Chainlink integrates AI and oracles to bring corporate data onchain

Chainlink (CRYPTO:LINK) is utilising artificial intelligence (AI) and decentralised oracle technology to pilot an onchain database of corporate actions, according to an announcement on Oct. 21. 

The initiative aims to address inefficiencies in real-time and standardised data surrounding corporate events, such as mergers, dividends, and stock splits. 

By leveraging AI and oracles, Chainlink claims to have developed a system capable of autonomously converting unverifiable, off-chain data into structured, digital data in near real-time. 

According to the company, these advancements address the fragmented and often unstructured nature of financial data presented in formats like PDFs and press releases. 

The inefficiencies of handling this data are estimated to cost financial institutions between $3 million and $5 million annually. 

Mark Garabedian, director of digital assets and tokenisation strategy at Wellington Management, highlighted the potential benefits of the pilot. 

"By leveraging AI and Chainlink oracles, we can dramatically reduce the manual processes required, enabling significant potential operational efficiency and cost reduction," he said. 

Chainlink’s pilot project is being conducted in partnership with financial service firms, including Franklin Templeton, Swift, and UBS, as well as blockchain networks like Avalanche and ZKsync. 

The integration of AI and oracles into blockchain systems is seen as a major step toward improving data transparency and enhancing the infrastructure needed for institutional financial markets. 

Chainlink has been exploring various ways decentralised oracles can benefit the financial sector, with recent collaborations such as a partnership with Taurus to facilitate institutional tokenisation and enhance the security and transparency of tokenised assets. 

According to Chainlink, these technological advancements could significantly reduce costs and improve operational efficiency for financial institutions. 

At the time of writing, the Chainlink price was $11.69.