Data provider Chainlink (LINK) has partnered with significant participants in the financial market, such as Euroclear, Swift, and Franklin Templeton, to launch an initiative aimed at standardizing and enhancing the accessibility of corporate actions data using AI and blockchain technology. This project seeks to tackle the persistent challenge of disorganized corporate actions information, including mergers, dividends, and stock splits.

The lack of consistent and up-to-date data in markets, particularly in Europe, has contributed to operational inefficiencies costing businesses millions annually through errors and manual processes. By automating standardization, this initiative positions to greatly improve efficiency and reduce costs.

"Turning various pieces of disconnected corporate actions data into unified 'golden records' that can be relied on as a definitive, single source of truth is truly a huge step forward," noted Chainlink Co-founder Sergey Nazarov. "This will help financial markets synchronize faster, reduce errors, and cut costs."

The first phase of the initiative focuses on corporate actions data related to equity and fixed-income securities across six European countries. Chainlink's decentralized oracles will work alongside large language models like OpenAI’s ChatGPT to compile and structure corporate actions data into a 'Golden Record' format, in accordance with global financial standards like ISO 20022.

Further developments will look into integrating this framework with established financial systems such as Swift messaging, to promote broader industry adoption.