In 1959, COBOL emerged as a pioneering programming language amidst cultural shifts, with Elvis Presley and vibrant fashion trends capturing public attention. Today, despite its age, COBOL remains crucial for banking, insurance, and government sectors, with approximately 95% of U.S. ATM transactions relying on it. However, a significant challenge looms as the workforce of COBOL experts dwindles, leaving only an estimated 24,000 to 2 million capable programmers. With ongoing retirements, many legacy systems risk becoming obsolete. Companies like Anthropic are tackling this issue, promoting AI solutions like Claude Code for “COBOL modernization.” Their recent blog emphasizes AI’s role in automating documentation and testing, significantly reducing the time required for upgrades. As the COVID-19 pandemic highlighted COBOL’s essential role in government operations, tech firms aim to revitalize these systems. The modernization of COBOL is vital in supporting essential public services effectively amid a shrinking pool of experts.
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