PANews reported on November 17 that according to Cointelegraph, Chainlink launched the "Chainlink Runtime Environment" standard framework to connect traditional financial architecture, payment systems and traditional institutions with blockchain protocols and smart contracts in a single unified ecosystem.
According to Chainlink, the unified Chainlink Runtime Environment will include the runtime framework previously established by the Common Business Language (COBOL) standard. COBOL is a programming language created in 1959 that has driven the advent of electronic banking and automated teller machines (ATMs). The Chainlink Runtime Environment will also replace the Java Runtime Environment (JRE) architecture first developed in the 1990s, which made online banking possible and has gradually come to dominate online banking applications. The ultimate goal of the unified architecture is to eliminate the complexity of dealing with thousands of unique financial systems to provide a simplified and efficient user experience.