Journal of Governance and Regulation / Volume 12, Issue 1, Special Issue, 2023
THE EXTENT OF COMMERCIAL BANKS’
READINESS TO IMPLEMENT
BLOCKCHAIN TECHNOLOGY
Arkan Walid Al-Smadi *, Osama Abdulmunem Ali **,
Ahmad Malkawi ***, Ayman Muhammad Al-Hammoury ****,
Nevin Youssef Kalbouneh ****, Asaad Alsakarneh ***
* Corresponding author, Department of Banking and Finance, Faculty of Business, Jerash University, Jerash, Jordan
Contact details: Department of Banking and Finance, Faculty of Business, Jerash University, P. O. Box 26150, Jerash, Jordan
** Department of Accounting, Faculty of Business, Jerash University, Jerash, Jordan
*** Department of Human Resource Management, Faculty of Business, Jerash University, Jerash, Jordan
**** Department of Banking and Finance, Faculty of Business, Jerash University, Jerash, Jordan
Abstract
How to cite this paper: Al-Smadi, A. W.,
Ali, O. A., Malkawi, A., Al-Hammoury, A. M.,
Kalbouneh, N. Y., & Alsakarneh, A. (2023).
The extent of commercial banks’ readiness
to implement blockchain technology [Special
issue]. Journal of Governance & Regulation,
12(1), 282–293.
https://doi.org/10.22495/jgrv12i1siart8
Copyright © 2023 The Authors
This work is licensed under a Creative
Commons Attribution 4.0 International
License (CC BY 4.0).
https://creativecommons.org/licenses/by/
4.0/
ISSN Print: 2220-9352
ISSN Online: 2306-6784
Received: 19.07.2022
Accepted: 10.03.2023
JEL Classification: L1, D8, E5, G2
DOI: 10.22495/jgrv12i1siart8
This study aimed to find out the readiness of Jordanian
commercial banks to implement blockchain technology.
The population of this study consisted of thirteen Jordanian banks.
The study targeted the employees of the higher departments
represented by the general managers and their deputies, and
the employees of the middle departments represented by
the directors and heads of the departments of each of the finance,
internal auditing, and information technology departments in
Jordanian banks. The study used the survey method to collect data
and the SPSS Statistics 20.0 program to process and analyze
the data. The most important results of the study were the presence
of a statistically significant impact of the banks’ readiness with its
dimensions (administrative readiness, professional readiness,
organizational
readiness,
and
legislative
readiness)
in
the blockchain technology with its dimensions (the use of
blockchain technology, hashing, information, and time imprint).
As for the most important recommendations, it crystallizes
the need for Jordanian banks to carry out a continuous updating
process on the data within the block, and to apply periodic tests on
the block operations to verify that there are no gaps in the chain.
Keywords: Readiness,
Technology
Jordan,
Commercial
Banks,
Blockchain
Authors’ individual contribution: Conceptualization — A.W.A.-S., O.A.A.,
A.M., A.M.A.-H., N.Y.K., and A.A.; Methodology — A.W.A.-S., O.A.A.,
A.M., A.M.A.-H., N.Y.K., and A.A.; Investigation — A.W.A.-S., O.A.A.,
A.M., A.M.A.-H., N.Y.K., and A.A.; Writing — Original Draft — A.W.A.-S.,
O.A.A., A.M., A.M.A.-H., N.Y.K., and A.A.; Writing — Review & Editing —
A.W.A.-S., O.A.A., A.M., A.M.A.-H., N.Y.K., and A.A.
Declaration of conflicting interests: The Authors declare that there is no
conflict of interest.
2009 was the core technology used to build
the bitcoin network, which uses a specially designed
data storage structure to process transactions
without involving any third parties (Lichtenthaler,
2020; Nakamoto, 2008). Blocks of data are
the storage of all committed transactions on
a blockchain, which can be viewed as a public ledger.
1. INTRODUCTION
In the past few years, cryptocurrency has become
a buzzword in both business and academia. As one
of the most successful cryptocurrencies, bitcoin’s
capital market reached 10 billion dollars in 2016
(Hileman, 2016). A blockchain-based technology that
was first proposed in 2008 and implemented in
282
Journal of Governance and Regulation / Volume 12, Issue 1, Special Issue, 2023
determining the impact of professional
readiness in blockchain technology in Jordanian
commercial banks;
determining the impact of organizational
readiness on blockchain technology in Jordanian
commercial banks;
determining the impact of legislative
readiness on blockchain technology in Jordanian
commercial banks.
Therefore, this study worked to identify
the readiness of Jordanian commercial banks in
applying this technology to reach banking leadership
at the local and global levels.
The remainder of this paper is structured as
follows. Section 2 describes the review of the literature.
Section 3 presents the research methodology.
Section 4 outlines the hypothesis testing. Section 5
provides a discussion of the results. Section 6
presents the conclusion.
The chain continues to grow as new blocks are
added to it continuously. In general, blockchain
technology is characterized by decentralization,
persistence, anonymity, and auditability. With these
characteristics, blockchain can greatly save the cost
and improve efficiency (Zheng et al., 2017). Our
current era has become largely based on advanced
pioneering technology, which has facilitated a lot of
effort and time. It has also become a major necessity
for all commercial banks of all sizes and types.
Because of the high advantages it offers in
the quality of the services it provides, it has also
become a mainstay in obtaining investments and
obtaining profits (Martino, 2019). Since its appearance
in 2008, blockchain technology is considered one of
the most powerful technologies that revolutionized
the world of innovation within the banking sector
in the Arab and Western world, as it is considered
one of the most important pioneering technologies
affecting the features of the national economy
(Berchin et al., 2020). This foundational technology
was established to upgrade the infrastructure of
financial services so that the quality of provided
banking services improve, affecting both domestic
and international remittances, international trade
finance services and other banking transactions
(Dicuonzo et al., 2021).
The problem of the study is to try to answer
What is the level of readiness availability of
Jordanian commercial banks? What is the level of
application of blockchain technology in Jordanian
commercial banks? Is there a statistically significant
impact of the bank’s readiness with its dimensions
(administrative readiness, professional readiness,
organizational readiness, and legislative readiness)
in the blockchain technology with its dimensions
(the use of blockchain technology, hashing,
information, and time imprint) in Jordanian
commercial banks?
We pose the following research questions:
RQ1: Is there a statistically significant impact of
administrative readiness in blockchain technology in
Jordanian commercial banks?
RQ2: Is there a statistically significant impact of
professional readiness in blockchain technology in
Jordanian commercial banks?
RQ3: Is there a statistically significant impact of
organizational readiness in blockchain technology in
Jordanian commercial banks?
RQ4: Is there a statistically significant impact of
legislative readiness in blockchain technology in
Jordanian commercial banks?
