According to Cointelegraph, Chainlink has begun a pilot project to create an on-chain record of business activities using artificial intelligence (AI) and decentralized Oracle technology.

Launched on October 21, the program aims to address the lack of real-time, standardized data on corporate conduct by leveraging advancements in artificial intelligence, blockchain, and oracles. Chainlink asserted that by integrating data oracles with many big language AI models, they were able to collect inconsistent, unstructured, and often unreachable off-chain data and autonomously convert it into digital data that was accessible in nearly real-time.

Corporate occurrences such as stock splits, dividends, and mergers provide one of the most difficult unstructured data problems in the financial sector, claims Chainlink. The initial display of the data in human-readable formats, such as PDFs and press releases, leads to a fragmented ecosystem with poor data timeliness, redundant sources, and extensive data cleaning. These inefficiencies cost investors, brokers, and custodians $3 to $5 million annually.

The trial was completed in collaboration with financial services firms like Franklin Templeton, Swift, and UBS, as well as blockchain networks like Avalanche and zkSync. Director of digital assets & tokenization strategy at Wellington Management Mark Garabedian claims that employing AI and Chainlink oracles can drastically reduce the amount of human labor required, possibly leading to an increase in operational efficiency and a decrease in expenses. Decentralized oracles like Chainlink connect blockchain networks to other data sources, including financial market data.

Chainlink has been looking into various ways that oracles might help institutional financial markets. On October 2, Chainlink partnered with Taurus, a provider of digital asset infrastructure, to provide institutional tokenization. The collaboration aims to promote the adoption of tokenized assets in institutional markets by focusing on improving data transparency, cross-chain mobility, and security. To further alleviate concerns about the safety of the Bitcoin wrapper, 21.co, the parent company of cryptocurrency asset manager 21Shares, said on September 23 that it was incorporating Chainlink's proof of reserve into 21BTC.