The dated COBOL (Common Business Oriented Language) system may become a thing of the past thanks to increasing blockchain innovation and adoption by the world’s banking system.
At least this is what Jesse Pollak, the creator of Base and Head of Protocol at Coinbase, told Unchained in a recent interview:
‘The global economy is going to work 100 times better because it’s using this new technology that lets us move money in a permissionless, programmable way.’
COBOL is one of the oldest high-level programming languages, developed in the late 1950s for business applications and administrative systems in business, finance, and other areas.
Despite being in use in most banking systems, it faces issues related to its inefficiency, reliance on a niche language, limited libraries, and lack of support for multimedia processing, machine learning, and graphical UI.
JPMorgan just announced its JPMD (J.P. Morgan Deposit Token), which essentially incorporates blockchain technology into its payment system. As stated in the press release:
‘JPMD – and Deposit Tokens in general – match the novel and distinctive properties of stablecoins, most notably the ability to conduct peer-to-peer transactions with programmability. As such, Deposit Tokens and stablecoins can be applied to similar use cases.’
According to John Duigenan, General Manager of Financial Services at IBM Technology, the dinosaur systems the banks are still using highlight the lack of innovation in the banking industry.
‘In order for banks to offer new services … they have to be able to modernise and transform — and many are struggling with the fact that they have hyper-integrated monolithic systems from 50 years ago.’
In contrast, the JPMD system lets whitelisted customers transfer their JPMorgan deposits to Coinbase’s BASE and move money far more efficiently than COBOL ever could.
This is what Jesse Pollak meant when he said that blockchain integration will help the economy work 100x better.
Best Wallet is available to use right now, but it’s also under continuous development, intending to expand its reach and implement new services across four phases.
Best Wallet’s native token, $BEST is now in presale and has already accumulated over $13.5M, with a current token price of $0.025225.
The token supports Best Wallet’s development cycle while offering holders exclusive perks within Best Wallet’s ecosystem. These include governance rights, reduced on-chain transaction fees, and early access to new features and projects.
We’re looking at a potential price point of $0.072 by the end of the year, which represents a growth of 185% from today’s price of $0.025225.
With finance giants like JPMorgan already making the transition to digital assets and blockchain services, the signs are clear: the world’s banking system is heading straight to tokenization.
Remember, this isn’t financial advice. Do your own research (DYOR) and only invest money that you can afford to lose.
