Northern Data and Chainlink have recently announced significant strategic shifts to enhance their focus on artificial intelligence and blockchain technology. These initiatives highlight the importance of AI and decentralized solutions in the financial sector.
Chainlink's Corporate Data Initiatives
Chainlink has launched a pilot program to create an onchain database for corporate actions utilizing AI and decentralized oracles. This initiative aims to address challenges with unstructured data in the financial industry. Such inefficiencies cost market participants millions annually, and Chainlink's project seeks to mitigate these costs by delivering data in near real-time using AI and oracles.
Northern Data's AI Investment Plans
Northern Data disclosed on October 21 that it is exploring the potential sale of its cryptocurrency mining business to invest in AI and high-performance computing development. The proceeds are planned for enhancing the company's AI product platform and improving data center infrastructure. These steps align with the company's strategic goals to strengthen its AI positioning.
Tether's Role and Mining Plans
Tether, the main shareholder of Northern Data, actively supports its shift towards AI by investing in Northern Data through financial investments and debt financing. Tether continues to develop its interests in cryptocurrency mining, indicating long-term intentions in this sector.
The strategic shifts initiated by Northern Data and Chainlink demonstrate the growing importance of AI and blockchain technologies in both traditional and new financial systems. These efforts could further the adoption of innovative technologies in financial markets.
