The Two Covenants: Andrew Murray
“Here is the inmost secret of the New Covenant [also known as the blood covenant.] It deals with the heart of man in a way of Divine power. It not only appeals to the heart by every motive of fear or love, of duty or gratitude. That, the law [the old covenant] also did. But it reveals God Himself, cleansing our heart and making it new, changing it entirely from a stony heart into a heart of flesh, a tender, living, loving heart, putting His Spirit within it, and so, by His Almighty Power and Love, breathing and working in it, making the promise true, “I will cause you to walk in My statutes and ye shall keep my judgments.” — Excerpt, p. 59
Notice here that the statutes and laws are, in no way, eliminated, but only that the Almighty will do the work for fallen man, that he could never do for himself in the first covenant. First the blood covenant provides cleansing and forgiveness of all sins through the blood of Yeshua HaMashiach. Through the death, burial, and resurrection of Christ Jesus, we are delivered from the penalty of sin — which is death, into everlasting life and eternal reconciliation with our Holy Father. Second, through the work of the Holy Spirit, we will be caused to walk in the statutes and commandments of God — not by our own efforts, but by the work of a Holy and Righteous God.
Our role as regenerate believers lies in absolute faith and submission of our carnal will to our loving, righteous, Holy Father — who intends for us only good and will do a good work within us — if we believe.
That is the new covenant.