Chainlink (LINK) continues to strengthen its position as the market leader in blockchain oracles. The network acts as a bridge between off-chain data and on-chain smart contracts, allowing external data to be integrated into blockchain applications.
Recently, Chainlink launched the innovative “Chainlink Runtime Environment” (CRE), which brings traditional financial infrastructures closer to blockchain technology.
What is the Chainlink Runtime Environment?
The CRE is a framework that enables financial institutions to link existing infrastructures to blockchain protocols and smart contracts. It builds on the Common Business-Oriented Language (COBOL), a standard that has been used in electronic banking transactions and ATMs since 1959. It also replaces the outdated Java Runtime Environment (JRE), which previously played a key role in online banking.
With this modernization, Chainlink aims to accelerate blockchain adoption by providing financial institutions with an easier and more efficient way to transition to decentralized technologies.
Collaboration with SWIFT
At the SWIFT International Banking Operations Seminar (SIBOS) in October 2024, Chainlink announced a strategic partnership with SWIFT. This collaboration enables traditional financial institutions to communicate with blockchain networks via the trusted SWIFT protocol.
In November 2024, Chainlink and SWIFT completed their first successful pilot, carrying out so-called tokenized fund settlements – the conversion of traditional assets such as money or shares into digital tokens. This integration makes it possible for banks to leverage blockchain functionalities without setting up complex new infrastructures.
By using SWIFT messaging as an interface, traditional financial systems can seamlessly take advantage of benefits such as tokenized assets, smart contracts and efficient on-chain transactions.
Experiments with AI
In addition to these developments, Chainlink is experimenting with combining blockchain oracles and artificial intelligence (AI). According to the developers, AI offers the opportunity to make reliable, tamper-resistant data available on-chain in real time. This can be critical in industries where accurate and up-to-date information is essential, such as the financial and healthcare industries.
Conclusion
With the CRE, the partnership with SWIFT and experiments with AI, Chainlink remains a pioneer in the blockchain industry. These innovations make it increasingly easy for traditional financial institutions to leverage the benefits of blockchain technology, while at the same time positioning them to transform new industries.
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Source: https://newsbit.nl/chainlink-link-lanceert-innovaties-en-versterkt-samenwerking-met-swift/