Furthermore, the study seeks to achieve
the following objectives:
1. Identifying the level of readiness availability
of Jordanian commercial banks.
2. Identifying the level of application of
blockchain technology in Jordanian commercial
banks.
3. Determining the impact of the banks’
readiness with its dimensions (administrative
readiness, professional readiness, organizational
readiness, and legislative readiness) in the blockchain
technology in its dimensions (the use of blockchain
technology, hashing, information, and time imprint)
in Jordanian commercial banks.
As well as, the following sub-objectives are
derived from these objectives:
determining the impact of administrative
readiness on the block technology in Jordanian
commercial banks;
2. LITERATURE REVIEW
2.1. Jordanian bank sector
Since 2009, Jordan’s banking system has been
experiencing a “new normal”, as economic growth
has decelerated. There are few natural resources in
Jordan and it depends heavily on energy and food,
leading to significant trade deficits. Jordan imports
three times as much as it exports (ACAPS &
MapAction,
2014).
Moreover,
the
official
unemployment is currently 24.7% (2020), although
the actual unemployment rate is estimated to be
even higher, especially among youth (Saidat et al.,
2022; World Bank, 2013).
Jordan’s banking system, the primary source of
financing for the country, accounts for 20.8% of its
gross domestic product (GDP) and insurance and
real estate (Alt et al., 2018). Among the 24 banks
operating on Jordan’s territory are 3 Islamic banks
and 8 foreign banks, as well as an extensive network
of 844 branches and 83 representative offices
throughout the country. Providing significant direct
and indirect employment opportunities and
providing a substantial national infrastructure,
Figure 1 illustrates the range of credit facilities
offered by banks for the year 2020, highlighting
the importance of banks to the Jordanian economy.
There were 25% of credit facilities provided for
construction, 16% for general trade, and 12% for
industry (World Bank, 2013).
Figure 1. The range of credit facilities offered by
banks for the year 2020
283
Journal of Governance and Regulation / Volume 12, Issue 1, Special Issue, 2023
The banking sector is faced with serious risks
in the age of globalization, including currency,
credit, interest rate, and liquidity. Poor practices in
the sector have resulted in job losses, corporate
bankruptcy, and significant economic losses (World
Bank, 2013). Among Jordan’s weak points is the lack
of long-term lending and unsecured loans (European
Bank for Reconstruction and Development [EBRD],
2015). As a result, the system is delayed, and
investors and borrowers are not adequately
protected (EBRD, 2015).
As Jordan suffers from a severe economic
crisis, unemployment rates are on the rise, public
debt is growing, and the public budget deficit is
widening (Zeitun & Benjelloun, 2012). These factors
increase risks and negatively affect bank performance
(Al-Khasawneh et al., 2018). The financial services
market in Jordan is uncompetitive (Al Sukkar &
Hasan, 2005). Although we have seen an acceleration
in the marketization of the financial sector recently
due to technological innovation.
In recognition of the fact that finance is not
an independent concept, but rather embedded in
numerous real-life scenarios, internet finance
companies are seeking the best ways to expand their
markets, by developing mobile terminals and
applications to meet the needs of different scenarios
and to gain potential customers’ attention
(Al-Khasawneh et al., 2018). Today, banks’ dominance
is being challenged by the growth of the online
finance ecosystem, which is affecting the way they
interact with their clients on a daily basis. Jordan
must embrace genuine technological advances in
order to keep growing (Gupta et al., 2018).
In addition to artificial intelligence, big data, and
robotic process automation, blockchain technology,
considered
a
key
future
technology,
has
the potential to lead to significant advancement in
the financial sector. Blockchain is attracting a lot of
attention from banks, private equity firms, start-ups,
and other financial institutions (EBRD, 2015).
The
key
advantage
of
blockchain
is
the decentralized and immutable ledger, as well as
the potential to revolutionize record-keeping
systems, with all records transparent and
irreversible, as well as the smart contracts feature
for automating payments, blockchain technology
can be used in banks and almost every business
(Al-Khasawneh et al., 2018; Gupta et al., 2018).
The
advantages
for
the
Jordanian
banks
implementing blockchain technology are efficiency,
cost reduction, transparency, and limitation
the third-party intermediaries. Blockchain technology
increases transaction efficiency by removing almost
all the time previously involved in decision-making
by automating record keeping. Moreover, it
drastically reduces the cost of transactions and
operations,
with
payments
made
almost
automatically without intermediaries or fees. Trust
is ensured through encryption and the transparency
of the distributed real-time information on
transactions (Gupta et al., 2018). These dramatic
benefits need to be considered alongside potential
deficiencies.
H0 (null hypothesis): There is no statistically
significant impact at a significant level α ≤ 0.05
for the bank’s readiness with its dimensions in
the blockchain technology in its dimensions in
Jordanian commercial banks.
2.2. Readiness concept
Readiness is one of the concepts that are spreading
nowadays due to its importance in all sectors, and it
expresses an organizational change, a switch,
or a deliberate acceleration in the procedures,
organizational structures, and trends of bank
employees. The idea here stems mainly from
the readiness to face a specific situation that
deserves prior forethought. The organization or
banks that are ready are the organization or banks
that are ready to face a specific matter that is
expected to happen, and the readiness of
the administration means the ability of the
administration to prepare in advance to confront
a problem or expected orders (Abdullah, 2018).
2.2.1. Administrative readiness
This readiness is achieved through the availability of
executive managers whose work is largely related to
effective monitoring and guidance of employees, in
other words, they are keen on directing and
controlling the administrative function. They
distribute tasks and jobs to various workers, in
addition to providing all instructions and directions
for all daily activities, and also focusing on their
responsibility to monitor the quality of reports and
ensure that they are completed in the required
manner, and they are also charged with
the responsibility of maintaining good relations and
work to solve any problem facing the company’s
employees and they based on providing training for
workers and then preparing periodic reports on
the extent of their performance, and then identifying
the difficulties and obstacles that stand in the way
of achieving the management’s goals, and then
working to find appropriate solutions to them
(He, 2021).
H01: There is no statistically significant impact at
the level of significance α ≤ 0.05 for administrative
readiness in the blockchain technology in Jordanian
commercial banks.
2.2.2. Professional readiness
Professional readiness is considered one of the most
important advantages that support banks from
a professional point of view and distinguish them
from others, which is considered a basis for success.
It is facing a great challenge to face any radical and
competitive changes, which lead to the imposition of
new types of skills to be able to follow any course
of events in the labor market. This leads to
the introduction and creation of mechanisms that
enable bank employees to follow up on new
knowledge, through targeted and planned training
courses offered by those banks to their employees
(Al-Mahamid, 2014).
H02: There is no statistically significant impact at
the level of significance α ≤ 0.05 for professional
readiness in blockchain technology in Jordanian
commercial banks.
