KUWAIT: Governor of the Central Bank of Kuwait Basel Ahmad Al-Haroon announced that the bank’s innovation hub “Wolooj” developed an innovative technology for generating cryptographic keys, marking a major leap in data protection and information security. This technology reflects the bank’s commitment to creating a secure digital environment that supports advanced technologies, a Central Bank statement noted on Wednesday.
It relies on generating randomness from unconventional data sources that are highly complex and difficult to predict. This data is then processed and transformed into digital streams used to extract randomness, which is subsequently combined with other secure randomness sources generated by the operating system. The result is the creation of strong, unpredictable encryption keys that balance traditional and non-traditional randomness, thereby enhancing the security of digital systems across various domains.
Al-Haroon added that this achievement was made possible by the dedicated efforts of national talent from within the Central Bank of Kuwait staff, as part of the bank’s institutional innovation framework. The system has been officially registered as intellectual property with the relevant authorities, reaffirming the Central Bank’s position as a leading institution in supporting digital transformation and fostering a secure and dynamic environment for development and innovation.
The Bank reaffirmed its commitment to fostering innovation through Wolooj with a view to driving progress in artificial intelligence, digital transformation, cybersecurity, financial technology and regulatory and supervisory technologies. — KUNA
