On Tuesday 14/2/2023, ABJ organized two workshops on Blockchain technology and its applications in the banking field and the role of cloud services in the digital transformation process in the presence of information technology, digital transformation and cybersecurity banks managers. The workshops stand as an affirmation of the Association’s role in spreading awareness of the latest financial technology and digital transformation processes as well as its keenness to support national efforts and expertise in this field.

The main axes of the first introductory workshop presented by Prof. Dr. Muhammad Al-Nabhan from Princess Sumaya University for Technology, who specializes in “Blockchain” technology, included the importance of employing this technology in strengthening the secure digital infrastructure in banks and developing the quality of electronic banking services in terms of cost, efficiency, transparency, privacy and the provision of a digital environment which serves as an incubator decentralized financial systems (DeFi).

The workshop tackled “AcChain”, which represents a technology that was developed locally based on “Blockchain” with the solutions it provides serving the Jordanian banking sector. The applications and their areas of use were discussed including the issuance, management and documentation of the use of encrypted digital assets “Crypto Assets”, which opens the door to many key banking services and the use of “Blockchain” within the banks’ basic systems and functions to accelerate and reduce the cost of banking operations such as financial settlement and exchange funds between banks, payment institutions and individuals whether in the Kingdom or abroad. The workshop also discussed the secure and flexible technical link between different banks branches locally or broad in addition to building a decentralized system for recording and documenting all important electronic transactions “Blockchain log” such as electronic payments or any internal or external procedure so this system is a source of trust, accountability and digital transparency. Moreover, building a system for data exchange between the branches of different banks “Blockchain based data exchange” was addressed in a way that guarantees the privacy and security of data based on the secure channels and protocols provided by “DLT” technology, smart contracts and advanced encryption systems without the need for APIs with data exchange documented in a decentralized registry system “Blockchain log”.

The workshop also reviewed building a decentralized KYC system that serves as reference for all Jordanian banks based on customer identification standards issued by the Central Bank, digital signature, digital security certificates and any security standards issued by banks. All these customer identifiers are stored in a way that guarantees privacy in DLT and linked with customers’ electronic wallets. Finally, the workshop tackled the issuance of electronic banking documents based on “Blockchain” technology, which prevents any tampering and allows them to be verified and tracked at any time and digitally signed and approved by various relevant authorities. The big difference in terms of security was explained here between digital documents that carry only “QR” and digital documents issued through “Blockchain” technology.

Dr. Al-Nabhan also spoke about the technical solutions and services provided by “AcChain” technology, which are consistent with the aforementioned areas of use and in line with international standards and best practices. “AcChain” is the first “Permissioned Blockchain Network” in Jordan to provide services and solutions on a national level. It is noteworthy that Dr. Al-Nabhan is currently managing a team of researchers, experts and developers from Princess Sumaya University for Technology, the University of Jordan and several academic and technological institutions to implement “Blockchain” related projects at a national level. “AcChain” is a major project supported by the Ministry of Higher Education and scientific research with the aim of employing “Blockchain” technology to serve the digital transformation in the educational sector along with “Blockexe” project aiming to employ technology to serve the government and banking sectors. Dr. Al-Nabhan presented the outputs of these projects and what has been developed from systems based on “Blockchain” technology and how to benefit from them in the banking sector as well as the advisory and executive services provided in the field of financial technology.

The second introductory workshop, which was presented by the Digital Cloud Company for Computer Services and Consulting (cirrusgo), the consulting agent for Amazon AWS cloud services in Jordan discussed many basic axes including digital cloud services provided by Amazon and methodologies for digital transformation as well as a review of the mechanisms for using innovative technologies and methodologies provided by Amazon for cloud services and its role in accelerating the implementation of digital transformation strategies.

General Manager of the Digital Cloud Company (cirrusgo), Muhammad Douglas Al-Otaibi, stressed the importance of exploiting the data of financial institutions through automation and updating its applications using artificial intelligence, cloud technology and automation in order to improve its huge data and reduce costs as much as possible in addition to developing its products and services.

Al-Otaibi pointed out the importance of accelerating digital transformations in banking services and adjusting business models for both front and back-office operations by adopting the latest cloud technologies including blockchain, cloud computing and the Internet of Things as the basis for real digital banking services that will contribute to the complete digital transformation process.