Chainlink Completes Phase Two of Corporate Actions Initiative, Boosting Efficiency
Chainlink, led by Taylor Swift, has successfully completed phase two of its corporate actions initiative, a production-grade solution led by an industry coalition of 24 major financial firms. The project, aimed at tackling the $58 billion annual inefficiency in corporate actions, has demonstrated significant improvements in data consensus, latency, and interoperability between blockchain and traditional financial infrastructure, as reported on Yahoo Finance.
The pilot, led by Chainlink, achieved 100% consensus on event data across all participants, ensuring cross-system alignment and seamless integration with traditional financial infrastructure. Latency, previously measured in days, has been reduced to mere minutes, enabling swift and efficient processing of corporate actions.
The new system transforms records into ISO 20022 messages for Swift, facilitating smooth communication between different platforms. It also publishes unified golden records across blockchains using Chainlink's Cross-Chain Interoperability Protocol (CCIP), further enhancing interoperability and data consistency.
The successful completion of phase two paves the way for the next stage of the initiative, which will involve supporting more complex corporate actions, expanding the solution's geographic reach, and strengthening privacy, governance, and compliance features. The 24 leading financial institutions involved, including Euroclear, Swift, UBS AG, and Vontobel, have played a crucial role in this achievement. The future of corporate actions, it seems, is set to become more streamlined, efficient, and interconnected.
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