Chainlink and Major Market Players Launch AI-Powered Initiative to Tackle Unstructured Data in Finance

A Collaborative Effort

The project unites prominent market participants like UBS, Franklin Templeton, Wellington Management, CACEIS, Vontobel, and Sygnum Bank, all of whom face challenges in managing corporate actions. According to Chainlink, the initiative leverages the latest advancements in AI and blockchain to tackle the inefficiencies associated with real-time data related to corporate actions.

Chainlink’s decentralized oracles play a crucial role in this effort. They are designed to provide a unified source of truth for corporate actions data, ensuring that all stakeholders—ranging from custodians to asset managers—have access to accurate and standardized information without the need for manual validation. 

This initiative reportedly has the potential to save regional investors, brokers, and custodians an estimated $3-5 million annually by eliminating redundant processes.

Harnessing AI for Real-Time Data

To achieve these goals, the initiative has successfully demonstrated the integration of large language models (LLMs), such as OpenAI’s ChatGPT-4o, Google’s Gemini 1.5 pro, and Anthropic’s Claude 3.5 sonnet, with Chainlink's technology. 

Per reports, this combination facilitates near real-time distribution of corporate actions events across multiple blockchain networks, enhancing efficiency and accuracy.

The program has shown that LLMs, in conjunction with Chainlink’s decentralized oracles, can provide timely updates about corporate actions. This innovation reportedly addresses longstanding inefficiencies caused by inconsistent data formats, terminologies, and communication methods within the financial industry.

Expanding the Scope of Unified Data

While corporate actions are the initial focus of this initiative, the concept of a unified golden record can be applied to various aspects of financial data management. Future phases may include enhancements in areas such as private asset valuation, risk management, and legal identifiers. 

The integration of established Swift messaging standards in the next phase will ensure that these on-chain unified records are compatible with existing portfolio management systems used by financial institutions.

Recent Developments

Similarly, last July, Bancolombia Group-backed Wenia partnered with Chainlink to integrate its Proof of Reserve technology into its stablecoin, COPW. This partnership aims to improve the transparency and security of COPW, further solidifying Chainlink’s position as a leader in data solutions for the financial sector.