oracles, AI, and on-chain transactions to streamline corporate processes. The study involved collaborations with asset managers, blockchain projects, payment providers, and banking and investment institutions. Chainlink tested the usage of data oracles and the Linkable Legally Modifiable (LLM) standard to convert unstructured data into a predefined standard, achieving near-instant data sharing and a unified golden standard record. The goal is to create a data extraction process that can be used within smart contracts and distributed almost instantly across multiple chains. Chainlink also aims to bring asset tokenization and reliable data on pricing and business events to the blockchain industry. Additionally, Chainlink's Cross-Chain Interoperability Protocol (CCIP) has seen increased activity in transferring stablecoins and other tokens across various chains.

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