284
Journal of Governance and Regulation / Volume 12, Issue 1, Special Issue, 2023
the main goal is to prevent fake transactions within
the block that cause the chain to freeze or prevent it
from recording and terminating transactions.
1. Information: It means the sub-process that
takes place within the same block, or it is the “single
order” that takes place within the block, and it
represents other orders and information in the same
block.
2. Hash: Is the DNA characteristic of
the blockchain, and is sometimes referred to as
a “signature digital”. It is a code that is produced
through an algorithm inside a blockchain program
called the “hash function” and performs four main
functions (Al-Emian, 2020):
Distinguish the chain from other chains,
where each one gets its own unique hash.
Identification of each block and distinguishing
it from others within the chain, as each block also
takes its own hash.
Marking each piece of information within
the same block with a special hash.
Linking the blocks to each other within
the chain, where each block is linked to its previous
hash and the hash following it, making the hash go
in only one direction from the original block
following it, and so on. It is noted here that hashing
does not allow modification of the generated blocks.
3. Time imprint: It is the time during which any
operation within the chain was performed
(Daluwathumullagamage & Sims, 2020).
The researchers see the need to motivate
commercial banks to increase the application of
blockchain programs and appropriate algorithms to
formulate the appropriate hash from the first time
in the bank, and also to increase the level of interest
in completing banking operations within the blocks
with high accuracy and efficiency. As well as
increasing the level of interest in determining
the exact time of the operation within the chain. This
requires a high readiness from those banks to apply
this technology with absolute high professionalism
in order to reach a pioneering level at the various
local and global levels (Bonsón & Bednárová, 2019).
2.2.3. Organizational readiness
Organization is the secret of the success of business
organizations and banks of all kinds in the current
era, whether these organizations are public, private,
or profit-making, and regardless of the work carried
out by these organizations and banks, the more
basic business requirements in these organizations
and banks are organized and achieved the desired
goals of them, and fully consistent with the rest of
the administrative functions.
H03: There is no statistically significant impact at
the level of significance α ≤ 0.05 for organizational
readiness in blockchain technology in Jordanian
commercial banks.
2.2.4. Legislative readiness
The importance of legislative readiness on the part
of banks lies in their commitment to implement
a specific standard imposed by the central bank that
legislates the laws, which issues instructions to
banks, on the one hand, as a supervisory authority
based on the process of ensuring the application of
the source legislation, and by the authorities to be
supervised and is represented here (applied
legislation), and work to find a linking mechanism
between them.
H04: There is no statistically significant impact
at the level of significance α ≤ 0.05 for legislative
readiness in blockchain technology in Jordanian
commercial banks.
2.3. Blockchain concept
Blockchain technology or blockchain is a real
revolution in the world of financial trading, not just
financial trading, but it goes beyond that to be
a comprehensive and reliable technology to create
an integrated technological system like the Internet
system that we are accustomed to (Singhal
et al., 2018).
This technology is based on a peer-to-peer
system, i.e., transactions are conducted between
users of this technology without any intermediary, it
is a decentralized technology, that is, there is no one
controlling the operations which means that there
are no government agencies, for example, that
manage the course of things in it, not even
companies can control and organize it (Bodó et al.,
2018). Blockchain is also known as a technology that
operates in the form of an electronic record system
for processing and recording transactions, allowing
all parties to trace information over a secure network
that does not require third-party verification
(Al-Sayed & Ahmed, 2018). Furthermore, blockchain
consists of a set of elements as mentioned by
Ramdani et al. (2020), Cao et al. (2018), and Bonsón
and Bednárová (2019).
Block represents the building block of
the chain, which is a set of operations or tasks to be
performed or their implementation within the chain.
Examples of blocks are money transfers, data
registration, case follow-up, etc. Usually, each block
accommodates a specific amount of operations and
information, which is not acceptable to exceed until
the operations within it are completed completely.
Then a new block is created and linked to it, and
3. RESEARCH METHODOLOGY
3.1. Study population and sample
The study population consisted of 13 Jordanian
commercial banks. Due to the small size of
the study population, the comprehensive survey
method was followed in determining the study
sample.
The
study
sample
included
all
the components of the study community, which are
13 Jordanian commercial banks.
The study targeted the employees of the higher
departments represented by the general managers
and their deputies, and the employees of the middle
departments represented by the directors of
the departments and heads of the departments
of the financial, internal audit, and information
technology
departments
in
the
Jordanian
commercial banks. The study used the survey
method in collecting data from the members of
the study community, through a questionnaire
that was designed and distributed to the study
sample members. Where 130 questionnaires were
distributed, and 10 questionnaires were distributed
285
Journal of Governance and Regulation / Volume 12, Issue 1, Special Issue, 2023
in each bank to cover all job positions under study,
in cooperation with the Human Resources
Department in each bank.
One hundred twenty-one (121) questionnaires
were retrieved electronically, and after checking and
reviewing the questionnaires, 10 questionnaires were
excluded because they were not suitable for
statistical analysis due to the presence of incomplete
answered paragraphs, so 111 questionnaires valid
for analysis were available, at a rate of 85.4% of
the total distributed questionnaires.
The following table shows the distribution of
the study sample members according to personal
and occupational characteristics:
Table 1. Description of the demographic data of the study sample members
Variable
Qualification
Years of experience
Major
Job title
Category
Bachelor’s
Master’s
Ph.D.
Other
Less than 5 years
From 5 to less than 10 years
From 10 years to less than 15 years
From 15 years and over
Accounting
Business Management
Banking and Financial Sciences
IT
Other
Category
General manager/Deputy general manager
Director of the department
Head of the department
Repetitions
3
69
18
5
9
26
34
29
12
52
16
22
15
6
2
30
79
111
Total
Percentage
2.7
66.7
26.1
4.5
8.1
23.4
30.6
26.1
10.8
46.9
14.4
19.8
13.5
5.4
1.8
27.0
71.2
100
lower, middle, and higher levels to familiarize them
with the essence of this system and to clarify to each
department what related to it from that system, and
from these departments is the human resources
department. Banks provide introductory courses on
the impact of these systems on their performance,
so nothing is approved or followed until all
departments and their employees have completed
these courses, as is the case in Jordan, in order to
achieve the best and most efficient use of these
systems which includes blockchain (Central Bank of
Jordan, 2021).
