Chainlink’s AI Initiative Will Help With Unstructured Corporate Data

Chainlink has collaborated with eight major market participants and has launched an AI-driven initiative that will tackle the challenges of managing unstructured data related to corporate actions. The AI-driven initiative will utilize advanced technologies like artificial intelligence and blockchain to solve the difficulties associated with handling unstructured data.  The collaboration involves well-known organizations, including Swift, Franklin Templeton, Wellington Management, Vontobel, Euroclear, and Signum Bank. 

The Objective

The initiative is centered around three main areas of change in the management of corporate action data.  The first area focuses on standardizing data access with the keen objective of providing real-time standardized data related to corporate actions.  By doing so one can cut down on inefficiencies that currently cost regional investors and custodians somewhere between $3 million to $5 million every year.  

Further, it is concerning that 75% of firms are still manually validating custodian data, which makes the need for automation in this field imperative. The second area of focus involves utilizing artificial intelligence and blockchain technologies where advanced LLMs like OpenAI’s ChatGPT and Google’s Gemini can improve the accuracy and speed of data validation and distribution. These AI tools can cut down the time in validating and delivering financial data on-chain, which will allow a more efficient and trustworthy transaction. Moreover, the initiative seeks to promote interoperability among blockchains by using Chainlink’s Cross Chain Interoperability Protocol.  This would further ensure that the transfer of data is secure between public and private blockchains, ensuring easy integration with existing systems and increasing the efficiency and transparency of financial information. 

Broader Applications

The goal here is to develop unified golden records that can be used across various sectors in the financial domain. This initiative includes the valuation of private assets, risk management information, legal identifiers, and data at the security level, which will provide a one-size-fits-all approach to financial data. 

Through this ambitious project, Chainlink and its partners are trying to set a new course to the way financial data is accessed, validated and shared throughout the financial industry. By trying to tackle the challenges that come with unstructured data and by utilizing the improvements in AI and blockchain technology, this partnership intends to establish a new benchmark within the global financial market, in terms of operational efficiency and security.

Chainlink Price

Currently, Chainlink is trading at $11.42, which has been stable level in the past week. Since its launch, Chainlink has hit an ATH of $50 during the 2021 bull run and has failed to achieve the same levels ever since. It has been three years, and with the crypto market finally stabilizing, experts at CryptoNewsZ, while analyzing the Chainlink price prediction, expect the $50 level to be achievable by 2030.

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