Journal of Open Innovation: Technology, Market, and Complexity 10 (2024) 100302

Contents lists available at ScienceDirect

Journal of Open Innovation: Technology, Market,

and Complexity
journal homepage: www.sciencedirect.com/journal/journal-of-open-innovation-technology-
market-and-complexity

Blockchain applications and commercial bank performance: The mediating

role of AIS quality
Ahmed Al-Dmour a, *, Rand Al-Dmour b, Hani Al-Dmour b, *, Ahmed Al-Adwan a
a
School of Business, Al-Ahliyya Amman University, Amman, Jordan
b
School of Business, the University of Jordan, Amman, Jordan

A R T I C L E I N F O A B S T R A C T

Keywords: This research explores the impact of blockchain technology on the quality of Accounting Information Systems
Blockchain Applications (AIS) and subsequent business performance in Jordan’s commercial banking sector. By surveying 388 partici­
Accounting Information Systems (AIS) pants from various banks, the study applies a quantitative methodology to assess how blockchain usage in­
Commercial Bank Performance
fluences AIS quality and bank performance. Findings indicate a robust positive effect of Blockchain on AIS
Jordanian Banks
AIS Quality
quality, significantly enhancing business performance. This study confirms the transformative potential of
Blockchain in emerging markets and illuminates the pivotal role of AIS quality as a mediator in this relationship.
These insights are critical for policymakers, financial institutions, and technology strategists, emphasizing the
strategic importance of blockchain technology in enhancing operational efficiency and competitiveness in the
banking industry of developing economies.

1. Introduction credit reporting, securing tamper-proof clearing and settlements, and

In the rapidly evolving landscape of modern banking, the integration
of advanced technologies is critical for enhancing efficiency, security,
and transparency in financial operations (Wang and Kogan, 2017;
Garanina et al., 2022). Blockchain technology, initially the foundation
for cryptocurrencies, has emerged as a groundbreaking innovation with
the potential to transform many industries (Shyshkova, 2018). Despite
its broad applications in developing economies like Jordan, the nuanced
impact of Blockchain on Accounting Information Systems (AIS) and
subsequent bank performance still needs to be explored. Previous
research has broadly acknowledged Blockchain’s capacity to innovate
financial services, yet detailed empirical studies on its specific effects on
Jordan’s commercial banks are still being determined (Schmitz and
Leoni, 2019; Shyshkova, 2018).
The academic discourse increasingly recognizes Blockchain’s po­
tential to redefine the accounting landscape within banks, suggesting a
profound shift in the mechanisms of financial transactions and reporting
(Yermack, 2017). In Jordan, blockchain application offers promising
enhancements in service delivery and operational efficiency, which are
crucial for the security and transparency of financial operations (Ghosh,
2021). These applications include facilitating efficient cross-border
transactions, streamlining trade finance platforms, ensuring accurate
automating digital identity verification processes. The potential for
Blockchain to drive transformation is particularly significant in devel­
oping economies, where robust, secure, and transparent financial sys­
tems are paramount. This study addresses the critical gap by exploring
the impact of blockchain applications on AIS quality and the effects on
the business performance of commercial banks in Jordan. Understand­
ing this relationship is essential for informing strategic decisions in an
environment where financial systems are constantly in flux. This
research aims to provide actionable insights for policymakers, financial
institutions, and technology strategists, guiding them to leverage
blockchain technology effectively to enhance AIS quality and improve
overall bank performance.
In addition, the study subtly integrates discussions on business
models that incorporate open innovation principles, thereby providing a
broader perspective on how firms leverage external knowledge and
collaboration to drive innovation in blockchain adoption. This approach
allows for a more comprehensive examination of the transformative
potential of blockchain technology in the banking sector, particularly in
developing economies like Jordan. Through this lens, the study seeks to
identify novel strategies and approaches that could inform strategic
decision-making and operational practices in the banking industry
without explicitly stating so. By focusing on this specific interaction and

* Corresponding authors.
E-mail addresses: a.dmour@ammanu.edu.jo (A. Al-Dmour), dmourh@ju.edu.jo (H. Al-Dmour).

