Blockchain’s Killer App? Freeing Banks from COBOL’s Iron Grip

Banks have been shackled to COBOL—a 60-year-old programming language—for decades. Now, blockchain might finally cut them loose.

Why it matters: Financial institutions spend billions annually maintaining legacy systems. A decentralized upgrade could save them—and their customers—from this costly tech debt.

The COBOL conundrum: Over 43% of US banking systems still run on this antiquated code. Outdated infrastructure leads to slower transactions, higher costs, and—as we saw during the pandemic—systemic fragility when overloaded.

Blockchain's edge: Distributed ledger technology offers real-time settlement, smart contract automation, and—crucially—no 80-year-old programmers needed to keep the lights on.

The irony? Banks that once dismissed crypto are now eyeing its underlying tech to solve their most embarrassing problem. Maybe those 'useless monkey JPEGs' weren't the real distraction after all.