Table 1 shows the high scientific and
knowledge level of the study sample members, as it
was found that the largest percentage of them hold
a scientific qualification (Bachelor’s degree), which
amounted to 66.7%, and the percentage of the study
sample members who obtained higher degrees
(Master’s and Ph.D.) was 30.6%. It was also found
that the largest percentage of the study sample
members have experience ranging between 10 to
less than 15 years, which amounted to 30.6%, and
this indicates that the study sample members possess
the practical experiences and skills necessary to
perform the tasks assigned to them. With regard to
the major, it was found that the largest percentage
of the study sample members are accountants,
which amounted to 46.9%, and this corresponds to
the nature of work in the banking and financial
institutions sector in general. It was also found that
5.4% of the study sample members were from other
specialties. Which was represented in management
information systems, accounting, and computers.
As for the job title, it was found that the largest
percentage of the study sample members occupy
the position of the head of the department, which
amounted to 71.2%, while the members of the study
sample who occupy the position of the general
manager/deputy general manager formed the lowest
percentage, which amounted to 1.8%, this
corresponds to the distribution of employees
according to the administrative hierarchy in modern
organizations.
When any system for banks, such as blockchain,
is approved in the Jordanian environment, banks
prepare intensive courses for managers at various
3.2. Data collection sources
The study was based on collecting data from
the following two sources.
First: Secondary sources, which are theoretical
literature and scientific studies such as books,
research, periodicals, theses, pamphlets, and
statistical reports related to the topics of the study.
Second: The primary sources, which are
represented in the questionnaire that was designed
in accordance with the subject, objectives, and
questions of the study, using secondary sources, and
benefiting from the opinions and experiences of
specialists.
To measure the attitudes and estimations of
the sample
members towards agreeing to
the paragraphs of the questionnaire, the cognitive
measurement method based on the five-point Likert
scale was used, which consists of 5 answers, each
corresponding to a numerical representation for
the purposes of the analysis, as follows:
Table 2. Agreement trend and digital representation
Agreement trend
Degree
Strongly agree
5
Agree
4
Neutral
3
286
Disagree
2
Strongly disagree
1
Journal of Governance and Regulation / Volume 12, Issue 1, Special Issue, 2023
In order to determine the level of relative
importance of the axes and paragraphs of
the questionnaire, the value of the arithmetic mean
of the degrees of approval was relied upon, and by
applying the following equation (1). Where, the relative
importance was categorized into three levels, which
are as follows in Table 3.
𝑅𝑒𝑙𝑎𝑡𝑖𝑣𝑒 𝑖𝑚𝑝𝑜𝑟𝑡𝑎𝑛𝑐𝑒 = (𝑇ℎ𝑒 𝑢𝑝𝑝𝑒𝑟 𝑒𝑛𝑑 𝑜𝑓 𝑡ℎ𝑒 𝑠𝑐𝑎𝑙𝑒 – 𝑇ℎ𝑒 𝑙𝑜𝑤𝑒𝑟 𝑒𝑛𝑑 𝑜𝑓 𝑡ℎ𝑒 𝑠𝑐𝑎𝑙𝑒)/
𝑇ℎ𝑒 𝑛𝑢𝑚𝑏𝑒𝑟 𝑜𝑓 𝑙𝑒𝑣𝑒𝑙𝑠 = (5 – 1)/3 = 1.33
(1)
Table 3. Relative importance levels and corresponding arithmetic averages
Mean
Relative importance
Less than 2.33
Low
From 2.33 to less than 3.66
Intermediate
From 3.66 to 5.00
High
programs and job competencies, by calculating
the value of Cronbach’s alpha coefficient, which
measures the internal consistency of the study
paragraphs and shows their quality, which means
the strength of cohesion between the paragraphs of
the scale.
Table 4 shows the stability coefficient of
the study dimensions. Alpha values ranged between
0.809 as the lowest value of time imprint as one of
the dimensions of blockchain technology, and 0.933
as the highest value of administrative readiness as
one of the dimensions of bank readiness. It is noted
that all alpha values have exceeded the minimum
acceptable percentage for the purposes of statistical
analysis, as the value of alpha greater or equal
to 0.70 is considered acceptable in research related
to administrative and human sciences (Al-Najjar &
Clark, 2017, p. 151).
3.3. The statistical methods used
The SPSS Statistics 20.0 program was used to analyze
the study data, as the following statistical tools
were used:
1. Descriptive statistics measures, which
included arithmetic means, standard deviations,
frequencies, and percentages.
2. The
internal
consistency
coefficient
(Cronbach’s alpha) to test the stability of the study
tool.
3. Variance inflation factor (VIF).
4. Multiple and stepwise linear regression
analysis to test the study hypotheses.
5. Validity and reliability of the study tool.
The stability of the study tool was confirmed
according to the variables of the study and
according to the answers of the respondents in
relation to those variables, which are the training
Table 4. Stability coefficient for the items of the study variables’ dimensions
Variable
Bank readiness
Blockchain technology
Dimensions
Administrative readiness
Professional readiness
Organizational readiness
Legislative readiness
Bank readiness
Use of blockchain technology
Hash
Information
Time imprint
Blockchain readiness
3.4.1. The multicollinearity test
3.4.2. The normal distribution test
Table 5 shows the calculation of the VIF for
the dimensions of the independent variable to make
sure that there is no high correlation and linear
overlap between the dimensions of the independent
variable.
Table 6 shows the results of the one-sample
Kolmogorov–Smirnov test, which shows the normal
distribution of data for the study variables, in order
to ensure the suitability of the data for statistical
analysis. Where it was found that the Kolmogorov–
Smirnov Z-values reached 0.098 for the bank’s
readiness at the level of significance 0.010, and
0.110 for the blockchain technology and at the level
of significance 0.002. Where it is noted that
the values came at a significance level of less than
0.05, which indicates that the data are not subject to
a normal distribution. However, this result can be
overlooked,
because
the
study
sample
is
statistically large (n = 111), which is greater than
30 observations, meaning that all variables can be
considered following a normal distribution based on
the central limit theory (CLT) (Bohm & Zech, 2010,
p. 263).
Table 5. Results of the variance inflation factor test
and the tolerance
VIF
5.873
2.254
8.720
8.672
Alpha
0.933
0.899
0.900
0.852
0.969
0.902
0.862
0.854
0.809
0.951
relationship between the dimensions of the
independent variables (Sekaran & Bougie, 2010, p. 353).
3.4. Suitability of the study model
Variable
Administrative readiness
Professional readiness
Organizational readiness
Legislative readiness
Paragraph number
9
7
10
5
31
5
5
5
5
20
Tolerance
0.170
0.444
0.115
0.115
Table 5 indicates that all values of the VIF were
greater than 1 and less than 10, as it is clear from
the table that all values of the tolerance were greater
than 0.1, which indicates that there is no linear
287
Journal of Governance and Regulation / Volume 12, Issue 1, Special Issue, 2023
Table 6. Test for the normal distribution of
the study variables
Kolmogorov–Smirnov Z
Significance level
Asymp. Sig. (2-tailed)
Bank
readiness
0.098
Blockchain
technology
0.010
0.110
0.002
and its dimensions, as it shows the average level of
readiness of Jordanian commercial banks, with
an arithmetic average of 3.467, and as for
the dimensions, they came with intermediate relative
importance for both administrative readiness,
professional readiness, and organizational readiness,
and they came with high relative importance.
