Jesus said, “This is the blood of the New Testament (Covenant) shed for many for the remission of sins.” ( Matt.26:28). The old covenant is the law- written on tablets of stone for the Israelite and its works written on the conscience for the rest of us. There is now a New Covenant, everlasting, planned and honored by God before the foundation of the world (Eph.1), for those who will receive Christ in faith. It is complete for those who will accept Christ; Christ”s death on the Cross atoning for their sins. Some of the wonderful terms of this Covenant can be read (John 17). Those not in Christ by faith are still under the Old Covenant: Law of God. It will judge them in the day of judgement.
We enter into the benefits of the New Covenant including everlasting life the very moment we believe on the Lord Jesus Christ and our sins are removed, forgiven and forgotten. Thank God this New Covenant is between God the Father and God the Son.We can depend on Christ., It will never fail. The Old Covenant (law works) is between us as individuals and God. We sense this naturally . We have broken it. It is a failed Covenant as far as making us right with God or having everlasting life for us.
Israel as a nation accepted the Old Covenant when Moses went up to the mountain to receive the tablets of stone , the ten commandments written thereon (Ex.19-20). Obviously they have not kept the Covenant and even as a nation rejected the Messiah (Jesus) when He came to them. One day, after the dark days ahead, when Jesus returns in clouds of glory in company with those who now follow Him, the nation Israel will accept Him, for them a New Covenant (Heb.8:6-12) Think of it – a nation born in a day (Is.66:8). Israel will be the means of blessing the nations of the world- those surviving the tribulation to come and the judgement of the nations before Christ. And where You and I are, under the Old Covenant or the New, marks our destiny forever!