https://doi.org/10.1016/j.joitmc.2024.100302
Received 6 April 2024; Received in revised form 8 May 2024; Accepted 14 May 2024
Available online 23 May 2024
2199-8531/© 2024 The Author(s). Published by Elsevier Ltd on behalf of Prof JinHyo Joseph Yun. This is an open access article under the CC BY-NC-ND license
(http://creativecommons.org/licenses/by-nc-nd/4.0/).
A. Al-Dmour et al.
adopting an indirect approach, the study contributes to the existing body
of knowledge in a nuanced manner, offering insights that could influ­
ence strategic decision-making and operational practices in commercial
banks across developing economies. Through detailed analysis and im­
plicit integration of open innovation principles, this research seeks to
illuminate how blockchain technology can be strategically implemented
to overcome the unique challenges faced by banks in Jordan, potentially
setting a benchmark for similar contexts globally.
As we proceed, this paper is structured to establish a theoretical
framework that guides our understanding of Blockchain’s potential
impacts. Following this, we present our research methodology and
findings, discuss the implications of these findings, and conclude with a
summary of our research contributions and suggestions for future
research avenues. By the end of this paper, readers will have a clear
understanding of the complex dynamics between blockchain technol­
ogy, AIS quality, and bank performance, along with informed recom­
mendations for stakeholders looking to navigate this transformative
landscape.
1.1. The role of blockchain applications in AIS in the banking sector
In recent years, the banking industry has witnessed significant
transformations propelled by emerging technologies, including cloud
computing, cloud data, artificial intelligence, and the Internet of Things
(IoT) (Khan and Javaid2022, Gatteschi et al., 2020; Alliouiand Mourdi,
2023). Among these technologies, Blockchain stands out as a trans­
formative force, profoundly impacting the business model of the
banking sector (Ma et al., 2020). Blockchain, characterized as an or­
dered, decentralized, and immutable ledger, facilitates the recording of
transactions within a network. Transactions are securely recorded in
unchangeable blocks, encompassing all relevant information. This
decentralized approach contrasts with traditional transaction recording
methods, often centralized, inefficient, and costly. Blockchain offers an
innovative solution that enables the recording and sharing of valuable
transaction information across the network. A prominent example
illustrating Blockchain’s capabilities is Bitcoin, a decentralized
peer-to-peer digital currency. Notably, Blockchain is the underlying
technology for Bitcoin, providing a robust foundation for recording a
wide range of transactions beyond digital currencies (Monteiro et al.,
2021).
Blockchain technology’s integration into Accounting Information
Systems (AIS) within the banking sector is a focal point of academic
discourse, driven by its distinctive features of security, transparency,
and immutability (Schmitz and Leoni, 2019). The transformative po­
tential of Blockchain, as proposed by Wang and Kogan (2018), extends
to streamlining manual efforts, expediting payment settlements, and
mitigating risks associated with financial reporting fraud. The charac­
teristics of Blockchain, emphasizing differentiated access and robust
cybersecurity measures, are highlighted in the context of private and
authorized blockchains (Bonsón and Beznárová, 2019). Acknowledging
Blockchain’s role in fraud prevention is crucial, and a cautious approach
is recommended to avoid overestimating its capabilities, as Rück­
eshäuser (2017) suggested. Sheldon (2018) further aligns with this
caution, proposing recording instances of professional misconduct in a
public blockchain ledger to maintain awareness within the accounting
profession.
In the dynamic landscape of modern banking, the integration of
advanced technologies, particularly Blockchain, is deemed imperative
for enhancing efficiency, security, and transparency (Wang and Kogan,
2017). Conceptualized initially for cryptocurrencies, Blockchain has
evolved into a versatile tool with transformative potential across various
industries (Shyshkova, 2018). Its significance in financial services lies in
reshaping traditional processes and redefining the conduct and
recording of financial transactions within AIS in the banking sector.
Blockchain’s permanence and resistance to manipulation present a
paradigm shift for accounting as a transactional ledger (ALSaqa et al.,
2
Journal of Open Innovation: Technology, Market, and Complexity 10 (2024) 100302
2019). Introducing smart contracts, a blockchain-enabled concept,
contributes to its decentralized and transparent nature. Smart contracts
facilitate the real-time execution of legally binding financial agreements
based on predefined conditions. In the context of AIS, Blockchain ad­
dresses enduring challenges related to security, efficiency, and the
authenticity of financial data, offering profound impacts (Wang and
Kogan, 2017). The structure of a blockchain, forming a digital trans­
actional ledger, ensures secure and transparent data management,
making alterations, hacks, or fraud virtually impossible (Shyshkova,
2018). Beyond accounting, Blockchain’s adoption in commercial banks
promises transformative applications, enhancing authenticity, security,
risk management, efficiency, and transparency in financial operations
(Wang and Kogan, 2017). Collaboration among banks on a blockchain
can reduce costs, with potential applications extending to digitizing
financial instruments, real-time settlement, auditing, and reporting
(Shyshkova, 2018). However, the substantial potential of Blockchain in
both accounting and commercial banks is not without challenges.
Addressing energy consumption, legal, regulatory frameworks, and
scalability concerns is imperative for successful integration (Schmitz
and Leoni, 2019). Understanding these nuances is essential for com­
mercial banks to harness blockchain applications’ benefits fully.
Blockchain technology has emerged as a transformative force within
commercial banks, ushering in innovative solutions across diverse do­
mains. Incorporating various applications highlights Blockchain’s
versatility and profound impact in reshaping modern banking practices.
Here, we delve into the most common applications in commercial banks
(Javaid et al., 2021, 2022, 2023):
1. Cryptocurrencies and Digital Payments: Blockchain is the foun­
dational technology for digital currencies, notably Bitcoin,
enabling secure cross-border payments. This minimizes the risks
of currency inflation or devaluation, with distributed ledger ar­
chitecture enhancing transaction speed and security (Fauziah
et al., 2020; Tsepeleva and Korkhov, 2021).
2. Smart Contracts for Automated Processes: Smart contracts,
autonomously executing predefined rules, find applications in
various banking processes. These include real-time financing,
syndicate loans in the B2B market, and other automated financial
agreements, ensuring transparency and accuracy. Smart con­
tracts are crucial to blockchain applications, regulating trans­
action terms and conditions. Ensuring accurate, secure, and
effective intelligent contract code is essential, and the combina­
tion of machine learning data capabilities with blockchain-based
intelligent contracts enhances execution and servicing efficiency.
Blockchain and machine learning integration holds the potential
for significant transformation in the financial sector, enhancing
security, performance, and automation (Yuyan, Lan, 2020; Padia
et al., 2020).
3. Identity Verification and KYC Processes: Blockchain strengthens
identity verification and Know Your Customer (KYC) processes,
ensuring accurate customer data. This supports personal invest­
ment and finance operations while enhancing customer rela­
tionship management (CRM). Blockchain promotes data
confidentiality and integrity, transforming various industries. It
finds applications in voting, electricity sharing, electric vehicle
charging, and music streaming. In the financial sector, it en­
hances security, privacy, and transparency (Frizzo-Barker et al.,
2020; Rane et al., 2023).
4. Trade Finance and Supply Chain Management: Blockchain plays
a crucial role in trade finance, extending to real estate services by
offering a transparent and efficient platform for tracking trans­
actions within the supply chain. It also facilitates innovative
products denominated in cryptocurrency, promoting diverse
financial services. Blockchain can enhance trade finance,
increasing global trade security, efficiency, and transparency. By
automating processes and eliminating human errors, Blockchain
A. Al-Dmour et al.
fosters trust through open transparency. Its distributed ledger
technology allows efficient and permanent recording of trans­
actions, providing benefits such as lower payment processing
costs and increased transparency in the financial industry
(Hacioglu, 2020; Zachariadis et al., 2019). Blockchain increases
supply chain traceability and transaction transparency, reducing
costs and errors in paperless trade. It enhances the monitoring of
supply chain inefficiencies and product movements, promoting
quality control (Liu, 2020; Huang et al., 2018).
5. Cross-Border Payments and Remittances: The decentralized na­
ture of Blockchain is instrumental in cross-border payments and
remittances. Commercial banks leverage Blockchain to offer real-
time financing solutions, optimizing working capital manage­
ment and interbank transactions. Large banks utilize Blockchain
for international payments, saving time and money. Blockchain
enables electronic money transfers via mobile devices, elimi­
nating the need for physical transfer locations and reducing
transaction fees (Zhou et al., 2020; Zhang et al., 2021; Zheng
et al., 2018). One notable advantage of Blockchain is its potential
to make both economical and efficient direct international pay­
ments, as highlighted by (Jena, 2022; Garg et al., 2023).
6. Asset Tokenization and Securities Trading: The tokenization of
assets on the Blockchain enables seamless trading of tokenized
securities, contributing to introducing competitive products and
services in the financial market. Blockchain plays a crucial role in
tokenization, creating tokens on a blockchain reflecting tangible
assets. It is used in banking, Central Bank Digital Currencies, and
fund management. Blockchain enhances interoperability and
combines features of Blockchain and AI for financial applications
(Sanka et al., 2021; Ahluwalia et al., 2020).
7. Fraud Prevention and Cybersecurity: Blockchain’s immutable
ledger enhances fraud prevention and cybersecurity, ensuring the
security of sensitive data associated with personal investments,
interbank transactions, and customer loyalty programs. Block­
chain facilitates trading by increasing security, transparency, and
efficiency. It eliminates the need for bank resources and third-
party authorization, reducing payment processing costs. Block­
chain’s unchangeable and explanatory nature promotes trans­
parency and analysis (Hacioglu, 2020; Zachariadis et al., 2019).
Blockchain technology eliminates manual efforts and accelerates
payment settlements, reducing the risk of financial reporting
fraud.
8. Record Keeping and Auditing: Blockchain’s transparent and un­
alterable ledger is a robust system for recordkeeping and audit­
ing. This feature supports customer relationship management,
providing a secure repository for customer-related information.
Blockchain minimizes or eliminates fees by expediting the
transfer procedure. It streamlines operations, automates pro­
cesses, and prevents fraud and money laundering issues. It en­
hances efficiency in document reconciliation during factoring
(Kim et al., 2020; Antoniadis et al., 2020. Yu et al., 2022)).
9. Customer Loyalty Programs: Blockchain’s decentralized platform
improves the efficiency of customer loyalty programs, managing
reward points securely. This contributes to customer relationship
management and provides a tamper-proof system for customer
interactions. Blockchain facilitates communication between
transaction parties, disseminating proof of transaction agree­
ments. It uses distributed ledgers to record, share, and synchro­
nize transactions, increasing transparency in the financial
industry. Blockchain revolutionizes finance and accounting op­
erations, akin to how the Internet transformed knowledge
sharing. It eliminates the need for traditional transaction man­
agement and promises to merge recordkeeping in the commercial
world (Di Silvestre et al., 2020; Dang et al., 2022).
10. Supply Chain Financing: Blockchain’s shared ledger enhances
supply chain financing, facilitating transparent and efficient
3
Journal of Open Innovation: Technology, Market, and Complexity 10 (2024) 100302
financing solutions. This innovation aligns with working capital
management strategies and fosters collaboration in syndicate
loans. Blockchain enables the comprehensive management of
digital assets in a reliable, traceable, and automated manner. It
ensures transaction verifiability, enhances transparency and re­
duces the need for trust enforcers. Blockchain provides a
distributed, unchangeable record of transactions, improving the
speed of financial services. Faster transaction settlements benefit
vendors, lenders, and stock exchanges. Blockchain also aids in
identity verification and lowers transaction costs (Kokina et al.,
2017; Wang, 2023).
In summary, blockchain applications in commercial banks promise
transformative potential, offering enhanced security, transparency, and
efficiency. Stakeholders must navigate challenges and seize opportu­
nities to capitalize on the benefits of blockchain technology fully (Dang
et al., 2022; Wang and Kogan, 2017; Schmitz and Leoni, 2019; Shysh­
kova, 2018; Bonsón and Beznárová, 2019).
2. Literature review
In today’s digital landscape, the banking sector ensures transparency
and security in trillions of transactions annually, with 45% of financial
intermediaries falling victim to cyber-attacks each year (Chang et al.,
2020). blockchain technology emerges as a pivotal solution, offering
secure and cost-effective digital transactions by eliminating traditional
intermediaries like banks and clearinghouses (Andolfatto, 2018). It
streamlines processes, enhances transparency, and facilitates
peer-to-peer cross-border payments. Moreover, Blockchain’s decentral­
ized nature fortifies against fraud, automates various banking processes,
and fosters financial inclusion through digital wallets and crypto­
currencies (Andolfatto, 2018). It also simplifies compliance efforts and
enhances fraud-free claim management in insurance (Drescher, 2017).
In addition to technological advancements, discussing business
models incorporating open innovation principles could provide a
broader perspective on how firms leverage external knowledge and
collaboration to drive innovation in accounting and banking (Rajnak
and Puschmann, (2021). This approach enables firms to adapt and
innovate in rapidly changing environments, enhancing their competi­
tive edge (Khatwani et al., 2023). Despite its transformative potential,
Blockchain’s development is still in its early stages, requiring in­
vestments and expertise (Chang et al., 2020). Governments should
disseminate blockchain knowledge to enable effective utilization
(Andolfatto, 2018). While much current research focuses on Bitcoin,
Blockchain’s integration with other technologies holds promise,
particularly in the banking sector (Andolfatto, 2018). However, chal­
lenges remain for Blockchain to reach its full potential (Khatwani et al.,
2023).
Technological advancements in the rapidly evolving business land­
scape have fundamentally reshaped competitive dynamics, prompting
companies to leverage software, hardware, and the Internet for global
market competitiveness (Alkaf et al., 2023). Automation, a cornerstone
in this transformation, enables businesses to streamline processes,
