Purpose There is little empirical evidence on how blockchain affordances may encourage consumers to make sustainable choices. Thus, this paper examines how blockchain affordances affect consumers’ sustainable consumption. Design/methodology/approach We focus on three blockchain affordances: transparency, traceability, and immutability in this paper. By integrating the affordance lens and theory of consumption values (TCV), we develop a research model wherein we posit that blockchain affordances influence several consumption values, which then affect consumers’ intention to purchase sustainable products. In the study, we designed a scenario and user interface for a novel blockchain-based app for sustainable consumption in the context of the fashion industry and surveyed 295 European consumers to examine the study’s research model. We then analyzed the collected data using the partial least squares technique. Findings The results show that blockchain affordances positively affect consumption values, including efficiency, social impression, trust, and sustainability information clarity. In turn, these values influence the consumers’ purchase intention of sustainable products. Additionally, our post hoc analysis shows that these consumption values fully mediate the effect of blockchain affordances on consumers’ purchase intention, where trust and sustainability information clarity is found to have a higher impact. Originality/value Empirical research studies focusing on understanding blockchain’s effect on sustainable consumption values have been limited in prior literature. This study, drawing on the affordance lens, proposes distinct blockchain affordances and empirically validates their impact on consumers’ sustainable purchase intention. By integrating TCV, it highlights the mediating mechanism that drives blockchain’s impact on consumers’ purchase intention. We empirically identify the values that mediate the effects of blockchain affordances on consumers’ purchase intention; further, we discuss implications for research and practice based on the study findings.
Christos Roumeliotis, Minas Dasygenis, Vasilis Lazaridis, Michael Dossis
The Fourth Industrial Revolution has transformed industries and supply chains by integrating advanced operations, tools, and logistics services. Despite these advancements, challenges persist, particularly in ensuring data dependability, security, and operational efficiency. Digital twins (DTs), which replicate real-world components and processes, have emerged as essential tools for enhancing predictive analytics, simulation, and product lifecycle management in Industry 4.0. However, traditional DT development relies on centralized systems, which are vulnerable to data tampering and security breaches, especially in the management of transaction logs and historical data. To address these challenges, this review provides a comprehensive analysis of the current state of integrating blockchain with DTs. Using a qualitative research methodology, including desk research, case studies, and interviews with industry experts, we analyze various blockchain-based DT applications across industries and specifically in supply chain management. The findings reveal that blockchain-enhanced DTs can significantly improve data integrity, traceability, and security, thus boosting operational efficiency and quality control in supply chains. Additionally, this study identifies key integration techniques and the role of blockchain in automating processes through smart contracts. This review provides insights into the practical implications of blockchain-based DTs, highlighting their potential to enhance the reliability and scalability of Industry 4.0 operations.
This review examines how blockchain technology can be leveraged to enhance data privacy and security in sustainable supply chain management (SSCM). As global supply chains become increasingly complex and the demand for sustainability grows, ensuring data privacy and security has become a critical concern. Traditional supply chain systems often face challenges such as data breaches, lack of transparency, and difficulty in tracing products and materials. Blockchain technology, with its decentralized, immutable, and transparent architecture, offers a promising solution to these challenges. Blockchain can enhance data security by ensuring that data is tamper-proof, traceable, and encrypted, thus protecting sensitive information across the supply chain. It provides transparency while allowing permissioned access, ensuring that stakeholders can verify data without exposing confidential information. Furthermore, privacy-preserving technologies such as zero-knowledge proofs and homomorphic encryption allow verification of data without compromising its security. Smart contracts enable automated compliance with regulatory frameworks like GDPR, reducing the risk of human error and improving operational efficiency. The integration of blockchain in SSCM can improve traceability, transparency, and accountability, thereby promoting environmental and social sustainability. By tracking the origin and journey of goods, blockchain helps verify ethical sourcing practices and reduce carbon footprints. However, the technology also presents challenges, including scalability, integration with legacy systems, and cost considerations. Through case studies in industries such as food, textiles, and renewable energy, this review highlights the practical applications and benefits of blockchain for SSCM. It concludes that blockchain has the potential to revolutionize supply chain operations, but careful consideration must be given to overcoming its technical and financial barriers to widespread adoption.
