📢 Just In: Chainlink co-founder notes importance of oracle networks following NYSE glitch
Following a glitch responsible for dropping the listed price of several securities listed on the New York Stock Exchange by up to 99.9%, Chainlink ( $LINK ) co-founder and CEO Sergey Nazarov chimed in and reminded the public that legacy financial systems are prone to critical vulnerabilities as a result of their highly centralized architecture.
In a statement to Cointelegraph, Nazarov explained how Chainlink's oracle network could provide a solution to the vulnerabilities inherent in centralized systems:
"Decentralized oracle networks, which were invented by Chainlink, can mitigate these risks by providing accurate, tamper-proof data. These networks aggregate data from various sources and use consensus mechanisms to validate information, ensuring data integrity and preventing erroneous trades and price manipulations."
The Chainlink co-founder continued, “Incorporating Blockchain technology would allow for real-time verification and automated responses to anomalies, significantly enhancing the reliability and transparency of today’s financial markets.”
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