gather industry-related information, and gain a competitive edge. This is
particularly evident in accounting, which has evolved from a manual,
paper-based system to a dynamic field. Accountants now play a signif­
icant role in strategic decision-making, with technological tools like
spreadsheet programs freeing them from manual calculations. In the
modern era, accountants are expected to recommend best practices,
optimize costs, and contribute strategically to clients’ businesses
(Surbhi, 2018). Blockchain technology is a notable contributor to this
transformation, as evidenced by success stories published by academia
and blockchain vendors (Vega et al., 2022; da Silva, C. F. and Moro et al.,
2021; Dal Mas et al., 2023). The revolution brought about by informa­
tion technology (IT) has improved data processing and organization,
enhancing data quality in listed and non-listed companies (Abdelraheem
A. Al-Dmour et al.
et al., 2021). Blockchain technology amplifies this impact by providing
secure and transparent recordkeeping, minimizing human errors, and
enhancing financial reporting quality (Garanina et al., 2023). Murray
et al. (2021) highlight the direct benefits of blockchain technology in
reducing transaction costs and mitigating agency costs associated with
contracting with agents within a firm. Several studies underscore a
strong correlation between business capabilities and financial perfor­
mance indicators, such as profits and returns, exemplified by Garanina
et al., 2023, and Garg et al. (2023).
The banking sector has undergone a transformative shift in recent
years with the adoption of blockchain technology. Khatri and Kaushik
(2021) emphasize its significance in achieving sustainability by elimi­
nating unnecessary procedures and intermediaries, promoting a paper­
less environment, and contributing to environmental friendliness. Guo
and Liang (2016) advocate that banks invest in blockchain technology to
accelerate innovation and performance and meet customer demands.
Financial institutions, including NASDAQ, have embraced
blockchain-based infrastructure, reduced operational costs, and
streamlined processes (Dey and Shekhawa., 2021). Blockchain provides
accountants with clarity regarding property ownership and liabilities,
leading to improved performance and reduced follow-up costs. It en­
sures absolute certainty about the identity and history of properties
(Gatteschi et al., 2020).
Blockchain technology is a strategic initiative for banks to enhance
sustainability significantly (George et al., 2018). It addresses critical
challenges in banking processes by eliminating unwanted procedures
and intermediaries, promoting environmentally friendly services, and
significantly reducing paper involvement and time consumption
(George et al., 2018). The decentralized nature of Blockchain also
tackles the costly absence of a centralized ledger, contributing to the
conservation of natural resources (George et al., 2018). In the realm of
financial services, Blockchain has demonstrated efficacy in providing
accessible and updated systems for financial payments, reducing oper­
ational costs, preventing falsification, and minimizing human errors
(ALSaqa et al., 2019; Daniel et al., 2020; Bayramova et al., 2021; Beck
et al., 2017). Blockchain allows the swift application of accounting
processes, enhancing the overall efficiency of financial operations
(Shyshkova, 2018). Chang et al. (2020) explored the impacts of block­
chain technology and financial technology (FinTech) in financial ser­
vices, analyzing blockchain development and incentives for banks to
adopt, and encountered challenges. Hasan et al. (2020) examined the
role of operational efficiency in blockchain implementation in Chinese
enterprises, finding a positive correlation with increased profits. Pal,
Tiwari, and Behl (2021) highlighted Blockchain’s potential to transform
financial services through its computational logic, transparency,
peer-to-peer transmission, and distributed ledger functions.
The Resource-Based View (RBV) introduced by Barney (1991) em­
phasizes Blockchain’s significance as a valuable, rare, imperfectly
imitable, and strategically irreplaceable resource, positioning itself as a
significant asset for organizations (Hitt et al., 2001). The integration of
Blockchain positively influences the quality of accounting information,
enhancing financial data’s accuracy, reliability, and comprehensibility
(Hongdan et al., 2023; Kitsantas and Chytis, 2022). Blockchain’s role in
reducing information asymmetry, improving stakeholder collabora­
tions, and transforming enterprise resource planning systems un­
derscores its potential to reshape the accounting landscape. Empirical
studies, such as those by Khorashadi et al. (2017) and Abdelraheem et al.
(2021), support the positive impact of IT, including Blockchain, on the
quality of accounting information. These studies highlight crucial fac­
tors influencing the quality of accounting information, including time­
liness, relevance, accuracy, adequacy, and actual conversion rate.
Qualitative features, including the reliability of financial reports, are
further emphasized through verifiability, faithfulness, and neutrality in
the prepared information, as highlighted by Cheung et al. (2010).
Blockchain technology helps eliminate time differences in the release of
financial statements. Real-time accounting systems allow stakeholders
4
Journal of Open Innovation: Technology, Market, and Complexity 10 (2024) 100302
to track payments instantly, providing a more accurate and up-to-date
understanding of financial positions (Potekhina and Riumkin, 2017).
Blockchain applications focus on the cost and timing advantages of
removing central intermediaries from systems. The protocol ensures
security and certainty in a consensus system, allowing for transparent
transactions without reconciling divergent ledgers. It promotes
self-review and greater transparency in financial processes (ICAEW,
2017). Implementing blockchain technology significantly saves trans­
action time and operational costs, contributing to overall resource
optimization (Gupta and Gupta, 2018). Blockchain protects data integ­
rity, facilitates instant information sharing, and offers automated con­
trol of processes. It is identified as a technology that can make
accounting information more reliable and save time compared to
traditional accounting and auditing systems (Dai and Vasarhelyi, 2017;
Hernandez, 2017). Blockchain’s application with optimal contracts can
enhance compliance risk management and effectiveness. It offers op­
portunities to optimize functions, recognize uncertain transactions, and
improve internal controls. Auditors’ roles may evolve with Blockchain,
leading to changes in the auditing process (Pilkington, 2016; Psaila,
2017; Agrifoglio and de Gennaro, 2022).
In conclusion, integrating blockchain technology into Accounting
Information Systems is pivotal in reshaping commercial banks’ perfor­
mance. From enhancing information quality to streamlining compli­
ance, auditing, and transforming the role of accountants, Blockchain’s
impact is transformative. The ongoing evolution of technology, partic­
ularly the adoption of Blockchain, requires a nuanced understanding of
challenges and an emphasis on empirical research to unlock the full
potential of these innovations in the realm of commercial banking and
accounting (Dai and Vasarhelyi, 2017; Hernandez, 2017; Pilkington,
2016; Psaila, 2017; Agrifoglio and de Gennaro, 2022; McKinsey).
3. The study model and hypotheses
This study aims to delve into the intricate dynamics of the relation­
ship between blockchain application utilization strategies, Accounting
Information Systems (AIS) quality, and organizational performance.
Theoretical underpinnings from The Resource-Based View (RBV) theory
and relevant previous studies (Dai and Vasarhelyi, 2017; Hernandez,
2017; Pilkington, 2016; Khalil et al., 2021; Psaila, 2017; Javaid et al.,
2022; Agrifoglio and de Gennaro, 2022; Garg et al., 2023) are employed
to provide a nuanced understanding of the reciprocal impact of block­
chain applications on AIS quality and their collective influence on
organizational success. Drawing upon the Resource-Based View (RBV)
theory, which emphasizes the strategic importance of unique resources
for a firm’s competitive advantage, this study seeks to explore how
blockchain application utilization strategies contribute to the enhance­
ment of AIS quality and subsequently impact overall organizational
performance (Barney, 1991; Hitt et al., 2001a, 2001b). Figure 1 in the
study provides a detailed illustration of the expected relationships
among critical constructs. It focuses on the dynamics of blockchain
technology application strategies as independent variables and their
impact on organizational success in commercial banks, which is
considered the dependent variable. The study gives prominence to the
quality of Accounting Information Systems (AIS), assessed through
various parameters like accuracy, reliability, timeliness, relevance, ad­
equacy, and actual conversion rate, acting as a pivotal mediating vari­
able in this relationship. The model is designed to thoroughly investigate
and validate the influence of blockchain application utilization strat­
egies—encompassing aspects such as the level of implementation,
integration in banking processes, and sustainability initiatives—on the
performance of organizations. The primary interest lies in understand­
ing how these independent variables related to blockchain application
strategies significantly affect the dependent variable, i.e., the perfor­
mance of banks and financial institutions. This is achieved by examining
how improvements in the quality of AIS, driven by effective blockchain
strategies, subsequently enhance organizational performance.
A. Al-Dmour et al.
Fig. 1. The study Model.
In alignment with this model, the following hypotheses were
proposed:
H1. : Effective utilization of blockchain applications enhances the
quality of AIS.
H2. : Enhanced AIS quality positively impacts organizational
performance.
H3. : AIS quality mediates the relationship between blockchain utili­
zation and organizational performance.
This model delineates independent variables related to blockchain
technology application strategies, encompassing aspects such as imple­
mentation level, integration in banking processes, and sustainability
initiatives. The quality of AIS, measured through accuracy, reliability,
timeliness, relevance, adequacy, and actual conversion rate, acts as the
mediating variable, while organizational success metrics represent the
dependent variable. The model aims to validate and scrutinize the re­
lationships between these variables, visually representing the theoret­
ical framework guiding the study. In this study, the variables of primary
interest (the independent variables) were blockchain application utili­
zations. The influence of the independent variables on the Variance in
the dependent variable (organizational/bank performance) via the
mediating factors (quality of AIS) was studied. The expected relation­
ships among these constructs are illustrated in Figure 1.
4. Research methodology
This study utilizes a quantitative approach to delve into the interplay
between blockchain application strategies, Accounting Information
Systems (AIS) quality, and organizational performance within Jordanian
commercial banks. Recognizing the complexity of evaluating technol­
ogy’s impact on organizational metrics, we opted for a survey method­
ology to directly gather primary data from individuals actively involved
in integrating and managing blockchain technology within these banks.
The survey, distributed via online and paper-based questionnaires,
garnered 423 responses, of which 388 were deemed valid. Our targeted
sample comprised approximately 500 participants from Jordanian
commercial banks, chosen for their insights into blockchain strategies,
AIS quality, and organizational performance. Notably, our study par­
ticipants are real-world business users actively utilizing or implementing
blockchain-enabled applications within the banking sector. To ensure a
representative sample, we initially targeted around 500 professionals
from Jordanian commercial banks, specifically those engaged with
blockchain technologies or responsible for their management and
implementation. This deliberate selection aimed to capture a broad
spectrum of insights regarding the strategic implications of Blockchain,
enhancements in AIS, and performance outcomes across the banking
sector. To refine our sampling strategy and ensure representativeness,
we utilized a stratified sampling method, categorizing banks and re­
spondents based on criteria such as bank size, geographical location, and
5
Journal of Open Innovation: Technology, Market, and Complexity 10 (2024) 100302
participants’ roles related to blockchain technologies. This approach
aimed to secure a sample that authentically reflects the diverse land­
scape of Jordan’s banking industry.
The survey was meticulously designed to capture detailed insights
into utilizing blockchain applications, the resulting quality of AIS, and
perceived improvements in organizational performance. The question­
naire comprised sections dedicated to these areas, formulated from a
comprehensive review of related literature and existing validated scales
to ensure coverage of all relevant aspects (Javaid et al., 2022; Agrifoglio
and de Gennaro, 2022). To develop a representative and comprehensive
questionnaire, items were carefully chosen and adapted from authori­
tative sources, with modifications made to align with the specific
context of Jordanian commercial banks (Al-Dmour et al., 2018; Kieso
et al., 2020). The finalized survey included closed and open-ended
questions for quantitative data analysis while capturing qualitative in­
sights into participant experiences and perceptions. Data were collected
through a mixed-mode approach, combining online surveys with
paper-based forms to ensure broad participation across different de­
partments and seniority levels within the banks. The initial target was
around 500 professionals, with the final valid responses totaling 346
after screening for completeness and consistency.
5. Ensuring reliability and validity
Reliability: To ensure the internal consistency of the survey in­
struments, Cronbach’s alpha was calculated for each scale, with all
values exceeding the acceptable threshold of 0.7, indicating reliable
measures (Alkafaji et al., 2023). A pilot study was also conducted with a
smaller subset of the target population. Feedback from this pilot was
used to refine the survey items, further ensuring the reliability of the
data collection instruments.
Validity: Content validity was initially established through expert
reviews, where subject matter experts in Blockchain and AIS assessed
the survey items for relevance and comprehensiveness. Construct val­
idity was ensured through confirmatory factor analysis (CFA), using
AMOS to validate that each item loaded significantly on its intended
factor, thus confirming that our constructs were well-represented by the
survey items.
Mitigation of Bias: Several strategies were implemented to reduce
the potential for common method bias—a concern in survey research
where the measurement method influences the results. This included
guaranteeing respondent anonymity, using reverse-scored items, and
separating the measurement of different constructs in the survey layout.
Additionally, the data collection at different times and from a mix of
both digital and paper formats helped minimize any method-specific
biases.
Generalizability: To ensure that our findings could be generalized
beyond the sample, we employed stratified sampling based on bank size,
geographical location, and the role of the participants concerning
blockchain technology. This strategy helped capture a broad spectrum of
A. Al-Dmour et al. Journal of Open Innovation: Technology, Market, and Complexity 10 (2024) 100302

