According to Chainlink, the Common Businesses-Oriented Language (COBOL) standard facilitates approximately 95% of all ATM transactions.
Oracle provider Chainlink has revealed the “Chainlink Runtime Environment” — a standard framework for connecting traditional financial architecture, payment systems, and legacy institutions with blockchain protocols and smart contracts within a single, unified ecosystem.
According to Chainlink, the unified Chainlink Runtime Environment will encompass the runtime framework previously established by the Common Business-Oriented Language (COBOL) standard — a programming language created in 1959 that allowed for the advent of electronic banking and automated teller machines (ATMs).
The Chainlink Runtime Environment will also supersede the Java Runtime Environment (JRE) architecture, first developed in the 1990s, which made online banking possible and has grown to dominate online banking applications.
