According to PANews, in the early trading of the U.S. stock market on June 3, the prices of major stocks such as Berkshire Hathaway, McDonald's and Wells Fargo plummeted by 99.9% due to suspected software failures. The incident has raised concerns about the highly centralized structure of the traditional financial system.
In an interview, Chainlink co-founder and CEO Sergey Nazarov emphasized the importance of blockchain technology, saying that Chainlink’s decentralized oracle network can reduce these risks by providing accurate, tamper-proof data. . These networks aggregate data from various sources and use consensus mechanisms to verify information, ensuring data integrity and preventing erroneous transactions and price manipulation. He further emphasized that the integration of blockchain technology will allow for real-time verification and automated response to anomalies, thereby significantly improving the reliability and transparency of financial markets.