cryptojournalist
Chainlink has introduced the “Chainlink Runtime Environment,” a tool that connects traditional banking systems with blockchain. It’s designed to make old and new technologies work together seamlessly.
Why It’s a Big Deal
The framework upgrades older systems like COBOL, which powers ATMs, and JRE, which supports online banking. These systems are complex, but Chainlink’s approach simplifies them, making banking and blockchain connections faster and easier.
Making Blockchain Accessible for Banks
Chainlink is helping banks use blockchain without changing how they already work. For example, its partnership with SWIFT lets banks use their current messaging systems to interact with blockchain networks.
Keeping Things Private
Blockchain is usually very transparent, which isn’t ideal for businesses with sensitive information. To fix this, Chainlink created privacy tools that protect data while still allowing companies to use blockchain securely.
Combining AI with Blockchain
Chainlink is testing ways to use AI with its oracles to provide accurate, real-time data for businesses. This could help with things like tracking assets or verifying financial reserves.
Real-World Testing
In a recent trial with SWIFT and UBS, Chainlink showed that traditional banking systems could settle tokenized funds using blockchain. The best part? It works without needing cryptocurrencies.
