COBOL
/KOH-bol/ · noun · Development · Origin: 1959
Definitions
Common Business-Oriented Language, one of the oldest programming languages still in active use. COBOL runs an estimated 95% of ATM transactions and 80% of in-person financial transactions worldwide. Its verbose, English-like syntax was revolutionary in 1959 but is now synonymous with legacy systems that are critical yet difficult to modernize.
In plain English: A very old programming language from the 1950s that still runs most of the world's banking and financial systems.
Example: The bank spent $40 million on a COBOL migration project, gave up after two years, and hired three retired COBOL programmers instead.
Origin Story
The language nobody loves that runs the world's finances
In 1959, the U.S. Department of Defense convened the **CODASYL** committee to create a common business-oriented language. The result was **COBOL** -- Common Business-Oriented Language. Grace Hopper's earlier work on FLOW-MATIC was a major influence, particularly its use of English-like syntax.
COBOL was designed to be readable by managers, not just programmers. Statements like `MULTIPLY PRICE BY QUANTITY GIVING TOTAL` read almost like English. Critics called it verbose; proponents called it self-documenting.
Despite decades of predictions about its demise, COBOL processes an estimated 95% of ATM transactions and 80% of in-person financial transactions globally. There are roughly 220 billion lines of COBOL in active use -- more than any other programming language.
Coined by: CODASYL Committee (heavily influenced by Grace Hopper)
Context: U.S. Department of Defense, 1959
Fun fact: During the Y2K crisis, retired COBOL programmers were called back to work at premium rates to fix date-handling bugs. Some earned more per hour than they had ever made during their original careers.