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Kriptoteka > Market > Institutions > Chainlink Launches AI Project for Blockchain ‘Golden Record’
Institutions

Chainlink Launches AI Project for Blockchain ‘Golden Record’

marcel.mihalic@gmail.com
Last updated: October 21, 2024 7:47 pm
By marcel.mihalic@gmail.com 4 Min Read
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Chainlink has unveiled an ambitious AI project in collaboration with renowned financial institutions such as Franklin Templeton, Swift, and Euroclear. The goal of this initiative is to utilize AI for the aggregation of corporate data onto a unified blockchain, establishing a “golden record.”

This blockchain-enhanced record is designed to validate and harmonize extensive data in real time, thereby optimizing workflows and improving data accuracy across various sectors.

Chainlink’s Financial AI Experiment

In a press release distributed to BeInCrypto, Chainlink has introduced a new AI initiative centered around corporate finance. The organization has partnered with major financial players like Franklin Templeton, Swift, and Euroclear to explore the potential of combining AI and blockchain technologies to enhance data management and operations within the financial arena.

Read More: What Is Chainlink (LINK)?

The approach is clear-cut: Chainlink intends to leverage its decentralized oracles in conjunction with AI large language models (LLMs) to pinpoint and compile essential corporate actions. This data will be recorded on blockchains, forming what Chainlink refers to as an “interoperable, unified golden record.”

“The fusion of AI and oracles provides a robust mechanism for transforming corporate actions data into highly reliable structured information. Creating a definitive, singular source of truth from disparate data sources represents a substantial advancement in how financial markets manage critical and error-prone information,” asserted Chainlink co-founder Sergey Nazarov.

Nazarov further emphasized that this record would substantially boost efficiency for both individual and institutional stakeholders throughout the financial sector. With significant corporate investments funneled into AI this year, the participation of these leading financial institutions in the experiment appears logical. Chainlink, meanwhile, has been forging new partnerships across various domains.

Additionally, Chainlink has published a comprehensive study detailing their methodology for constructing this “golden record.” The primary challenge these organizations seek to address is the varied quality of corporate actions data, which often emerges in inconsistent formats and through non-standardized channels. Chainlink’s oracles will efficiently scan and gather pertinent information from these diverse sources.

Read more: How Will Artificial Intelligence (AI) Transform Crypto?

Corporate Data Distribution.
Corporate Data Distribution. Source: Chainlink

The various oracles and LLMs involved in this data collection process operate through decentralized nodes that must reach consensus before transmitting data. This mechanism ensures that data integrity is maintained, preventing any potential inaccuracies, whether due to erroneous translations or hallucinations. Chainlink’s industry-standard CCIP protocol subsequently spreads this aggregated blockchain record throughout its interoperable framework.

According to Chainlink’s disclosures, the endeavor has effectively validated, consolidated, and conveyed corporate data in real-time. While the initiative does not yet bear an official title, the phrase “unified golden record” is frequently referenced in their documentation. Moving forward, the emphasis will shift toward standardizing the procedures and preparing for a wider implementation.

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In line with the Trust Project guidelines, BeInCrypto is dedicated to delivering objective and transparent reporting. This article intends to furnish accurate and timely information. Nonetheless, readers are encouraged to independently verify facts and consult a professional prior to making any decisions based on this content. Please be aware that our Terms and Conditions, Privacy Policy, and Disclaimers have been recently updated.

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