This industry initiative brings together leading financial and market infrastructures Euroclear and Swift, as well as some of the world’s largest financial institutions, including UBS, Franklin Templeton, Wellington Management, CACEIS, Vontobel and Sygnum Bank. .
SAN FRANCISCO , Oct. 21, 2024 /PRNewswire/ — Chainlink today announced the results of an industry initiative that combines advances in AI, oracles, and blockchain technology to address the lack of real-time, standardized data on corporate activities. . The initiative brings together leading financial institutions such as UBS, Franklin Templeton, Wellington Management, CACEIS, Vontobel and Sygnum Bank, as well as financial and market infrastructure providers Euroclear and Swift.
The initiative brings together leading financial institutions such as UBS, Franklin Templeton, Wellington Management, CACEIS, Vontobel and Sygnum Bank, as well as financial and market infrastructure providers Euroclear and Swift.
Together with these market participants and three blockchain ecosystem partners (Hyperledger Besu, Avalanche, and ZKsync), this initiative uses Chainlink decentralized oracles in combination with large-scale language models (LLMs) to We successfully demonstrated how financial data can be verified and distributed on-chain. Specific LLMs used include OpenAI’s ChatGPT 4o, Google’s Gemini 1.5 pro, and Anthropic’s Claude 3.5 sonnet. Chainlink’s Cross-Chain Interoperability Protocol (CCIP) was then used to securely move on-chain corporate activity data between various public and private blockchains.
Inefficiencies in current corporate processes are costing regional investors, brokers, and custodian companies approximately $3 million to $5 million annually each, and 75% of companies are re-examining their custodians. , we are exchanging data manually. These issues arise from inconsistencies in structure, format, terminology, timelines, media, and data standards for distribution. This industry-wide initiative with Chainlink introduces a new solution using the Chainlink oracle that provides a unified golden record of corporate behavioral data accessible in real-time. This approach reduces the need for manual reviews and gives all participants, from custodians to asset managers, near-instantaneous access to accurate, standardized data.
This effort successfully demonstrated how LLM can be used in conjunction with Chainlink to distribute near real-time data of corporate activity events across three blockchain networks. This effort marks an important architectural milestone in the ongoing effort to transform the management and dissemination of enterprise behavioral data with a new approach: a unified, interoperable golden record.
“The combination of AI and Oracle is a powerful tool for taking enterprise data and transforming it into trusted, structured data. A definitive, single source of truth is a truly significant step forward in the way financial markets handle sensitive and error-prone data. , asset managers, banks, and financial market infrastructure all benefit from being synchronized over and over again. Faster than today, at a fraction of the cost, and significantly reducing costly errors impacting the financial system. ” — Sergei Nazarov, Chainlink Co-Founder
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“By collaborating across the industry and leveraging cutting-edge technology, we can address big pain points and redesign workflows to increase efficiency, transparency, and value. If implemented correctly, Through co-creation, AI and DLT can strengthen each other’s strengths and create the golden ingredient.” Everyone has access to records in real time, paving the way for innovative solutions. ” — Stéphanie Lheureux, Director, Digital Asset Competence Center, Euroclear
“The complexity of enterprise operations is a relevant and relevant use case for the convergence of AI, oracles, and blockchain technology. Leverage AI and Chainlink oracles to interpret, standardize, and distribute high-value unstructured data. This significantly reduces manual effort, resulting in significant operational efficiencies and cost savings while ensuring data flows through the system with the required level of accuracy and transparency. — Mark Garabedian, Director of Digital Assets and Tokenization Strategy, Wellington Management.
“CACEIS fully supports industry efforts to create a ‘golden source’ of blockchain-based information to streamline corporate conduct management by delivering data in real-time to all market participants. A shared data framework will optimize existing operational processes and reduce error rates, and staying at the cutting edge of technologies such as AI, machine learning and DLT is key to CACEIS’ future service development. Our IT investment strategy reflects that.” — Younes Ayouaz, Group Head of Projects & Transformation – CACEIS Custody and Cash Clearing Business Unit.
Although corporate activities are the first use case, a unified golden record can also be applied to the evaluation of personal assets, risk management data, legal identifiers, security level data, etc. The next phase of this effort will use established Swift messaging standards to make the on-chain unified golden record interoperable and available with existing mission-critical portfolio processing and management systems utilized by financial institutions. I will do so.
Read the full report: Transforming asset services with AI, oracles, and blockchain.
wire mesh
Chainlink enables financial institutions to develop customized, compliant, and future-proof blockchain applications and tokenized assets. Chainlink has securely enabled over $16 trillion in transaction value and delivered over 15 billion verified messages on-chain across the blockchain ecosystem. Leading market infrastructure providers and institutional banks have successfully collaborated with Chainlink to demonstrate how financial institutions can interact with tokenized assets across blockchains using existing infrastructure and messaging standards. .
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