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.’
What is COBOL?
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’s JPMD Changes the Game
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.’
This could signal the first step towards the abolition of COBOL, which, according to a Reuters report, is still in use in over 43% of the world’s banks.
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.
In this evolving financial context, the adoption of new tools like Best Wallet is another step in the right direction.
How Best Wallet Contributes to a More User-Friendly Financial System
Best Wallet is a non-custodial, no-KYC, and free-to-use crypto wallet with a user-friendly interface, live charts, and a Token Launchpad. The latter alerts you to hot new tokens, so you can buy early and potentially maximize your ROI.
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.
An NFT gallery, support for over 60 chains, market intel analytics, and MEV protection are all in the pipeline, as the project gains traction and sees wider adoption.
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.
Based on Best Wallet’s utility, ease-of-use, and ambitious roadmap, our analysts predict that $BEST will steam up the charts post-release.
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.
If you want to join the presale to take advantage of the $BEST pre-launch price and the staking APY of 103%, go to the presale page and buy your stack of $BEST today.
The Future of Banking is Blockchain
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.
In this ever-changing financial context, innovative, user-focused services like Best Wallet will drive the transition from the classical banking system to blockchain-based ones.
Remember, this isn’t financial advice. Do your own research (DYOR) and only invest money that you can afford to lose.
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