This review proposes a comprehensive framework that integrates data fusion with Distributed Ledger Technologies (DLT) to enhance sustainability in supply chain management. In today’s global supply chains, ensuring transparency, efficiency, and environmental responsibility is critical, yet the lack of real-time visibility and data fragmentation presents significant challenges. The framework addresses these issues by merging data from multiple sources, including IoT devices, operational databases, and external environmental factors, using advanced data fusion algorithms. DLT, with its decentralized, immutable, and transparent nature, ensures the integrity and security of the data, allowing all stakeholders to access accurate and tamper-proof information. The fusion of data within a DLT infrastructure not only improves traceability and accountability but also enables the automation of sustainability checks via smart contracts. These contracts can trigger actions based on predefined sustainability metrics such as carbon emissions, energy consumption, and resource efficiency. Furthermore, predictive analytics and machine learning algorithms integrated into the system provide real-time monitoring and optimization of sustainability performance throughout the supply chain. The proposed review offers numerous benefits, including enhanced transparency, reduced operational costs, improved sustainability outcomes, and risk mitigation. It also addresses challenges such as scalability, data privacy, and regulatory compliance, offering solutions to overcome these hurdles. By exploring case studies of successful implementations, this review demonstrates the practical applications and future potential of combining DLT and data fusion for sustainable supply chain management, positioning it as a critical tool for organizations aiming to meet environmental and regulatory demands in an increasingly digital and eco-conscious world.
Rizwan Matloob Ellahi, Lincoln C. Wood, Alaa Ei-Din A. Bekhit
This systematic review critically examines the diverse applications of Blockchain technology in the food supply chain and identifies areas where its potential remains underutilized. By analysing 60 Blockchain-based frameworks, the study highlights the most frequently employed drivers such as transparency, traceability, and security within food supply chains. Additionally, underexplored applications such as food donation and redistribution, supply chain financing, animal welfare, food waste management, and data analysis are identified, revealing opportunities for further innovation. The research employed NVivo 14 to analyze the extent of Blockchain’s implementation in various food supply chain drivers, and the findings informed the development of a more diverse framework for Blockchain integration. Key insights demonstrate Blockchain’s transformative potential, particularly in enhancing data integrity, trust, and operational efficiency through its immutable ledger and smart contracts, which streamline transactions, cut administrative costs, and reduce fraud. In terms of sustainability and safety, Blockchain improves traceability, accelerates safety responses, promotes environmental sustainability by tracking resource usage, and enhances humanitarian efforts with transparent, efficient resource distribution. Additionally, Blockchain facilitates food waste reduction by optimizing inventory and distribution, while ensuring surplus food reaches those in need. The study concludes by offering a roadmap for future research, pointing toward untapped dimensions of Blockchain’s application in food traceability, sustainable supply chain management, and environmental & social impact. While the review provides a comprehensive understanding of Blockchain’s current usage in food supply chains, the scope is limited by the systematic review process and specific inclusion criteria. This study serves as a foundation for exploring Blockchain’s broader potential in shaping the future of food supply chains.
Javed Aslam, Kee‐hung Lai, Yun Bae Kim, Horst Treiblmaier
Empirical studies based on detailed, theory-based analyses are essential for a deep understanding of technology adoption. This study provides an overview of blockchain applications in logistics management, employing a comprehensive theoretical framework. Blockchain is considered a critical digital infrastructure for logistics operations due to its distinctive characteristics, including decentralization, transparency, immutability, real-time information sharing, reliability, and end-to-end visibility. These characteristics address many contemporary logistics challenges. The study introduces a research model that integrates the fit-viability model (FVM) and task technology fit theory (TTF), demonstrating blockchain's suitability for enhancing logistics operational functions and sustainability performance. To validate the model, data were collected from logistics managers of 576 companies and analyzed using partial least squares (PLS) regression. This research offers valuable insights for managers, policymakers, and decision-makers on practical challenges and potential solutions in logistics through the application of blockchain. Furthermore, the study demonstrates that the implementation of blockchain can improve the alignment, resilience, transparency, integration, and sustainability of logistics tasks.
