KFH sponsors, participates in advanced Blockchain technology training program
Bank pioneer in leveraging Blockchain in cross-border remittance using Ripple
KUWAIT: Kuwait Finance House (KFH) participated in an advanced training program on Blockchain technology as part of its ongoing efforts to develop talent in the Bank, while coping with the latest digitization development in the banking industry.
This also contributes in maintaining the leadership position of the Bank in keeping abreast of the latest Fintech services, while applying Artificial Intelligence (AI) in the Bank’s operations in accordance with the highest standards of quality and professionalism.
The 2-day training program held at J W Marriot Hotel was organized by United Arab Training Center amidst huge participation from KFH employees, in addition to several trainees from different financial institutions. The Blockchain training program included many topics: distinctions between Blockchain and traditional ledgers, centralized versus decentralized database structures, fundamentals of how Blockchain is constructed, early use cases (supply chain, digital identity, digital payment, etc.), data onboarding challenges and opportunities, models to anticipate where technology deployment is likely to happen, strategies to leverage Blockchain from a marketing perspective and the Blockchain protocol.
The agenda of the training program encompassed presentations and discussions. Trainees were split into groups to brainstorm local applications where each group presented their best ideas and discussed how these ideas can be implemented, not to mention some topics like the data on-boarding challenges.
The training was led by Patrick Schwerdtfeger who is a leading authority on technology trends including Blockchain, distributed public ledger technology, and cryptocurrencies, as well as big data, artificial intelligence, and disruptive innovation.
It is worth noting that KFH has been a pioneer in leveraging Blockchain, and it applied this technology in instant cross-border remittance service using Ripple’s Blockchain technology. This emphasizes KFH flagship position in adopting innovative financial solutions, while offering the most advanced services as per highest standards of efficiency. Blockchain technology gives KFH the opportunity to apply novel approaches to achieve the Bank’s objectives and improve customer service.