For legislative readiness, the highest arithmetic
average for the legislative readiness dimension was
3.688, with a high degree. While the lowest
arithmetic mean of professional readiness was
3.234, with an intermediate degree.
3.5. Descriptive analysis of the study data
3.5.1. The readiness of the bank
Table 7 shows a summary of the arithmetic averages
and the relative importance of the bank’s readiness
Table 7. Arithmetic averages and the relative importance of the bank’s readiness and its dimensions
Bank’s readiness dimensions
Administrative readiness
Professional readiness
Organizational readiness
Legislative readiness
Bank readiness
Mean
3.543
3.234
3.404
3.688
3.467
Rank
2
4
3
1
0
Relative importance
Intermediate
Intermediate
Intermediate
High
Intermediate
average of 3.355, and for the dimensions, all of them
came with medium relative importance, and
the highest arithmetic average was for the use of
block technology, which amounted to 3.492 at
an intermediate degree, while the lowest arithmetic
average for the dimension of the information was
3.141 and at a medium degree as well.
3.5.2. Blockchain technology
Table 8 shows a summary of the arithmetic averages
and the relative importance of blockchain
technology and its dimensions, where the average
level of blockchain technology in the Jordanian
commercial banks was shown, with an arithmetic
Table 8. Arithmetic averages and the relative importance of blockchain technology and its dimensions
Blockchain technology dimensions
Use of blockchain technology
The hash
Information
Time imprint
Blockchain technology
Mean
3.492
3.485
3.141
3.305
3.355
Rank
1
2
4
3
Relative importance
Intermediate
Intermediate
Intermediate
Intermediate
Intermediate
information, and time imprint) in Jordanian
commercial banks, where the value of correlation
coefficient (R = 0.855) This indicates a relationship
between the
readiness of
the
bank
and
the blockchain technology. While the value of
the coefficient of determination was (R 2 = 0.730),
which means that the bank’s readiness explained
73.0% of the variance in the blockchain technology,
and the value of F was 71.730 at a significant level of
Sig. = 0.000, and this confirms the significance of
the regression. At the level of significance α ≤ 0.05,
which indicates a statistically significant effect of
the bank’s readiness in the blockchain technology.
4. HYPOTHESIS TESTING
Main hypothesis:
H0: There is no statistically significant impact at
a significant level α ≤ 0.05 of bank readiness in
its dimensions in the blockchain technology in its
dimensions in Jordanian commercial banks.
Table 9 shows the results of the multiple
regression analysis of the bank’s readiness with its
dimensions (administrative readiness, professional
readiness, organizational readiness, and legislative
readiness) of the blockchain technology with its
dimensions (the use of blockchain technology, hash,
Table 9. The impact of bank readiness on blockchain technology
Dependent
variable
Blockchain
technology
Independent variable
Administrative readiness
Professional readiness
Organizational readiness
Legislative readiness
Correlation coefficient R
0.855
Unstandardized coefficients
B coefficient
Standard error
0.581
0.104
0.136
0.067
0.977
0.157
0.639
0.141
Coefficient of
determination R2
0.730
Standardized coefficients
T calculated
β coefficient
0.683
5.589
0.154
2.038
0.930
6.244
0.674
4.539
Calculated F
Sig. F
71.730
0.000
Sig. T
0.000
0.044
0.000
0.000
was β = 0.683 and the T-value was 5.589 at the level
of significance Sig. = 0.000 with a statistically
significant level and the B-value for the dimension of
professional readiness was 0.136 and standard error
(0.067), and the Beta value was β = 0.154 and
The coefficient table also shows that there is
an effect of the bank’s readiness dimensions in
the blockchain technology, where the B-value for
the administrative readiness dimension was 0.581,
with a standard error of 0.104, and the Beta value
288
Journal of Governance and Regulation / Volume 12, Issue 1, Special Issue, 2023
a significant level of statistical significance. Based on
the results of multiple regression analysis, it is not
possible to accept the main null hypothesis (H0) and
accept the alternative hypothesis which states
the following: There is a statistically significant impact
at a significant level α ≤ 0.05 of bank readiness in
its dimensions in the blockchain technology in its
dimensions in Jordanian commercial banks.
To determine the most prominent dimensions
of bank readiness that have an impact on blockchain
technology, gradient regression analysis was used.
the T-value was 2.038 at the level of significance
Sig. = 0.044 and at a statistically significant level.
The value of B for the dimension of organizational
readiness was 0.977 with a standard error of 0.157,
and the value of Beta was β = 0.930 and the value of
T was 6.244, at the level of significance Sig. = 0.000
and at a statistically significant level, while the value
of B for the dimension of legislative readiness was
0.639. And standard error was 0.141, the value of
Beta was β = 0.974, and the value of T was 4.539,
at the level of significance Sig. = 0.000, and at
Table 10. Ranking the dimensions of the bank’s readiness in terms of the impact on the blockchain technology
Model
First
Second
Third
Fourth
Bank readiness
Organizational readiness
Organizational readiness
Administrative readiness
Organizational readiness
Administrative readiness
Legislative readiness
Organizational readiness
Administrative readiness
Legislative readiness
Professional readiness
B
T calculated
Sig. F
0.837
0.462
0.343
0.846
0.562
0.609
0.977
0.581
0.639
0.136
13.764
3.774
3.479
5.846
5.353
4.284
6.244
5.589
4.539
2.038
0.000
0.000
0.001
0.000
0.000
0.000
0.000
0.000
0.000
0.044
Coefficient of
determination R2
0.635
Calculated F
Sig. T
189.466
0.000
0.672
110.420
0.000
0.720
91.558
0.000
0.730
71.730
0.000
an increase in the interpretation rate to reach 72.0%,
while adding Professional readiness led to
an increase in the interpretation rate to 73.0%. It is
clear that the effect of all independent variables was
significant at a significance level of less than 0.05.
The first sub-hypothesis:
H01: There is no statistically significant impact at
the level of significance α ≤ 0.05 for administrative
readiness in the blockchain technology in Jordanian
commercial banks.
