Chainlink launches the “Chainlink Runtime Environment” standard framework for connecting traditional financial architecture, payment systems, and traditional institutions with blockchain protocols and smart contracts in a single, unified ecosystem.
The framework will include the runtime framework previously established by the Common Business Language (COBOL) standard, a programming language created in 1959 that facilitated the advent of electronic banking and automated teller machines (ATMs).
The framework will also replace the Java Runtime Environment (JRE) architecture first developed in the 1990s, which made online banking possible and has come to dominate online banking applications.
Chainlink stated in the announcement that the ultimate goal of this unified architecture is to eliminate the complexity of dealing with thousands of unique financial systems to provide a simplified and efficient user experience. (Cointelegraph)