COBOL Will Outlive Us All
jfruh writes "Here's an old computer science joke: What's the difference between hardware and software? If you use hardware long enough, it breaks. If you use software long enough, it works. The truth behind that is the reason that so much decades-old COBOL code is out there still driving crucial applications at banks and other huge companies. Many attempts to replace COBOL applications flopped in the 1980s and '90s, and we're stuck with them for the foreseeable future — but the Baby Boomers who wrote all that code are now retiring en masse."
Yup. I was hired into one of those mainframe companies that worked with COBOL and JCL. The work was the most menial of works I had ever done(after they trained me for 6 months in it).
The financial sector, the lumbering dinosaur that accepts change only when they have no other option, and the ones maintaining decades-old mainframes really have no incentive to change technologies at the moment. It's easier to just outsource the maintenance and servicing of the mainframes. There are enough of coders (like in the company I joined) in developing countries across the world who would gladly take it up.
From my experience, there is little development happening any more. I think the day when they run out of people who want to this crappy menial job (which is never) is the day COBOL will go extinct.