Table 10 shows the results of the gradual
regression analysis of the order of entry of
the variables into the regression model that
represents the effect of the bank’s readiness in
blockchain technology, where it was found that
Organizational readiness came in first place, and
explained 63.5% of the variance in the blockchain
technology. When adding Administrative readiness,
the interpretation rate increased to reach 67.2%, and
the addition of Legislative readiness led to
Table 11. The impact of administrative readiness on blockchain technology
Dependent variable
Independent variable
Blockchain technology
Administrative readiness
Correlation coefficient R
0.793
Unstandardized coefficients
B coefficient
Standard error
0.674
0.050
Coefficient of
determination R2
0.628
Table 11 shows the results of a simple
regression analysis of the impact of Administrative
readiness on Blockchain technology in Jordanian
commercial banks, where the value of the correlation
coefficient was R = 0.793, and this indicates
the existence of a relationship between administrative
readiness and blockchain technology. While the value
of the coefficient of determination was R 2 = 0.628,
which means that the administrative readiness
explained 62.8% of the variance in the blockchain
technology, and the value of F was 184.208 at
a significant level of Sig. = 0.000, and this confirms
the significance of the regression. At the level of
significance of α ≤ 0.05, which indicates a statistically
significant effect of administrative readiness in
blockchain technology.
The coefficients table also shows that there is
an effect of the administrative readiness dimension
Standardized coefficients
β coefficient
T calculated
Sig. T
0.793
13.572
0.000
Calculated F
Sig. F
184.208
0.000
in the blockchain technology, where the B-value for
the administrative readiness dimension was 0.674
with a standard error of 0.050, and the Beta value
was β = 0.793 and the T-value was 13.572 at the level
of significance Sig. = 0.000. Based on the results of
simple regression analysis, it is not possible to
accept the first sub-null hypothesis (H01) and accept
the alternative hypothesis, which states the following:
There is a statistically significant impact at the level
of significance α ≤ 0.05 for administrative readiness
in the blockchain technology in Jordanian
commercial banks.
Second sub-hypothesis:
H02: There is no statistically significant impact at
the level of significance α ≤ 0.05 for professional
readiness in blockchain technology in Jordanian
commercial banks.
289
Journal of Governance and Regulation / Volume 12, Issue 1, Special Issue, 2023
Table 12. The impact of professional readiness on blockchain technology
Dependent variable
Independent variable
Blockchain technology
Professional readiness
Correlation coefficient R
0.544
Unstandardized coefficients
B coefficient
Standard error
0.479
0.071
Coefficient of
determination R2
0.295
Standardized coefficients
β coefficient
T calculated
Sig. T
0.544
6.671
0.000
Calculated F
Sig. F
45.712
0.000
in the blockchain technology, where the value of B
for the dimension of professional readiness was
0.479 with a standard error of 0.071, and the value
of Beta was β = 0.544 and the value of T was 6.761 at
the level of significance Sig. = 0.000. Based on
the results of simple regression analysis, it is not
possible to accept the second sub-null hypothesis
(H02) and accept the alternative hypothesis, which
states the following: There is a statistically significant
impact at a significant level α ≤ 0.05 for professional
readiness in the blockchain technology in Jordanian
commercial banks.
The third sub-hypothesis:
H03: There is no statistically significant impact at
the level of significance α ≤ 0.05 for organizational
readiness in the blockchain technology in Jordanian
commercial banks.
Table 12 shows the results of a simple
regression analysis of the impact of Professional
readiness on Blockchain technology in Jordanian
commercial banks, where the value of the correlation
coefficient was R = 0.544, and this indicates
the existence of a relationship between professional
readiness and blockchain technology. While
the value of the coefficient of determination was
R2 = 0.295, which means that professional readiness
explained 29.5% of the variance in blockchain
technology, and the value of F was 45.712 at
a significant level of Sig. = 0.000, and this confirms
the significance of the regression. The level of
significance α ≤ 0.05, indicates a statistically
significant effect of professional readiness in
blockchain technology.
The coefficients table also shows that there is
an effect on the dimension of professional readiness
Table 13. The impact of organizational readiness in blockchain technology
Dependent variable
Independent variable
Blockchain technology
Organizational readiness
Correlation coefficient R
0.797
Unstandardized coefficients
B coefficient
Standard error
0.837
0.061
Coefficient of
determination R2
0.635
Standardized coefficients
T calculated
Sig. T
β coefficient
0.797
13.764
0.000
Calculated F
Sig. F
189.446
0.000
in the blockchain technology, where the B-value for
the organizational readiness dimension was 0.837
with a standard error of 0.061, and the Beta value
was β = 0.797 and the T-value was 13.764 at the level
of significance of Sig. = 0.000. Based on the results
of simple regression analysis, it is not possible to
accept the third sub-null hypothesis (H03) and accept
the alternative hypothesis, which states the following:
There is a statistically significant impact at
a significant level α ≤ 0.05 for organizational
readiness in the blockchain technology in Jordanian
commercial banks.
Fourth sub-hypothesis:
H04: There is no statistically significant impact at
the level of significance α ≤ 0.05 for legislative
readiness in blockchain technology in Jordanian
commercial banks.
Table 13 shows the results of a simple
regression analysis of the impact of Organizational
readiness on Blockchain technology in Jordanian
commercial banks, where the value of the correlation
coefficient was R = 0.797, and this indicates
the existence of a relationship between organizational
readiness and blockchain technology. While
the value of the coefficient of determination was
R2 = 0.635, which means that organizational readiness
explained 63.5% of the variance in blockchain
technology, and the value of F was 189.446 at
a significant level of Sig. = 0.000, and this confirms
the significance of the regression. At the level of
significance α ≤ 0.05, which indicates a statistically
significant effect of organizational readiness in
blockchain technology.
The coefficients table also shows that there is
an effect of the organizational readiness dimension
Table 14. The effect of legislative readiness on blockchain technology
Dependent variable
Independent variable
Blockchain
technology
Legislative readiness
Unstandardized coefficients
B coefficient
Standard error
0.659
0.065
Coefficient of
determination R2
0.483
Correlation coefficient R
0.695
Table 14 shows the results of a simple
regression analysis of the impact of Legislative
readiness on Blockchain technology in Jordanian
commercial banks, where the value of the correlation
coefficient was R = 0.695, and this indicates
the existence of a relationship between legislative
Standardized coefficients
β coefficient
T calculated
Sig. T
0.695
10.089
Calculated F
Sig. F
101.778
0.000
0.000
readiness and blockchain technology. While
the value of the coefficient of determination was
R2 = 0.483, which means that the legislative
readiness explained the percentage of 48.3% of
the variance in blockchain technology, and the value
of F was 101.778 at a significant level of Sig. = 0.000,
290
Journal of Governance and Regulation / Volume 12, Issue 1, Special Issue, 2023
The results of testing the hypotheses showed
a statistically significant effect of administrative
readiness, professional readiness, organizational
readiness, and legislative readiness in blockchain
technology in Jordanian commercial banks when
studied individually. The limitations of this study
involve the sample selection, which this study
focused on the Jordanian banks’ sector; we
recommend that future researchers chose a wider
sample from different sectors.