insights from various tiers within the banking sector.
Responses were analyzed using SPSS and AMOS to test hypotheses
and explore the relationships among the variables. The comprehensive
approach to survey design and rigorous data analysis techniques un­
derscores our commitment to producing reliable, valid, and actionable
insights into the impact of blockchain technology in Jordanian com­
mercial banks.
6. Descriptives of the demographic profile
Table 1 provides a comprehensive overview of participant de­
mographics and professional experience, ensuring the reliability of their
responses. This table includes critical demographic information such as
age, gender, position, and years of experience. Notably, 43.3% of re­
spondents fall within the 30–39 age bracket, indicating that most of the
participants from commercial banks are in a highly productive age
range. Gender distribution shows a close balance, with 56% of re­
spondents identifying as male and 44% as female. In terms of educa­
tional background, 5% reported studying humanities. The professional
roles varied: 22.4% identified as Chief Risk Officers, 14.4% as Chief
Marketing Officers, and 7.92% were Chief Technology Officers. A sig­
nificant 39.19% of respondents possessed experience ranging from 10 to
15 years. All these demographic details are summarized in Table 1 to
help the participant profile be understood clearly.
minimum rho_a value of 0.707 represents a sensible cut-off point beyond
which the construct scores exhibit reasonable dependability. As shown
in Table 2, every construct’s rho_a value transcends the proposed
threshold of 0.707, offering compelling evidence for the composites’
consistent and reliable performance. Average Variance Extracted (AVE)
is a measure for evaluating convergent validity, illustrating the degree to
which the indicators share a substantial portion of their Variance due to
the association with the shared latent construct. Previous research rec­
ommends an acceptable AVE level higher than 0.5, implying that the
latent variable accounts for over half of the variability exhibited by its
respective indicators (Hair et al., 2019). Our AVE values surpass this
benchmark (see Table 2), demonstrating adequate convergent validity.
Discriminant validity is demonstrated when there is a statistically
meaningful disparity between two latent variables representing dis­
similar theoretical constructs. To substantiate empirical evidence sup­
porting discriminant validity, this study employed the Heterotrait-
Monotrait ratio (HTMT) criterion (Henseler et al., 2015). According to
Hair et al. (2019), a conservative threshold for the HTMT would be
lower than 0.85, while a liberal standard permits an upper limit of 0.90.
Our analysis revealed that the calculated HTMT values fell beneath the
strict threshold of 0.85 (see Table 3), establishing discriminant validity
for the examined constructs.
7.2. Structural model

