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The Chainlink development team has announced the Chainlink Runtime Environment (CRE), a framework designed to help banks, payment processors, and other traditional financial institutions seamlessly connect to blockchain technology.

The new solution is said to replace older technologies such as COBOL and Java Runtime Environment. Both were revolutionary at the time, but they no longer meet the needs of modern blockchain applications. By introducing CRE, Chainlink is creating a unified, blockchain-compatible system to modernize these legacy infrastructures.

Interestingly, at the SIBOS banking conference last month, Chainlink developers announced a partnership with the world’s leading interbank messaging system SWIFT, allowing banks to use it to connect to blockchain systems.

In addition, Chainlink is exploring the possibility of using artificial intelligence (AI) in combination with its own oracles to create secure, tamper-proof records of financial activity, such as proof of reserves.