Based on the findings, the study recommends
the following:
1. Providing all requirements that contribute
to achieving the administrative readiness of
Jordanian commercial banks for the application of
blockchain technology, in terms of conducting
periodic, continuous, and organized evaluations of
the performance of the work of the blockchain
technology with the aim of verifying the efficiency of
their operations and subjecting the bank to its
activities and business for continuous monitoring
and supervision. This reflects positively on the level
of development and quality of the bank and works
to provide services that are compatible with
the expectations and aspirations of customers, which
ensures the achievement of customer satisfaction
and thus maintains them, in addition to encouraging
and motivating employees to accept change and
development and prepare to keep pace with
transformations in work, and to identify the training
needs and requirements of employees for them.
Especially, in the field of modern technologies, and
providing training programs that comply with
the new work requirements, in addition to relying on
the outputs of the evaluation process in addressing
their weaknesses and shortcomings.
2. Providing all requirements that contribute
to achieving the readiness of Jordanian commercial
banks in terms of the humiliating aspect of applying
blockchain technology, in terms of verifying the
validity of the available information, the availability
of trained and practically qualified human cadres,
and adopting methods and procedures aimed at
raising their efficiency by motivating them to
participate in seminars and conferences and courses
related to work development and participation in
training programs and workshops aimed at
increasing their competencies and skills. In addition,
to rely on effective communication channels that
contribute to the exchange of information and
experiences in the field of the bank’s activities and
operations, and work to keep abreast of
developments and changes in the field of banking.
3. Providing all requirements that contribute
to achieving the organizational readiness of
Jordanian commercial banks for the application of
blockchain technology, in terms of adopting
an organizational structure that is flexible and
subject to modification, and clarifies all departments,
sub-units,
and
main
and
the
nature
of
the relationship between them, and provides
adequate support in planning, monitoring and
follow-up processes, executing activities and
operations. In addition to relying on a working
manual that clarifies the tasks, responsibilities, limits,
and powers granted to employees, formulating plans,
policies, and procedures that help in achieving
organizational goals, and facing problems and
deviations in work quickly and immediately.
and this confirms the significance of the regression.
At the level of significance of α ≤ 0.05, which
indicates a statistically significant effect of
legislative readiness in blockchain technology.
The coefficients table also shows that there is
an effect of the legislative readiness dimension in
blockchain technology, where the B-value for
the legislative readiness dimension was 0.659 with
a standard error of 0.065 and the Beta value was
β = 0.695 and the T-value was 10.089 at the level of
significance of Sig. = 0.000. Based on the results of
simple regression analysis, it is not possible to
accept the fourth sub-null hypothesis (H04) and
accept the alternative hypothesis, which states
the following: There is a statistically significant impact
at the level of significance α ≤ 0.05 for legislative
readiness in the blockchain technology in Jordanian
commercial banks.
5. DISCUSSION
The results of the analysis showed the average level
of readiness of Jordanian commercial banks, and it
was shown that the average level of their readiness
in terms of administrative, organizational, and
professional terms, respectively, while it was shown
that the level of their readiness was high in
legislative terms.
The
results
of
the
analysis
showed
the intermediate level of the relative importance of
blockchain technology in Jordanian commercial
banks, and the intermediate level of the relative
importance of its dimensions (the use of blockchain
technology, the hash, the time imprint, and
the information) was shown, respectively.
The results of the main hypothesis test showed
that there is a statistically significant effect of
the bank’s readiness in its dimensions (administrative
readiness, professional readiness, organizational
readiness, and legislative readiness) in blockchain
technology with its dimensions (the use of
blockchain technology, hashing, information, and
time imprint) in Jordanian commercial banks.
The results of the multiple regression analysis
of the main hypothesis showed that the dimension
of organizational readiness is one of the most
prominent dimensions of bank readiness influencing
blockchain technology, followed by administrative
readiness, then legislative readiness, and finally
professional readiness.
6. CONCLUSION
The purpose of this paper was to lay the foundation
for future research into blockchain technology and
its implementation in the banking sector in
developing countries, particularly Jordan. As
a result, this paper can be considered the beginning
of a variety of research domains that will ultimately
analyze all of the different dimensions of blockchain
technology and how it is applied to the banking
sector and accepted by banks. Researchers may want
to focus their attention more on the changes
blockchain brings to the banking sector, while
economists may want to investigate the implications
for the entire economy or needed policy changes.
Digital transformation is increasingly accelerating
developments in many economies and industries,
similar phenomena are likely to similarly shape
other industries.
291
Journal of Governance and Regulation / Volume 12, Issue 1, Special Issue, 2023
4. Providing all requirements that contribute
to achieving the legislative readiness of Jordanian
commercial banks to
implement blockchain
technology, in terms of relying on clear and specific
bases in the process of hiring employees and
attracting employees who have the highest levels of
experience, skill, scientific and practical competence
in banking, and a commitment to implement all
legislations related to the practice of the banking
profession.
5. For Jordanian commercial banks to conduct
a continuous updating process on the data within
the block, apply periodic tests on the block
operations to verify that there are no gaps in
the chain, and follow supervisory practices to
prevent any incorrect transactions from being saved
in their digital block.
6. Using systems and technologies that have
the ability to mine the correct and distinct hash of
transactions, verify the completion of transactions
and include them within the chain after obtaining
the correct hash, apply appropriate algorithms to
formulate the appropriate hash from the first time,
and follow appropriate security procedures and
controls to prevent access to the encryption key of
transactions. Preserving data stored in a blockchain
and reducing fraud, forgery, and data manipulation.
7. Adopting practices and procedures that
contribute to the validation of the processes on
the chain with those in reality and help to complete
the processes within the blocks with accuracy
and high efficiency and conduct comprehensive
and continuous checks and evaluations of
the transactions that take place in the blocks.
8. Conducting a periodic and continuous
updating and development process on the time
imprint systems, which enhances confidence in
the use of blockchain technology, accurately
determines the time of the process within the chain
and activates the role of time imprinting as a digital
authentication that provides confirmation of
the validity and integrity of transactions that take
place within the block.
REFERENCES
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.
16.
17.
18.
19.
Abdullah, D. M. M. (2018). The readiness of Jordanian audit offices and its impact on the application of external
Sharia audit according to Sharia Standard No. 6. [Unpublished Master’s thesis, University of Jerash]. JPU.
ACAPS & MapAction. (2014). SNAP: Jordan baseline information. https://www.acaps.org/sites/acaps/files
/products/files/16_jordan_baseline_information.pdf
Al Sukkar, A., & Hasan, H. (2005). Toward a model for the acceptance of internet banking in developing
countries. Information Technology for Development, 11(4), 381–398. https://doi.org/10.1002/itdj.20026
Al-Emian, D. H. S. (2020). Trends towards the application of the block chain and its impact on the supply chain —
A field study in the mining industries sector in Jordan. Middle East University.
