30s Summary

Chainlink has launched a new platform, the “Chainlink Runtime Environment”. Aimed at linking traditional financial systems with blockchain technology and smart contracts, it uses a framework created by the Common Business-Oriented Language (COBOL) standard. Chainlink intends to simplify financial systems through this unified architecture, also allowing older financial institutions to integrate with blockchain. It recently announced a collaboration with the SWIFT interbank messaging protocol, enabling such institutions to interact with blockchain, and unveiled several privacy-boosting features. Additionally, it conducted a pilot program with SWIFT and UBS to explore tokenized fund settlements.

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Chainlink, an Oracle provider, has introduced their “Chainlink Runtime Environment”. This cool new platform is all about connecting traditional financial systems, like payment methods and older institutions, with the evolving blockchain technology and smart contracts in one simplified system.

Chainlink’s new platform uses a well-established framework originally formed by the Common Business-Oriented Language (COBOL) standard, which is a programming language from the late ’50s that brought us things like electronic banking and ATMs.

Even cooler, the Chainlink Runtime Environment is set to take over from the Java Runtime Environment (JRE) setup, developed back in the 90’s, which brought us heaps of online banking options.

In their recent announcement, Chainlink shared that their main objective is to make dealing with a multitude of different finance systems less complex by providing a more streamlined user experience.

Chainlink has been focused on melding traditional finance with blockchain. They’ve proposed a unified architecture with the aim of bringing old-school financial businesses and institutions onto the blockchain.

Chainlink shocked the crowd at the SWIFT International Banking Operations Seminar by announcing an integration with the SWIFT interbank messaging protocol. This means traditional financial institutions can now interact with blockchain systems using SWIFT messages, which is huge news.

They’ve also added a bunch of privacy-boosting features for businesses and institutions like the Blockchain Privacy Manager and Chainlink Cross-Chain Interoperability Protocol. These features ensure that businesses can transact on public networks without revealing any confidential info or trade secrets.

On top of that, Chainlink is also exploring how oracles and artificial intelligence can be combined to bring vital data from corporations onto the blockchain, and to provide an accurate, real-time record of corporate actions.

Recently, Chainlink completed a pilot program with SWIFT and Swiss bank monster UBS. They tested tokenized fund settlements and included the option for traditional financial systems to interact with the digital economy without the need to use cryptocurrencies.