Decentralized Oracle Network Chainlink Announces a New Update!

Chainlink announced a significant upgrade to its platform during SmartCon 2024 today, revealing a modular, composable architecture designed to make the platform more flexible and accessible to developers, businesses, and financial institutions.

Chainlink Unveils Modular Architecture with ‘Runtime Environment’ in Major Platform Upgrade

At the heart of this upgrade is the Chainlink Runtime Environment (CRE), which is currently in early access.

This new architecture is designed to enable interoperability between multiple blockchains, meeting the growing demand from capital markets and the Web3 ecosystem.

Chainlink, a decentralized oracle network that acts as a bridge between blockchains and real-world data, APIs, and payment systems, aims to make smart contracts more robust through reliable off-chain data integration.

“The upgrade of the Chainlink Platform is key to expanding Chainlink to thousands of blockchains and meeting the growing demand from capital markets and Web3,” the project said in a statement.

The new design focuses on standardized components and familiar programming languages, making development easier and scalable across multiple chains.

Developers can now create custom workflows, simplify integration, and expand potential use cases without having to worry about specific blockchain environments.

Specially Designed for Financial Institutions and Web3

Chainlink’s upgrade introduces features for capital markets, such as customized data feeds, risk models, and financial workflows.

This aligns with efforts to bridge traditional finance (TradFi) with blockchain technology by providing institutions with modular tools that can seamlessly integrate with their existing infrastructure.

*This is not investment advice.