7. Results analysis Once the measurement model assessment is deemed satisfactory, the
subsequent stage in analyzing PLS-SEM results involves assessing the
7.1. Measurement model structural model. The standard assessment criteria that should be
considered include the statistical significance and relevance of the path
At this point, it is required to evaluate indicator reliability, com­ coefficients, the coefficient of determination (R2), and the predictive
posite reliability, convergent validity, and discriminant validity. The performance (Q2predict) (Hair et al., 2019). Referring to Table 4, it
assessment of indicator reliability involves examining factor loading becomes evident that all proposed hypotheses received empirical vali­
estimates. Typically, factor loadings exceeding 0.708 suggest satisfac­ dation. Specifically, the effectiveness of Blockchain applications’ utili­
tory levels of indicator reliability (Hair et al., 2019). As displayed in zation positively impacts perceived AIS quality (β = 0.641, p-value <
Table 2, except for QUAl_6, all factor loadings exceeded the recom­ 0.001). This indicates that the effectiveness of Blockchain application
mended value, indicating that all indicators are reliable. As a result, utilization boosts AIS quality. Well-designed and deployed blockchain
Qual_6 was excluded from any further analysis. applications can improve user satisfaction and system reliability by
Regarding composite reliability (CR) evaluation, Dijkstra–Henseler’s bringing security, decentralization, and transparency to AIS.
rho_a metric assumes critical importance (Benitez et al., 2020). A Further, the results indicate that perceived AIS quality positively
impacts perceived bank performance (β = 0.638, p-value < 0.001). This
suggests that the perceived quality of AIS can greatly enhance banks’
Table 1 perceived performance. High quality sets the bar for competition by
Sociodemographic Profile (N = 388). improving financial reporting, effectively evaluating risk, and attracting
Demographic Category Frequency Percentage customers. The indirect effect of Blockchain applications utilization
variables (%) effectiveness on perceived bank performance through perceived AIS
Gender Male 217 56 quality is found to be significantly positive (β = 0.409, p-value < 0.001).
Female 171 44 This finding indicates that Blockchain applications utilization effec­
Age 18–29 years 56 14.4
30–39 years 168 43.3
tiveness has the potential to amplify perceived bank performance by
40–49 years 97 25 increasing perceived AIS quality. Importantly, the effect size (f2) of both
50 years and above 67 17.3 Blockchain Applications utilization effectiveness (f2 = 0.698) and
Position/Role Chief Executive Officer 22 6 Perceived AIS Quality (f2 = 0.687) are considered substantial (Cohen,
(CEO):
1988).
Chief Financial Officer 55 14.7
(CFO): Relating to the measurement of explanatory prowess (R2) or coeffi­
Chief Operating Officer 34 8.7 cient of determination, the results shown in Table 5 indicate that
(COO Blockchain applications utilization effectiveness accounts for 41.1%
Chief Risk Officer (CRO): 87 22.4 (R2=0.411) of the total Variance in perceived AIS quality. Similarly,
Chief Technology Officer 56 14.4
(CTO):
perceived AIS quality accounts for 40.7% (R2=0.407) of the total Vari­
Human Resources Director 18 5 ance in perceived bank performance. Possessing such explanatory ca­
(HR): pabilities, one can deem this as relatively moderate (Henseler et al.,
Chief Marketing Officer 19 4.9 2009). Moreover, the PLSprdict was performed to assess the predictive
Branch Manager 66 17
performance (Q2predict) (Shmueli et al., 2016). As presented in Table 5,
Other 31 7.8
Experiences Less than 5years 65 17 the latent variables (dependent constructs) alongside their associated
6–9 years 77 19.8 manifest variables (items) possess a Q2predict value exceeding zero.
10–15years 119 30.6 Moreover, most items in the PLS-SEM model exhibit a lower root mean
16–20 years 97 25 square error (RMSE) than the linear regression model (LM). This finding
More than 20 years 32 8.3
suggests that the research model possesses a medium predictive

