The Old Covenant has served its purpose, and it has been replaced by a better covenant (Heb 7:22). While the Old Covenant was still in effect in the Old Testament, the New Covenant was predicted in Jeremiah and Ezekiel. The New Covenant is the promise that God will forgive sin and restore fellowship with those whose hearts are turned toward Him. Jesus Christ is the mediator of this covenant, and His death on the cross is the basis of the promise. Today this New Covenant fulfills the triad of land, seed and blessing under the Abrahamic Covenant, and out of it we have received our current spiritual blessings. We are no longer under the Law but under grace (Rom 6:14-15)!
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