Chainlink launches initiative for financial institutions
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Chainlink launches initiative for financial institutions 25 October 2024UK Reporter: Clelia Frondaroli
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Chainlink has launched an initiative to address the issues of unstructured data in the financial industry.
This initiative, in collaboration with firms including Euroclear, Swift and Citi, aims to utilise AI and blockchain technology to solve the problem of standardised data in fragmented markets such as Europe.
The company says the system employs large language models (LLMs) and decentralised networks to extract unstructured data from issuers and publish it on-chain. These unified ‘golden records’ can be applied to a number of use cases, such as private and digital asset valuations, risk management and legal identifiers.
Sergey Nazarov, co-founder of Chainlink, comments: “Turning various pieces of disconnected corporate actions data into unified golden records is a huge step forward in how financial markets deal with error-prone data. Solving this problem allows asset managers, banks, and financial market infrastructures to all be in sync much faster than today.”
Director digital assets competence centre at Euroclear, Stéphanie Lheureux, adds:“By collaborating across the industry, we can address major pain points and redesign workflows for greater efficiency, transparency and value.”
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