6
A. Al-Dmour et al. Journal of Open Innovation: Technology, Market, and Complexity 10 (2024) 100302

Table 2
Measurement model’s reliability evaluation.
Construct Item Variables Loading CR (rho_a) AVE

Perceived Bank performance PER_1 Operational efficiency improvements. 0.797 0.911 0.607
PER_2 Employee satisfaction. 0.776
PER_3 Customer satisfaction. 0.785
PER_4 Risk management effectiveness. 0.765
PER_5 Competitive advantage. 0.782
PER_6 Social performance. 0.775
PER_7 Environmental performance. 0.774
PER_8 Return on Investment (ROI). 0.777
Perceived AIS Quality QUAL_1 Accuracy of data. 0.775 0.948 0.655
QUAL_2 Reliability of financial information. 0.764
QUAL_3 Timeliness and real-time information. 0.767
QUAL_4 Relevance of information. 0.777
QUAL_5 Adequacy in meeting organizational needs. 0.812
QUAL_6 Actual conversion rate of financial data. 0.564*
QUAL_7 Comprehensibility of financial data. 0.843
QUAL_8 Comparability of financial data. 0.860
QUAL_9 Integrity of financial information. 0.837
QUAL_10 Verifiability of financial data. 0.827
QUAL_11 Faithfulness of financial data. 0.816
QUAL_12 Privacy of financial information 0.817
Blockchain Applications Utilizations Effectiveness UTI_1 Secure cross-border payments and transactions. 0.807 0.933 0.626
UTI_2 Smart contracts in banking processes. 0.791
UTI_3 Customer loyalty programs. 0.793
UTI_4 Supply chain finance in sustainability initiatives. 0.829
UTI_5 Trade finance and supply chain management. 0.788
UTI_6 Digital identity verification. 0.780
UTI_7 Fraud prevention and cybersecurity enhancement. 0.769
UTI_8 Tokenization of assets. 0.810
UTI_9 Decentralized finance (DeFi) in sustainability initiatives. 0.753
UTI_10 Recordkeeping and auditing. 0.786

*Item deleted

identity verification—that substantially boost AIS quality. These results

Table 3 support the proposition that thoughtful, strategic integration of Block­
Discriminant validity evaluation.
chain in banking can significantly enhance operational efficiency and
Blockchain Applications Utilizations Perceived AIS competitive positioning, echoing sentiments from Pilkington (2016),
Effectiveness Quality
Psaila (2017), and Dal Mas et al. (2023).
Perceived AIS Quality 0.667 - Additionally, this discussion delves into the challenges associated
Perceived Bank 0.405 0.678 with real-time blockchain applications in banking environments. Real-
performance
time application of Blockchain faces hurdles such as integration
complexity with existing financial systems, the scalability of solutions to
performance (Hair et al., 2019). handle vast transaction volumes without latency, and maintaining data
consistency across distributed ledgers. These challenges are critical as
8. Results discussions they directly affect the reliability and efficiency of blockchain applica­
tions in live environments, necessitating robust solutions that ensure
This empirical investigation into the effects of blockchain technology seamless functionality and regulatory compliance. Moreover, our study
utilization on the quality of Accounting Information Systems (AIS) and underscores the need for substantial upskilling of bank personnel to
the subsequent performance metrics of commercial banks in Jordan effectively manage and innovate with blockchain technology, alongside
aligns well with the Resource-Based View (RB-V) theory. The RB-V navigating the complex regulatory landscape governing blockchain
theory posits that distinctive organizational resources, such as block­ deployment. These elements highlight the myriad of challenges banks
chain technology, serve as catalysts for competitive advantage by encounter as they aim to optimize Blockchain to enhance AIS quality
enhancing operational efficiency and strategic efficacy. This study cor­ and improve organizational performance.
roborates earlier findings (Dai and Vasarhelyi, 2017; Hernandez, 2017; Additionally, it is crucial to address the gap in the existing research
Vega et al., 2022), illustrating that effective blockchain integration landscape regarding concepts discussing artifacts and other segments
significantly improves AIS quality and, in turn, the overall performance within the context of blockchain application strategies, AIS quality, and
of banks. In our analysis, we pinpoint several aspects of blockchain organizational performance in Jordanian commercial banks. While our
application—namely secure transactions, smart contracts, and digital study contributes valuable insights into the effects of blockchain

Table 4
Hypotheses testing results.
Hypothesis Path β Mean f2 *STDEV T Confidence P
statistics intervals values

H1 Blockchain Applications Utilizations Effectiveness → Perceived AIS Quality 0.641 0.642 0.698 0.029 22.360 0.583, 0.695 0.000
H2 Perceived AIS Quality → Perceived Bank performance 0.638 0.639 0.687 0.025 25.590 0.589, 0.685 0.000
H3 Blockchain Applications Utilizations Effectiveness → Perceived AIS Quality → 0.409 0.410 - 0.026 15.747 0.359, 0.460 0.000
Perceived Bank performance

