Report on emerging technologies shaping asset servicing industry

Chainlink worked with 8 major financial market infrastructures and institutions on an initiative to combine AI, Oracles, and Blockchain to provide real-time standardised data in fragmented markets.

Key takeaways:

• Inefficient corporate action processes are a significant cost driver with over 70% of business units paying more than $2m annually due to corporate action errors with data being the cause of these errors 56% of the time;
• Using data oracles paired with 3 LLMs the initiative was able to source and standardise unstructured corporate action data taken at the origination point in almost real time; and
• The initiative’s approach distributed data across shared infrastructure to create unified golden records for use by various parties across multiple blockchains.

💡 The report highlights how AI, Oracles and Blockchain has the potential to transform the asset servicing industry by reducing costs and errors while improving accuracy and efficiency. Firms should take steps to leverage the technologies mentioned in the report to harness the wealth of unstructured data produced by corporate actions.

✅ Plenitude’s Digital Assets Practice can help your firm navigate the ongoing convergence between traditional financial processes and blockchain technologies, and the ensuing implication for your compliance systems and controls. Visit our website for more information https://www.plenitudeconsulting.com/services/digital-assets-practice