Headline : Chainlink Partners With Major Financial Players to Improve Corporate Actions Data Reporting Using AI and Blockchain

Read more from the original article on here at www.coindesk.com.

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Data provider Chainlink (LINK), with major financial market participants including Euroclear, Swift and Franklin Templeton, announced Monday that it started an initiative to make corporate actions data more accessible and standardized using artificial intelligence and blockchain tech. The project aims to address a long-standing challenge in the financial world: the lack of standardized and real-time data for corporate actions such as mergers, dividends and stock splits, which are notoriously fragmented in markets like Europe, Chainlink's report said.

Automating and standardizing this information could help significantly reduce operational inefficiencies that currently cost businesses millions of dollars every year due to errors and manual data processing, according to the report. The data is commonly used by investors.

"Turning various pieces of disconnected corporate actions data into unified 'golden records' that can then be relied on by hundreds of market participants as a definitive, single source of truth is truly a huge step forward," Chainlink co-founder Sergey Nazarov said. "This will help financial markets synchronize faster, reduce errors and cut costs."

The initiative's first phase focused on corporate actions data of equity and fixed-income securities across six European countries. Chainlink connected its decentralized oracles with large language models (LLMs) like OpenAI's ChatGPT, Google's Gemini and Anthropic's Claude to extract corporate actions data from various sources and transform it into a structured format called "Golden Records" that comply with global financial standards like the ISO 20022 and the Securities Market Practice Group (SMPG) guidelines. Then, it used Chainlink's Cross-Chain Interoperability Protocol (CCIP) to publish and distribute data across different blockchains.

Read more from the original article on here at www.coindesk.com.

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