Summary
Chainlink combined AI, blockchain and oracles to create an unstructured market data on-chain and published its results and honestly it looks like a huge success. It has successfully showed how artificial intelligence, oracles and blockchains can solve decade long unstructured data challenges in finance.
Blockchain oracle provider chainlink has posted the results of an experiment on improving corporate actions data reporting using artificial intelligence and blockchain. This initiative involved many big players such as Euroclear, Swift, UBS, Franklin Templeton and Sygnum Bank and the blockchain ecosystem partners included Avalanche, ZKsync, and Hyperledger Besu network.
The research concluded that corporate actions processing is the most complex areas of post-trade operations, plus the processing costs of regional businesses can also go as high as $5 million annually. However, automating and standardizing this data could help reduce operational inefficiencies significantly due to errors and manual data processing and that’s exactly what chainlink is doing.
Chainlink has proposed a technical solution that combined large language models (LLMs), its own decentralized oracle networks (DONs), and multiple blockchains. The AI models it used were OpenAI’s ChatGPT 4, Google Gemini 1.5 Pro, and Anthropic’s Claude 3.5 Sonnet. The project successfully processed corporate actions across equity and fixed-income securities and achieved 100% consensus on fixed-income events.
Chainlink’s LINK Price Outlook
As of October 23, the price of one LINK token is $11.74 with a 24 hour trading volume of $520,527,318. It has increased by 3.45% in the past seven days, however, considering 24 hours, it has decreased by 8.88%. With a circulating supply of huge 630 million LINK, it is valued at a market cap of almost $7,365,503,495. It is easily top 18th crypto platform and with this current initiative its price is speculated to go even higher.
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