Chainlink announced large-scale AI efforts in partnership with financial institutions such as Franklin Templeton, Swift, and Euroclear. The initiative aims to use AI to aggregate corporate data onto a single blockchain, creating a “golden record.”
This blockchain-based record verifies and integrates vast amounts of data in real-time, streamlining processes and improving data accuracy across industries.
Chainlink’s Financial AI Experiment
In a press release shared with BeInCrypto, Chainlink announced a new AI initiative focused on corporate finance. The company has partnered with leading financial institutions such as Franklin Templeton, Swift and Euroclear to explore how AI and blockchain technology can work together to improve data management and operations in the financial sector.
Read more: What is Chainlink (LINK)?
The plan is simple. Chainlink aims to use decentralized oracles in conjunction with AI large-scale language models (LLMs) to identify and collect key corporate activities. This data is recorded on the blockchain, creating what Chainlink calls a “uniform, interoperable golden record.”
“The combination of AI and oracles is a powerful tool for taking enterprise data and transforming it into trusted, structured data. “The change is truly a major step forward in the way financial markets handle sensitive and error-prone data,” Chainlink co-founder Sergei Nazarov asserted.
Mr. Nazarov added that this record will significantly increase the efficiency of individual and institutional actors across the financial sector. With so much corporate investment being poured into AI this year, it makes sense that these prominent financial institutions would join the experiment. Chainlink is forging new partnerships in several areas.
Chainlink also published detailed research outlining its approach to creating this “golden record.” The main problem these companies are trying to solve is the inconsistent quality of corporate activity data, which is often released in a variety of formats and through non-standardized channels. Chainlink oracles quickly scan and collect relevant information from these diverse sources.
Read more: How will artificial intelligence (AI) transform cryptocurrencies?
Distribution of corporate data. Source: Chainlink
The various oracles and LLMs in this data trawling operation work with distributed nodes that must reach consensus before passing data. This prevents potential data corruption due to incorrect translations or hallucinations. Chainlink’s industry-standard CCIP protocol then distributes this aggregated blockchain record through an interoperable system.
According to Chainlink’s results, the experiment was successful in verifying, aggregating, and transmitting corporate data in real time. The initiative does not yet have an official name, but the term “Unified Golden Record” is repeatedly mentioned in the document. The focus will now be on standardizing processes and preparing for widespread deployment.
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