Part 2/10:
Long begins by highlighting the significant risks present in the traditional banking system, especially when transferring large sums of money. She emphasizes that the core technology of many banks is outdated—many still rely on COBOL, a decades-old programming language, to manage their operations. With only a handful of specialists available to address possible technical failures, the concept of “money” becomes increasingly abstract. Essentially, the numbers in our banking apps are merely digits in a database that might not reflect actual value.