Unified Central Bank Blockchain for Improving Accounting Bank Performance in Jordan

ABSTRACT Digital transformation is now a cornerstone of the modern banking sector, enabling a wide range of services, including customer accounting and managing large‐scale financial transactions. This shift also introduces vulnerabilities to cyberattacks, which can disrupt accounting and auditing processes, hindering legitimate auditors from reviewing interbank transactions. To mitigate these challenges, there is an increasing demand for unified blockchain technology to securely manage and share transactions. This paper presents the Unified Central Blockchain Bank (UCBB), an innovative solution aimed at improving the efficiency and effectiveness of tax accounting and auditing. The UCBB system ensures accurate financial data while maintaining traceability to its origin, eliminating the need for third‐party intervention. Experimental results show that the proposed encryption method, combining Elliptic Curve Cryptography (ECC) and the Speck lightweight cipher, improves encryption speed by 10%–15% compared to traditional RSA‐AES schemes. Additionally, our approach reduces memory usage by up to 70% and lowers CPU power consumption by approximately 60%, making it well suited for resource‐constrained environments. By reducing the risk of accounting manipulation and lowering agency costs, this innovation represents a significant leap in blockchain‐enabled banking operations.