Development team chainlink announced the framework chainlink Runtime Environment (CRE), designed to help banks, payment processors and other traditional financial institutions seamlessly connect to Blockchain technology.
The new solution is said to replace older technologies such as COBOL and the Java Runtime Environment. COBOL, introduced in 1959, played a critical role in the creation of early financial instruments such as ATMs and electronic banking. The Java Runtime Environment, developed in the 1990s, became the basis for online banking.
Both systems were revolutionary in their time, but they no longer meet the needs of modern blockchain applications. Introducing CRE, chainlink creates a unified, blockchain-compatible system to modernize these legacy infrastructures.
Interestingly, last month at the SIBOS banking conference, developers chainlink announced a partnership with the world's leading interbank messaging system SWIFT, which allows banks to use it to connect to blockchain systems.
In addition, the chainlink are exploring the use of artificial intelligence (AI) in combination with their own oracles to create secure, tamper-proof records of financial activity, such as proof of reserves.
