The New York Stock Exchange malfunctioned in early US trading on Monday, and Chainlink stressed the importance of the oracle network

In early US trading on Monday, the price of several large stocks by market capitalisation, such as Berkshire Hathaway, McDonald's and Wells Fargo, plunged as much as 99.9 per cent amid widespread suspicions of a software glitch in the infrastructure of the New York Stock Exchange. Extreme price volatility caused trading in the affected securities to be suspended, but trading in Berkshire Hathaway and other affected securities subsequently resumed. The issue has since been resolved.
In response to the incident, Chainlink co-founder and CEO Sergey Nazarov spoke out, reminding the public that traditional financial systems are vulnerable to critical vulnerabilities due to their highly centralized architecture. In an interview with Cointelegraph, he further explained how Chainlink's oracle network provides solutions to the vulnerabilities inherent in centralized systems.
Nazarov says the decentralized oracle networks invented by Chainlink can mitigate these risks by providing accurate, tamper-proof data. These networks aggregate data from various sources and use consensus mechanisms to validate information, ensuring data integrity and preventing erroneous transactions and price manipulation.