According to Foresight News, Cointelegraph reported. Chainlink launched the "Chainlink Runtime Environment" standard framework to connect traditional financial architectures, 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. COBOL is a programming language created in 1959 that facilitates the emergence 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 gradually dominated online banking applications. Chainlink pointed out 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.