Chainlink unveiled the Chainlink Runtime Environment (CRE), which will accelerate the convergence of traditional and decentralized financial ecosystems.
Chainlink, the largest provider of blockchain oracles, unveiled the Chainlink Runtime Environment, which will unify traditional financial architecture, including payment systems and ATM networks, with blockchain protocols and smart contracts into a single unified ecosystem.
The CRE is designed to unify and complement the functionality of the Common Business-Oriented Language (COBOL) and the Java Runtime Environment (JRE).
The COBOL powers approximately 90% of all ATM network transactions and 80% of retail banking transactions, with a daily volume in excess of $3 trillion. More than 80% of all traditional e-commerce applications are based on the JRE, and the technology is used by such giants as SWIFT, Deutsche Bank, Goldman Sachs, and others.
The press release notes that the JRE will allow developers to coordinate the work of decentralized protocols, blockchain oracles, and smart contracts within a single app. The unified architecture will simplify the interaction of the thousands of unique financial systems that make up the DeFi ecosystem, providing an optimized and efficient user interface. This, in turn, will simplify and accelerate the unification of decentralized finance and the TradFi ecosystem.
Chainlink launched the Cross-Chain Interoperability Protocol (CCIP) in 2023 to connect blockchains and the TradFi sector. The protocol has since been updated to provide financial institutions with complete transaction privacy.
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