Chainlink, a provider of oracles, has revealed the "Chainlink Runtime Environment", a standard framework for connecting traditional financial architecture, payment systems, and existing institutions with blockchain protocols and smart contracts within a unique and unified ecosystem.
According to Chainlink, the unified Chainlink Runtime Environment will encompass the runtime framework previously established by the Common Business-Oriented Language (COBOL) standard, a programming language created in 1959 that enabled 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 come to dominate online banking applications.