*Standard deviation

7
A. Al-Dmour et al. Journal of Open Innovation: Technology, Market, and Complexity 10 (2024) 100302

Table 5
Explanatory power and predictive performance assessment.
Construct R2 Q2predict (Construct) Item Q2predict (Item) PLS-SEM_RMSE LM_RMSE PLS-SEM_RMSE < LM_RMSE

Perceived AIS Quality 0.411 0.407 QUAL_1 0.367 0.901 0.902 Yes
QUAL_2 0.384 0.912 0.905 No
QUAL_3 0.382 0.903 0.896 No
QUAL_4 0.353 0.935 0.939 Yes
QUAL_5 0.171 1.102 1.110 Yes
QUAL_7 0.194 1.071 1.075 Yes
QUAL_8 0.278 1.007 1.014 Yes
QUAL_9 0.144 1.128 1.133 Yes
QUAL_10 0.185 1.102 1.098 No
QUAL_11 0.175 1.086 1.087 Yes
QUAL_12 0.153 1.110 1.113 Yes
Perceived Bank performance 0.407 0.142 PER_1 0.107 0.929 0.938 Yes
PER_2 0.108 0.959 0.970 Yes
PER_3 0.112 0.955 0.968 Yes
PER_4 0.100 0.959 0.969 Yes
PER_5 0.067 1.072 1.081 Yes
PER_6 0.042 1.162 1.163 Yes
PER_7 0.062 1.102 1.114 Yes
PER_8 0.060 1.084 1.092 Yes

technology utilization on AIS quality and banking performance, it is
essential to acknowledge alternative technologies and solutions
explored in previous research. Alternative approaches, such as distrib­
uted ledger technologies (DLT) besides Blockchain, have been consid­
ered in the literature. However, these approaches may need to
adequately address our study’s focus’s complexities and specific
requirements.
Utilizing a quantitative survey approach, our chosen methodology
offers several distinct advantages for addressing the research questions
at hand. Firstly, by directly engaging individuals involved in integrating
and managing blockchain technology within Jordanian commercial
banks, we obtain real-world insights and perspectives that may need to
be fully captured through alternative methods. Secondly, the survey
methodology allows us to gather primary data efficiently from diverse
stakeholders, providing a comprehensive understanding of the re­
lationships between blockchain application strategies, AIS quality, and
organizational performance. Finally, by employing a stratified sampling
method, we ensure that our sample accurately reflects the Jordanian
banking industry’s diversity, enhancing our findings’ generalizability.
Further, this research illuminates the nuanced function of AIS quality
as a mediator in the relationship between blockchain deployment and
enhancements in banking performance. Our analysis demonstrates that
Blockchain’s effect on banking success is significantly mediated by im­
provements in AIS quality, with certain aspects of technology utilization
exerting a more impactful influence. This observation aligns with prior
studies, including those by McKinsey et al., Gupta and Gupta (2018),
and Agrifoglio and de Gennaro (2022), which have documented the
transformative potential of Blockchain in the banking sector, notably in
aspects such as secure transactions and fraud prevention, leading to
marked enhancements in AIS quality and bank performance. By
uncovering a crucial gap in current research—the strategic deployment
of Blockchain to improve AIS in Jordanian banks—our study elucidates
the intermediary role of AIS quality in the interplay between blockchain
adoption and banking performance. Thus providing robust empirical
evidence that deepens our understanding of Blockchain’s extensive
organizational implications. The insights derived advocate for the stra­
tegic use of blockchain applications as a pivotal driver of efficiency and
effectiveness in the banking sector. Blockchain integration within AIS
significantly bolsters data accuracy, reliability, and timeliness, setting
new financial reporting and risk management benchmarks. This indirect
influence of Blockchain on banking performance through AIS quality
underscores the profound impact of technological innovation on orga­
nizational success.
Ultimately, our investigation contributes fresh empirical insights
into the discourse on the interrelationship between blockchain
technology, AIS quality, and banking performance within the Jordanian
context. Highlighting the importance of strategic technology adoption in
enhancing operational efficiency and securing a competitive advantage,
these findings offer bank managers and policymakers actionable stra­
tegies to leverage blockchain innovation, thereby refining AIS quality,
augmenting banking performance, and successfully navigating the
rapidly evolving financial sector.
9. Practical implications and limitations
The findings from this empirical study have significant implications
for bank managers and policymakers within the banking sector,
particularly in developing economies like Jordan. The results demon­
strate the positive impact of blockchain application utilization on the
quality of Accounting Information Systems (AIS) and overall bank per­
formance, highlighting the strategic importance of this technology. Bank
managers should prioritize integrating blockchain technology to
enhance AIS, recognizing its potential to improve operational effi­
ciencies and secure data processes significantly. This involves strategic
investments in blockchain solutions tailored to meet the banks’ specific
operational needs. Furthermore, bank managers are advised to imple­
ment comprehensive training programs to enhance employees’ under­
standing and proficiency in blockchain technology. This will ensure that
the workforce is well-equipped to leverage the full potential of Block­
chain, thereby maximizing its benefits in improving AIS quality and
overall performance.
Additionally, enhancing the AIS with blockchain technology, which
provides improved data security, reliability, and transparency, should
be a key focus for banks. This will enable banks to utilize blockchain
technology to enhance operational efficiency effectively and gain a
competitive advantage in the financial sector. For policymakers, the
transformative potential of blockchain technology suggests a need for
supportive regulatory frameworks that encourage and facilitate its
adoption in the banking industry. Policymakers should develop guide­
lines that foster a conducive environment for technological innovation,
including offering incentives for blockchain adoption. It is also impor­
tant for them to ensure that regulatory frameworks are aligned with the
capabilities and advantages of blockchain technology, which will facil­
itate its smooth integration into existing banking systems.
10. Future avenues for research
This study has laid a foundational understanding of the impact of
Blockchain on Accounting Information Systems (AIS) and organizational
performance within Jordanian commercial banks. However, the

