Odaily Planet Daily News: In the early trading of the U.S. stock market on Monday, June 3, it was widely suspected that there was a software failure in the New York Stock Exchange's infrastructure, and the prices of several companies with large market capitalizations (Berkshire Hathaway, McDonald's and Wells Fargo) plummeted by up to 99.9%. The extreme price fluctuations caused trading in the affected securities to be suspended, but trading in Berkshire Hathaway and other affected securities was subsequently resumed. The problem has since been resolved. In response to this incident, Chainlink co-founder and CEO Sergey Nazarov reminded the public that the traditional financial system is vulnerable to critical vulnerabilities due to its highly centralized architecture. In an interview with Cointelegraph, he further explained how Chainlink's oracle network provides solutions to the vulnerabilities inherent in centralized systems. Nazarov said: "The decentralized oracle networks invented by Chainlink can reduce these risks by providing accurate, tamper-proof data. These networks aggregate data from various sources and use consensus mechanisms to verify information, ensure data integrity, and prevent erroneous transactions and price manipulation." He emphasized that the integration of blockchain technology will allow real-time verification and automatic response to anomalies, significantly improving the reliability and transparency of today's financial markets. (Cointelegraph)
