ChainlinkcompletedastudywithleadingEuropeanfinancialcompaniesandscalablechains.Theleadingoraclecompanybelievescorporateprocessescanbestreamlinedwithoracles,on-chaincommunication,andLLM.
Chainlink,theleadingoracleserviceforcryptoandmarketdata,presentedtheresultsofastudyinpartnershipwithleadingEuropeanfinancialcompanies.Chainlinkexploredthetopicofassetservicesusingoracles,AI,andon-chaintransactions.
Followingthenewsofthestudy,theLINKnativetokentradedataround$11.80,nearitsmid-rangefor2024.LINKpeakedabove$21inMarchbutbrokedownbeforefulfillingpredictionsforarallyto$30.LINKisastapleamongcryptoassets,buthasmostlybehavedasautilitytoken,tradingsidewaysformonths.
Thestudywasdoneincollaborationwithmajorassetmanagersandselectedblockchainprojects,toensureagoldenstandardofdatatransfers.ThestudyincludedpaymentprovidersEuroclearandSwift,aswellasbankingandinvestmentinstitutionsUBS,FranklinTempleton,WellingtonManagement,CACEIS,Vontobel,andSygnumBank.Previously,ChainLinkhascompletedsimilarexploratorystudieswithleadingUS-basedfinancialinstitutions.
ChainlinkalsocollaboratedwiththeblockchainecosystemsofHyperledger,ZKSync,andAvalanchetotestdataatscale.
Chainlinkdiscoversstreamlinedcorporateprocess
Chainlinknotedthetraditionalcorporateprocesswashighlyinvolved,spreadingunstructureddatathroughlong-formdocuments,reports,orPRtexts.Atthereceivingend,allinstitutionshadtoconnecttocustodians,brokers,fundmanagers,exchanges,andinvestors.
Thedata,whereavailable,becomesfragmentedbetweenthevariedpointsofinterest.Therequirementtoposthuman-readabledata,inmultipleformatsandstates,slowsdowntheprocessandleadstoduplicationsorerrors.
Investorsoftenfacegreatcomplexityandexpenseswhendistributingdata.Custodianbusinessessetaside$3-5Meachannually,andupto75%offirmshavetoextractanddistributedatamanually.Dataalsocausedexpensivedataerrors,costingbusinessesasmuchas$43Mperyear.
ChainlinktestedtheusageofdataoraclespairedwithLLMtosiftthroughtheunstructureddata.Theoraclecompanywasabletoconvertthedatapointsintoapredefinedstandard,alignedwiththerequirementsoftheSecuritiesMarketPracticeGroup(SMPG).Chainlinkwasalsoabletoachievenear-instantdatasharingandaunified,goldenstandardrecordformanagers,custodians,andallparticipantsinthecorporateprocess.Chainlinkalsostudiedtheremovalandcross-checkingofhallucinationsfromsometypesoflanguagemodels.
Basedonitsoracleexperience,Chainlinkhasworkedoutsolutionsofaunifiedgolden-standardrecordforon-chainprojects.Chainlinkalreadyservestheentireblockchainsectorbuthaslookedbeyondreal-worldassettokenizationandfetchingtimelydataforsmartcontracts.
Initstestapproach,Chainlinktransformedcorporatereportsintomachine-readabletexts,allowingLLMtoextractspecificbusinessprocessevents,suchasdividendpayments.Thedataextractedexistsinseveralversions,carriedbynodes.Chainlinktestedthedataextractionandverificationwiththreecross-checkingLLM.Fornow,ChainlinkhasnotsolvedtheissueofliabilitywhenusingLLMtoparsehuman-understandabledata.
Thenodesthenachieveconsensusontheeventandpublishiton-chain.Chainlink’sapproachmeansanycorporateeventcanbecodifiedinawaytoisusablewithinsmartcontracts.
Onceacquiredandverified,thedatacanbeusedwithinanypublicorprivateblockchain,totriggereventsortransactions.TheendgoalofChainlinkwouldbetocreateanoveldataextractionprocess,verifythedatathroughseveralversions,andthendistributetheinformationalmostinstantly.
Theapproachcouldtrackseveraltypesofbusinessentities,includinglargecompaniesintheFTSE100index,leadingEuroareacorporations,aswellasotherfixed-incomeassetsorequities.
Chainlinkalreadysecuredmorethan$25Binprojects,withmosttiedtopurelyon-chainandcryptoactivities.However,Chainlinkaimstobringtrueassettokenization,fetchingreliabledataonpricingandbusinessevents,andthenpublishingitacrossmultiplechainsasneeded.
Chainlink’sCross-ChainInteroperabilityProtocol(CCIP)alsoachievespeakactivity.TheCCIPdatahelpstransfermostlystablecoinslikeUSDC,butalsoLINK,wrappedETH,andseveralothersmallertokens.RequeststoChainlink’sCCIPhaveacceleratedsinceMay,comingfromEthereumandBNB,butalsofromsomeoftheleadingL2protocols.
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