Al-Khasawneh, A. L., Malkawi, N. M., & AlGarni, A. A. (2018). Sources of recruitment at foreign commercial
banks in Jordan and their impact on the job performance proficiency. Banks and Bank Systems, 13(2), 12–26.
https://doi.org/10.21511/bbs.13(2).2018.02
Al-Mahamid, A. (2014). The impact of employee readiness on the perceived quality of electronic business
systems services, user satisfaction and the intention of usage: A field study in banks listed in the Amman
financial market. Journal of Studies, Administrative Sciences, 41(1), 25–35.
Al-Najjar, B., & Clark, E. (2017). Corporate governance and cash holdings in MENA: Evidence from internal and
external governance practices. Research in International Business and Finance, 39(Part 2), 1–12.
https://doi.org/10.1016/j.ribaf.2016.07.030
Al-Sayed, A., & Ahmed, M. (2018). Cryptocurrency report. United Arab Emirates Ministry of Economy.
https://www.moec.gov.ae/en/home
Alt, R., Beck, R., & Smits, M. T. (2018). FinTech and the transformation of the financial industry. Electronic
Markets, 28(3), 235-243. https://doi.org/10.1007/s12525-018-0310-9
Berchin, I. I., & de Andrade Guerra, J. B. S. O. (2020). GAIA 3.0: Effects of the coronavirus disease 2019 (COVID-19)
outbreak on sustainable development and future perspectives. Research in Globalization, 2, Article 100014.
https://doi.org/10.1016/j.resglo.2020.100014
Bodó, B., Gervais, D., & Quintais, J. (2018). Blockchain and smart contracts: The missing link in copyright licensing?
International Journal of Law and Information Technology, 26(4), 311–336. https://doi.org/10.1093/ijlit/eay014
Bohm, G., & Zech, G. (2010). Introduction to statistics and data analysis for physicists (Vol. 1). Deutsches
Elektronen-Synchrotron (DESY).
Bonsón, E., & Bednárová, M. (2019). Blockchain and its implications for accounting and auditing. Meditari
Accountancy Research, 27(5), 725–740. https://doi.org/10.1108/MEDAR-11-2018-0406
Cao, S., Cong, L. W., & Yang, B (2018). Auditing and Blockchains: Pricing, misstatements, and regulation (Georgia
State University Working Paper No. 23). Federal Reserve Bank of Atlanta. https://www.atlantafed.org//media/documents/news/conferences/2018/1018-financial-stability-implications-of-newtechnology/papers/yang-cao-cong_auditing_and_blockchains.pdf
Central Bank of Jordan. (2021). Regulation of digital banks in the Hashemite Kingdom of Jordan.
https://www.cbj.gov.jo/
Daluwathumullagamage, D. J., & Sims, A. (2020). Blockchain-enabled corporate governance and regulation.
International Journal of Financial Studies, 8(2), Article 36. https://doi.org/10.3390/ijfs8020036
Dicuonzo, G., Donofrio, F., Fusco, A., & Dell’Atti, V. (2021). Blockchain technology: Opportunities and challenges
for small and large banks during COVID-19. International Journal of Innovation and Technology Management,
18(4), Article 2140001. https://doi.org/10.1142/S0219877021400010
European Bank for Reconstruction and Development (EBRD). (2015). Rebalancing finance (Transition Report
2015–16). https://www.ebrd.com/publications/transition-report-2015-16.pdf
Gupta, A., Evans, R. K., Koch, L. B., Littleton, A. J., & Biggins, S. (2018). Chapter 15 — Purification of kinetochores
from the budding yeast Saccharomyces cerevisiae. Methods in Cell Biology, 144, 349–370.
https://doi.org/10.1016/bs.mcb.2018.03.023
292
Journal of Governance and Regulation / Volume 12, Issue 1, Special Issue, 2023
20. He, Q. (2021). Application of blockchain technology in commercial banks. E3S Web of Conferences, 235,
Article 03070. https://doi.org/10.1051/e3sconf/202123503070
21. Hileman, G. (2016, May 11). State of Blockchain Q1 2016: Blockchain funding overtakes bitcoin. CoinDesk.
http://www.coindesk.com/state-of-blockchain-q1-2016/
22. Lichtenthaler, U. (2020). Building blocks of successful digital transformation: Complementing technology and
market issues. International Journal of Innovation and Technology Management, 17(1), Article 2050004.
https://doi.org/10.1142/S0219877020500042
23. Martino, P. (2019). Blockchain technology: Challenges and opportunities for banks. International Journal of
Financial Innovation in Banking, 2(4), 314–333. https://doi.org/10.1504/IJFIB.2019.104535
24. Nakamoto, S. (2008). Bitcoin: A peer-to-peer electronic cash system. Decentralized Business Review, 21260.
https://www.ussc.gov/sites/default/files/pdf/training/annual-national-training-seminar/2018/Emerging_Tech
_Bitcoin_Crypto.pdf
25. Ramdani, B., Rothwell, B., & Boukrami, E. (2020). Open banking: The emergence of new digital business models.
International Journal of Innovation and Technology Management, 17(5), Article 2050033. https://doi.org/10
.1142/S0219877020500339
26. Saidat, Z., Silva, M., Al-Daboubi, D., AL-Naimi, A. A., & Aldomy, R. (2022). How can Blockchain revolutionize
the Jordanian banking sector? Journal of Southwest Jiaotong University, 57(3), 311–325. https://doi.org/10
.35741/issn.0258-2724.57.3.25
27. Sekaran, U., & Bougie, R. (2010). Research methods for business: A skill building approach (5th ed.). John Willey & Sons.
28. Singhal, B., Dhameja, G., & Panda, P. S. (2018). Beginning Blockchain: A beginner’s guide to building Blockchain .
Après Media LLC. https://ia802301.us.archive.org/31/items/c-81_20211011/C81.pdf
29. World Bank. (2013). Maintaining stability and fostering shared prosperity amid regional turmoil.
http://www.worldbank.org/content/dam/Worldbank/document/MNA/Jordan_EM_Spring_2013.pdf
30. Zeitun, R., & Benjelloun, H. (2012). The efficiency of banks and financial crisis in a developing economy:
The case of Jordan. International Review of Accounting, Banking and Finance, 4(2), 28–60. http://www.irabf.org
/upload/journal/prog/2012v4n2_2.pdf
31. Zheng, Z., Xie, S., Dai, H., Chen, X., & Wang, H. (2017). An overview of blockchain technology: Architecture,
consensus, and future trends. In 2017 IEEE international congress on big data (BigData congress) (pp. 557–564).
IEEE. https://doi.org/10.1109/BigDataCongress.2017.85
293