8
A. Al-Dmour et al.
potential for further research in this area is extensive and crucial for
deepening our understanding of Blockchain’s broader implications.
Future investigations could delve into the specific factors that influence
the adoption of blockchain technology in banking. Exploring variables
such as organizational readiness, technology acceptance models, and
cultural influences on technology adoption will provide a richer un­
derstanding of the barriers and facilitators to blockchain integration
within diverse banking environments. The long-term sustainability of
blockchain enhancements in AIS also warrants further examination.
Longitudinal studies tracking the implementation and effects of Block­
chain over extended periods could offer invaluable insights into the
enduring impacts of this technology and how it evolves in response to
changes in technology and market conditions. These studies are essen­
tial for determining whether the initial benefits of Blockchain are sus­
tained over time and how they might adapt to ongoing technological
advancements.
Moreover, comparative studies across different economies or in­
dustries could illuminate how contextual variables influence blockchain
technology’s effectiveness. Such research would uncover how Block­
chain adapts to various regulatory, economic, and technological envi­
ronments, helping to identify best practices and potential challenges
that may be absent from a single-case analysis. Given the rapid evolution
of blockchain technology, ongoing research is necessary to keep pace
with its developments. Future studies should also explore how Block­
chain can be integrated with other emerging technologies like artificial
intelligence and the Internet of Things (IoT). Investigating the syner­
gistic effects of these integrations on AIS and banking operations could
reveal innovative ways to enhance efficiency and effectiveness in
financial services.
By pursuing these research avenues, scholars can expand upon the
initial findings of this study and contribute to a more comprehensive
understanding of Blockchain’s strategic capacity within the banking
sector. Such efforts will ensure that the banking industry remains at the
cutting edge of technological innovation and efficiency in an increas­
ingly digitalized global economy.
CRediT authorship contribution statement
Ahmed Al-Dmour: Writing – review & editing, Writing – original
draft, Data curation. Rand Al-Dmour: Methodology. Hani Al-Dmour:
Supervision, Conceptualization. Ahmed Al-Adwan: Validation, Formal
analysis.
Ethical Approval
This research was conducted in strict adherence to the applicable
guidelines and regulations as outlined by our University’s Ethics Com­
mittee (Decision No. 421778)."
Funding statement
We would like to note that our paper, titled ’Blockchain Applications
and Commercial Bank Performance: The Mediating Role of AIS Quality,’
did not receive any external funding."
Declaration of Competing Interest
The authors declare that they have no competing interests.
Acknowledgments
We would like to thank all respondents for their support and
participation in collecting the data for this study.
9
Journal of Open Innovation: Technology, Market, and Complexity 10 (2024) 100302
Author Contributions
In the development of the paper titled "Blockchain Applications and
Commercial Bank Performance: The Mediating Role of AIS Quality," the
authors contributed as follows:
Ahmed Al-Dmour focused on the conceptual framework and
methodology design. His expertise in blockchain applications was
pivotal in defining the scope and objectives of the research.
Rand Al-Dmour contributed significantly to the literature review
and analysis of commercial bank performance, bringing in-depth in­
sights into the banking sector’s dynamics.
Hani Al-Dmour was instrumental in the data collection and analysis
process. His methodical approach ensured the accuracy and reliability of
our findings.
Ahmad Adwan led the discussion on AIS Quality’s mediating role
and was responsible for drafting and revising the manuscript. His critical
perspective was crucial in interpreting the results and formulating
conclusions.
References
Abdelraheem, A.A.E., Hussain, A.M., Mohammed, M.A.A., Elbokhari, Y.A.E., 2021. The
effect of information technology on the quality of accounting information.
Accounting 7, 191–196.
Agrifoglio, R., de Gennaro, D., 2022. New Ways of Working through Emerging
Technologies: A Meta-Synthesis of the Adoption of Blockchain in the Accountancy
Domain. J. Theor. Appl. Electron. Commer. Res. 17, 836–850.
Ahluwalia, S., Mahto, R.V., Guerrero, M., 2020. Blockchain technology and startup
financing: A transaction cost economics perspective. Technol. Forecast. Soc. Change
151, 119854.
Al-Dmour, A.H., Abbott, M., Al-Qadi, N.S., 2018. The Impact of the Quality of Financial
Reporting On Non-Financial Business Performance and the Role of Organizations
Demographic Attributes (Type, Size, and Experience). Acad. Account. Financ. Stud.
J. 22, 1–16.
Alkaf, A.R., Yusliza, M.Y., Ehido, A.J., Saputra, J., Muhammad, Z., 2023. Top
management support, green intellectual capital and green HRM: a proposed
framework for sustainability. Journal of Environmental Management and Tourism
14 (5), 2308–2318.
Alkafaji, B.K.A., Dashtbayaz, M.L., Salehi, M., 2023. The impact of blockchain on the
quality of accounting information: an Iraqi case study. Risks 11 (3), 58.
Allioui, H., Mourdi, Y., 2023. Exploring the full potentials of IoT for better financial
growth and stability: a comprehensive survey. Sensors 23 (19), 8015.
ALSaqa, Z.H., Hussein, A.I., Mahmood, S.M., 2019. The impact of Blockchain on
accounting information systems. J. Inf. Technol. Manag. 11 (3), 62–80.
Andolfatto, D., (2018). Blockchain: What it is, what it does, and why you probably don’t.
Antoniadis, I., Spinthiropoulos, K., Kontsas, S., 2020. Blockchain applications in tourism
and tourism marketing: a short review. Strategy Innov. Mark. Tour. 375–384.
Barney, J.B., 1991. Firm resources and sustained competitive advantage. J. Manag. 17
(1), 99–120.
Bayramova, A., Edwards, D.J., Roberts, C., 2021. The role of blockchain technology in
augmenting supply chain resilience to cybercrime. Buildings 11, 283.
Beck, R., Becker, C., Lindman, J., Rossi, M., 2017. Opportunities and risks of blockchain
technologies. Dagstuhl Rep.
Benitez, J., Henseler, J., Castillo, A., Schuberth, F., 2020. How to perform and report an
impactful analysis using partial least squares: guidelines for confirmatory and
explanatory IS research. Inf. Manag. 57 (2), 103168.
Bonsón, E., Beznárová, L., 2019. Blockchain as a trustless third party: a review. Technol.
Forecast. Soc. Change 145, 196–206.
Chang, V., et al., 2020. How blockchain can impact financial services – the overview,
challenges, and recommendations from expert interviewees. Technol. Forecast. Soc.
Change 158, 120166.
Chang, V., Baudier, P., Zhang, H., Xu, Q., Zhang, J., Arami, M., 2020. How Blockchain
can impact financial services–the expert interviewees’ overview, challenges, and
recommendations. Technol. Forecast. Soc. Change 158, 120166.
Cheung, E., Evans, E., Wright, S., 2010. A historical review of quality in financial
reporting in Australia. Pac. Account. Rev. 22, 147–169.
Cohen, J., 1988. Statistical power analysis for the behavioral sciences. Academic Press.
da Silva, C.F., Moro, S., 2021. Blockchain technology as an enabler of consumer trust: a
text mining literature analysis. Telemat. Inform. 60, 101593.
Dai, J., Vasarhelyi, M.A., 2017. Toward blockchain-based accounting and assurance.
J. Inf. Syst. 31, 5–21.
Dal Mas, F., Massaro, M., Ndou, V., Raguseo, E., 2023. Blockchain technologies for
sustainability in the agrifood sector: a literature review of academic research and
business perspectives. Technol. Forecast. Soc. Change 187, 122155.
Dang, C., Wang, F., Yang, Z., Zhang, H., Qian, Y., 2022. Evaluating and forecasting the
risks of small to medium-sized enterprises in the supply chain finance market using
blockchain technology and deep learning model. Oper. Manag. Res. 15 (3-4),
662–675.
A. Al-Dmour et al.
Di Silvestre, M.L., Gallo, P., Guerrero, J.M., Musca, R., Sanseverino, E.R., Sciumè, G.,
Zizzo, G., 2020. Blockchain for power systems: current trends and future
applications. Renew. Sustain. Energy Rev. 119, 109585.
Drescher, D., 2017. Blockchain basics: A non-technical introduction in 25 steps. Apress
[2017], viewed November 23rd, 2018, ISBN-10: 1484226038.
Fauziah, Z., Latifah, H., Omar, X., Khoirunisa, A., Millah, S., 2020. Application of
blockchain technology in smart contracts: a systematic literature review. Aptisi
Trans. Technopreneurship 2 (2), 160–166.
Frizzo-Barker, J., Chow-White, P.A., Adams, P.R., Mentanko, J., Ha, D., Green, S., 2020.
Blockchain as a disruptive technology for business: a systematic review. Int. J. Inf.
Manag. 51, 102029.
Garanina, T., Ranta, M., Dumay, J., 2022. Blockchain in accounting research: current
trends and emerging topics. Account., Audit. Account. J. 35 (7), 1507–1533.
Garg, P., Gupta, B., Kapil, K.N., Sivarajah, U., Gupta, S., 2023. Examining the
relationship between blockchain capabilities and organizational performance in the
Indian banking sector. Ann. Oper. Res.
Gatteschi, V., Lamberti, F., Demartini, C., 2020. Blockchain technology use cases. Adv.
Appl. Block Technol. 91–114.
George, J.F., Gupta, M., Giordano, G., Mills, A.M., Tennant, V.M., Lewis, C.C., 2018. The
effects of communication media and culture on deception detection accuracy. MIS Q.
42 (2), 551–575.
Ghosh, K., 2021. Blockchain technology: a catalyst for change in finance. Drishtikon:
Manag. J. 12 (1), 01–22.
Guo, Y., Liang, C., 2016. Blockchain application and outlook in the banking industry.
Financial innovation 2, 1–12.
Gupta, A., Gupta, S., 2018. Blockchain technology: Application in the Indian banking
sector. Delhi Bus. Rev. 19 (2), 75–84.
Hacioglu, U., 2020. Digital Business Strategies in Blockchain Ecosystems. Springer
International Publishing. DOI: pp. 10, 978–3.
Hair, J.F., Risher, J.J., Sarstedt, M., Ringle, C.M., 2019. When to use and how to report
the results of PLS-SEM. Eur. Bus. Rev. 31 (1), 2–24 (Link).
Hasan, M.R., Shiming, D., Islam, M.A., Hossain, M.Z., 2020. Operational efficiency
effects of blockchain technology implementation in firms: Evidence from China. Rev.
Int. Bus. Strategy 30 (2), 163–181.
Henseler, J., Ringle, C.M., Sarstedt, M., 2015. A new criterion for assessing discriminant
validity in variance-based structural equation modeling. J. Acad. Mark. Sci. 43,
115–135.
Hernandez, K., 2017. Blockchain for Development–Hope or Hype? Inst. Dev. Stud. 17,
1–4.
Hitt, M.A., Ireland, R.D., Camp, S.M., Sexton, D.L., 2001. Strategic entrepreneurship:
Entrepreneurial strategies for wealth creation. Strateg. Manag. J. 22 (6/7), 479–492.
https://doi.org/10.1002/smj.196.
Hongdan, H., Shiwakoti, R.K., Jarvis, R., Mordi, C., Botchie, D., 2023. Accounting and
auditing with blockchain technology and artificial Intelligence: A literature review.
Int. J. Account. Inf. Syst. (48), 100598
Huang, Y.X., Liang, Z.H., Wang, Y.H., Lu, G., 2018. Research on the application of
Blockchain in supply chain finance. Comput. Sci. Appl. 8 (1), 78–88.
ICAEW, 2017. Blockchain and the future of accountancy. Information Technology
Faculty, London (Link).
Javaid, M., et al., 2023. Unlocking the opportunities through CHATGPT tool towards
ameliorating the education system. BenchCouncil Trans. Benchmarks, Stand., Eval. 3
(2), 100115 https://doi.org/10.1016/j.tbench.2023.100115.
Javaid, M., Haleem, A., Singh, R.P., Suman, R., Khan, S., 2021. Blockchain technology
applications for Industry 4.0: A literature-based review. Block.: Res. Appl., 100027
Javaid, M., Haleem, A., Singh, R.P., Suman, R., Khan, S., 2022. A review of Blockchain
Technology applications for financial services. BenchCouncil Trans. Benchmarks,
Stand. Eval., 100073
Jena, R.K., 2022. Examining the factors affecting the adoption of blockchain technology
in the banking sector: An extended UTAUT model. Int. J. Financ. Stud. 10 (4), 90.
Khalil, M., Khawaja, K.F., Sarfraz, M., 2021. The adoption of blockchain technology in
the financial sector during the fourth industrial revolution: a moderated mediated
model. Qual. Quant. 1–18.
Khan, I.H., Javaid, M., 2022. Role of the Internet he t of Things (IoT) in Adopting
Industry 4.0. J. Ind. Integr. Manag. 7 (04), 515–533.
Khatri, A., Kaushik, A., 2021. Systematic Literature Review on Blockchain Adoption in
Banking. J. Econ. Financ. Account. 8 (3), 126–146.
Khatwani, R., Mishra, M., Bedarkar, M., Nair, K., Mistry, J., 2023. Impact of Blockchain
on Financial Technology Innovation in the Banking, Financial Services, and
Insurance (BFSI) sector. J. Stat. Appl. Probab. 12 (1), 181–189.
Khorashadi, Zadeh, M.H., Karkon, A., Golnari, H., 2017. The effect of information
technology on the quality of accounting information. J. Syst. Manag. 3, 61–76.
Kieso, D.E., Weygandt, J.J., Warfield, T.D., 2020. Intermediate Accounting, 2nd ed. IFRS
Edition. Wiley, New York.
10
Journal of Open Innovation: Technology, Market, and Complexity 10 (2024) 100302
Kim, S., Park, H., Lee, J., 2020. Word2vec-based latent semantic analysis (W2V-LSA) for
topic modeling: A study of technology trend analysis. Expert Study Syst. Appl. 152,
113401.
Kitsantas, T., Chytis, E., 2022. Blockchain Technology as an Ecosystem: Trends and
Perspectives in Accounting and Management. J. Theor. Appl. Electron. Commer. Res.
17, 1143–1161.
Kokina, J., Mancha, R., Pachamanova, D., 2017. Blockchain: Emergent industry adoption
and accounting implications. J. Emerg. Technol. Account. 14 (2), 91–100.
Liu, Z., 2020. Literature review of supply chain finance based on blockchain perspective.
Open J. Bus. Manag. 9 (1), 419–429.
Monteiro, A.C.B., França, R.P., Iano, Y., Arthur, R., 2021. An Overview of Blockchain
Technology Concepts from a Modern Perspective. Block Healthc. Syst. 27–41.
Murray, A., Rhymer, J.E.N., Sirmon, D.G., 2021. Humans and technology: Forms of
conjoined agency in organizations. Academy of Management Review 46 (3),
552–571.
Padia, K., Shah, V., Desai, D., Kubde, P., 2020. Trade finance using Blockchain. In:
Proceedings of the 3rd International Conference on Advances in Science &
Technology. ICAST.
Pal, A., Tiwari, C.K., Behl, A., 2021. Blockchain technology in financial services: a
comprehensive review of the literature. J. Glob. Oper. Strateg. Sourc. 14 (1), 61–80.
Pilkington, M., 2016. Blockchain technology: Principles and applications. In Handbook
of Research on Digital Transformations. Edward Elgar, Cheltenham.
Potekhina, A., Riumkin, I., 2017. Blockchain – A new accounting paradigm: Implications
for credit risk management. Master’s degree thesis, Umeå School of Business and
Economics.
Rajnak, V., Puschmann, T., 2021. The impact of Blockchain on business models in
banking. Inf. Syst. e-Bus. Manag. 19 (3), 809–861.
Rane, N., Choudhary, S., Rane, J., 2023. Blockchain and Artificial Intelligence (AI)
integration is needed to revolutionize security and transparency in finance. SSRN
(Link).
Rückeshäuser, N., 2017. Blockchain and the accounting information system: A case
study. J. Emerg. Technol. Account. 14 (2), 113–122.
Sanka, A.I., Irfan, M., Huang, I., Cheung, R.C., 2021. A survey of breakthrough in
blockchain technology: Adoptions, applications, challenges, and future research.
Comput. Commun. 169, 179–201.
Schmitz, T., Leoni, G., 2019. Exploring the diffusion of Blockchain: A systematic review
and a proposed framework. Proc. 52nd Hawaii Int. Conf. Syst. Sci.
Sheldon, S., 2018. Enhancing Professionalism Through the Use of Blockchain
Technology. J. Account. 226 (4), 44–49.
Shyshkova, O., 2018. Blockchain as a Key Technology of Digital Economy. Eur. Coop.
Field Sci. Tech. Res. (COST) 117–128.
Surbhi, S. 2018. Difference Between Data and Information. Key Differences. Available
online: https://keydifferences.com (accessed on 5 January 2022).
Tsepeleva, R., Korkhov, V., 2021. Implementation of the cross-blockchain interacting
protocol. In: International Conference on Computational Science and its
Applications. Springer, Cham, pp. 42–55.
Vega, M.B., Saraiva, A.M., Simplicio, M.A., Albertini, B.C., Silva, R.F., 2022. A systematic
review of the use of Blockchain in the Internet of Medical Things. In 2022
(November). IEEE 1st Glob. Emerg. Technol. Block Forum.: Block Beyond 1–6.
Wang, W., 2023. The role of blockchain technology in advancing sustainable energy with
security settlement: enhancing security and efficiency in China’s security market.
FRONTIERS IN ENERGY RESEARCH, p. 11.
Wang, K., Kogan, A., 2017. Toward an Information Systems Perspective and Research
Agenda on Blockchain Technology. J. Assoc. Inf. Syst. 18 (5), 318–335.
Wang, Y., Kogan, A., 2018. Designing confidentiality-preserving blockchain-based
transaction processing systems. Int. J. Account. Inf. Syst. 30, 1–18 (Link).
Yermack, D., 2017. Corporate governance and blockchains. Rev. Financ. 21 (1), 7–31.
Yu, W.A.N.G., Yang, S.H.E.N.G., Xing-Qun, X.U.E., 2022. Blockchain technology and
internet financial risk prevention and control route. Stud. Sci. Sci. 40 (2), 257.
Yuyan, L., Lan, W., 2020. The role of blockchain technology on supply chain finance. :
Proc. 3rd Int. Conf. Data Sci. Inf. Technol. 153–158.
Zachariadis, M., Hileman, G., Scott, S.V., 2019. Governance and control in distributed
ledgers: understanding blockchain technology’s challenges in financial services. Inf.
Organ. 29 (2), 105–117.
Zhang, Y., Wang, Z., Deng, J., Gong, Z., Flood, I., Wang, Y., 2021. Framework for a
blockchain-based infrastructure project financing system. IEEE Access 9,
141555–141570.
Zheng, Z., Xie, S., Dai, H.N., Chen, X., Wang, H., 2018. Blockchain challenges and
opportunities: a survey. Int. J. Web Grid Serv. 14 (4), 352–375.
Zhou, Z., Li, R., Cao, Y., Zheng, L., Xiao, H., 2020. Dynamic performance evaluation of
blockchain technologies. IEEE Access 8, 217762–217772.