God's covenant with Abraham (Genesis 15:21-21, 17:7) includes the promises of seed, land and redemption. The same three elements are present in the other covenants with Adam, Noah, Moses, David and our high priest Jesus.
Abraham's descendants are to inherit the land of Canaan, and those descendants are to be like the sand of the sea and the stars of the sky. Abraham must receive these promises by faith, for during his life, he owns not one square inch of land in Canaan, and for many years, he awaits the promise of a son. And the redemption carries us far beyond Abraham's family where we have read previously in Genesis 12:3.
As with Adam and Noah, the covenant also contains obligations, laws. In Genesis 17:1, God commands Abraham to "walk before me and be blameless." God commands Abraham in 17:9 that Abraham is to keep his covenant through all generations which includes the covenantal sign of circumcision. Unless Abraham obeys, the covenant blessing will not come (Gen 18:19). God's covenant with Abraham, like all the covenants are conditional. They contain both promises and commands.
But there is a new covenant in Christ that goes beyond any of the others. A covenant where the eternal King sheds His blood for us so that no other blood will ever need to be shed. A covenant where Jesus affirms that He is the seed of the promise. That He sends his people not only to the land of Canaan but to the whole earth. And he accomplishes our final redemption from sin. Therein lies, the promise to bless all nations in Abraham being fulfilled in the new covenant.
References:
John Frame, Salvation Belongs to the Lord
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