Chainlink Launches Platform to Integrate Banks with Blockchain
Date: 2024-11-18 Author: Henry Casey Categories: BLOCKCHAIN
The Chainlink team has announced a new platform — Chainlink Runtime Environment (CRE), which is designed to modernize the financial infrastructure of banks, payment systems, and other organizations. This solution will replace legacy technologies such as COBOL and Java Runtime Environment, providing integration with modern blockchain applications.
COBOL, first introduced in 1959, was a key tool in the development of early financial technologies, including ATMs and electronic banking. Later, in the 1990s, Java Runtime Environment played an important role in the creation of online banking. However, both of these systems no longer meet modern requirements. Chainlink’s new CRE platform offers a single solution that helps update old infrastructure, making it compatible with blockchain.
It is worth noting that Chainlink is already actively working on integrating its technology into the banking sector. For example, at the SIBOS conference last month, the company announced a partnership with the global interbank messaging system SWIFT. This collaboration gives banks access to blockchain systems using the capabilities of SWIFT.
Additionally, Chainlink is exploring the prospects of using artificial intelligence in conjunction with its oracles. Such developments will ensure maximum security of financial data, including the creation of reserve confirmations protected from unauthorized access.
Chainlink is making confident steps towards transforming the traditional financial system, demonstrating the potential of blockchain to simplify and improve the banking industry.
