⭐️ Chainlink tests streamlined business processes with oracles, chains and LLM AI
Chainlink completed a study with leading European financial companies and scalable chains. The leading oracle company believes corporate processes can be streamlined with oracles, on-chain communication, and LLM.
Chainlink, the leading oracle service for crypto and market data, presented the results of a study in partnership with leading European financial companies. Chainlink explored the topic of asset services using oracles, AI, and on-chain transactions.
Following the news of the study, the LINK native token traded at around $11.80, near its mid-range for 2024. LINK peaked above $21 in March but broke down before fulfilling predictions for a rally to $30. LINK is a staple among crypto assets, but has mostly behaved as a utility token, trading sideways for months.
The study was done in collaboration with major asset managers and selected blockchain projects, to ensure a golden standard of data transfers. The study included payment providers Euroclear and Swift, as well as banking and investment institutions UBS, Franklin Templeton, Wellington Management, CACEIS, Vontobel, and Sygnum Bank. Previously, ChainLink has completed similar exploratory studies with leading US-based financial institutions.
Chainlink also collaborated with the blockchain ecosystems of Hyperledger, ZKSync, and Avalanche to test data at scale.
Chainlink discovers streamlined corporate process
Chainlink noted the traditional corporate process was highly involved, spreading unstructured data through long-form documents, reports, or PR texts. At the receiving end, all institutions had to connect to custodians, brokers, fund managers, exchanges, and investors.
The data, where available, becomes fragmented between the varied points of interest. The requirement to post human-readable data, in multiple formats and states, slows down the process and leads to duplications or errors.
