Today, Chainlink announced the Chainlink Runtime Environment (CRE) framework designed to help banks, payment systems, and other traditional financial institutions connect smoothly with blockchain technology.
Introduction to Chainlink Runtime Environment
According to the press release, the CRE will replace older technologies like COBOL and the Java Runtime Environment (JRE).
Traditional Technologies and Their Replacement
COBOL, introduced in 1959, was crucial in creating early financial tools like ATMs and electronic banking. Similarly, JRE, developed in the 1990s, became a backbone for online banking. However, these systems are no longer equipped to handle the demands of modern blockchain applications. By introducing the CRE, Chainlink is creating a unified, blockchain-compatible system to modernize these outdated infrastructures.
The Future of Blockchain Integration
The launch of the CRE comes amid Chainlink’s broader push to bring traditional finance into the blockchain ecosystem. Just last month, at the SIBOS banking conference, Chainlink announced a collaboration with SWIFT, allowing banks to use SWIFT messages to connect with blockchain systems. Alongside partnerships, earlier-launched solutions like the Blockchain Privacy Manager and the Cross-Chain Interoperability Protocol (CCIP) help businesses use blockchain while keeping sensitive information secure. Furthermore, Chainlink is also exploring the use of artificial intelligence (AI) alongside its oracles, which can create secure, tamper-proof records of financial activities.
With the CRE and its other projects, Chainlink is making it easier for banks and businesses to take their first steps into the blockchain world, promising a future where both systems can work together effortlessly.
