Chainlink, Euroclear, Swift, and six major financial institutions have announced a new initiative to streamline corporate action data by combining AI, oracles, and blockchain.
This project successfully demonstrated how Chainlink’s oracle networks and large language models (LLMs) can validate and deliver near-real-time financial data across blockchains.
According to the press release, corporate events such as mergers and stock splits involve painful data problems. The latter initially arrives in formats such as PDFs and may need to pass through various intermediaries, which results in fragmented information that becomes inconsistent.
It does so by unifying unstructured data into machine-readable formats through a consensus-based Chainlink oracle network hooked up to independent LLMs, reducing errors while improving data access.
The project aims to integrate Swift messaging next, making on-chain validated data interoperable with existing systems used by financial institutions. Participants in this initiative include prominent players such as UBS, Franklin Templeton, and Sygnum Bank.
Impact of Chainlink CCIP
The collaboration also involves blockchain ecosystems like Hyperledger Besu and Avalanche. Chainlink’s Cross-Chain Interoperability Protocol (CCIP) plays a key role in securely moving data across public and private blockchains.
This novel approach to corporate action inefficiencies saves millions by using one unified “golden record” of accurate and real-time data. There is no longer a need to manually revalidate any incoming data, helping custodians, asset managers, and financial infrastructures.
The innovative Chainlink solution is a major step forward in making corporate action data management and distribution closer to real-time and standardized for financial markets.
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