Building services systems are essential for creating a comfortable and safe living environment in buildings. These are complex systems with high stakeholder involvement, a lengthy lifecycle, and high financial costs. This leads to building services systems having complex procurement and management (P&M) requirements which create a multitude of challenges. Blockchain technology has emerged as a revolutionary digital technology under “Procurement 4.0”. The purpose of this paper is to investigate the applicability of blockchain technology for systematic procurement and management of building services. The science mapping method was used to systematically and quantitatively analyse 102 publications related to bibliographic records retrieved from Scopus and the Web of Science databases. This includes content analysis of the existing issues, current trends of technologies, and applicability of blockchain in the P&M of building services. The results of the bibliometric analysis indicate that publications had grown significantly faster in 2021 related to the P&M of building services with new technologies while there is a minimal collaboration of countries, organisations and authors in publishing research in this area. Further, it is observed that Building Information Modelling (BIM) is the main technology utilised in general P&M. As a result of content analysis, a total of 28 issues that affect the performance of procurement and management of building services are identified. The paper critically evaluates blockchain technology in terms of peer-to-peer networks, hashing algorithms, public key cryptography, consensus mechanisms, smart contracts, and distributed ledger. It indicates that blockchain provides a perfect match for resolving these issues. The findings of the research will open a path to apply blockchain technology in building services. The study offers a readily available point of reference for practitioners, policymakers and research and development bodies.
Focusing on the dual-channel supply chain system consisting of capital-constrained manufacturers, banks, retailers and third-party platforms, considering the dual roles of retailers and third-party platforms as channel participants and loan providers, the optimal financing strategies of capital-constrained manufacturers under centralized decision-making and decentralized decision-making are studied respectively, and the influence of different initial capital levels on their financing strategy selection is explored. The results show that under centralized decision-making, the third-party platform financing strategy is always better than the bank financing strategy; under the condition of equal financing interest rates, if the initial capital level allows both financing strategies to be selected, the third-party platform financing strategy can more effectively solve the capital constraint problem than the bank financing strategy. Under decentralized decision-making, with the intensification of channel competition, the reduction of revenue sharing rate or production cost, or the increase of initial capital, manufacturers will tend to choose the retailer financing strategy; under the condition of equal financing interest rates, if the initial capital level allows all three financing strategies to be selected, the retailer financing strategy can more effectively solve the manufacturer's capital constraint problem than the other two financing strategies.
Muhammad Lukman Baihaqi Alfakihuddin, Feby Theresia, Aurelia Adyarini Kacaya, Innaya Putri Munandar
As the globe faces difficulties in 2019, NFT grew popular in making, buying, selling, and trading more efficient while lowering the possibility of fraud. [1] This study aims to examine the claims made in academic literature regarding the sustainability of non-fungible tokens for the environment. Despite the growth of NFTs in 2019, the environmental impact of this technology has received little attention. Using a qualitative exploratory approach, this research analyzes relevant academic journals to understand the theoretical sustainability of NFTs and how that aligns, or fails to align, with the reality. The goal is to raise awareness about the environmental implications of NFTs and provide a critical assessment of the existing claims surrounding their sustainability.
Halida Achmad Bagraff, Nur Kholis, Mugiyati, Fatikhah Ghofi Nabila
Supply chain efficiency, transparency, and sustainability can be enhanced using blockchain technology. Blockchain enables a company to accurately track raw material origin to finished products, which ensures standard quality and sustainability. Furthermore, blockchain improves partnerships between supply chain stakeholders by providing a confident, common platform for sharing data. The influence of implementing blockchain technology on supply chain sustainability includes reduced wastage, increased resource transparency, monitoring of social standards, and reduced operational costs. The challenges of blockchain implementation include scalability, incorporation with present systems, lack of expertise, safety and confidentiality, and regulatory uncertainty. Companies can tackle these challenges through collaborative approaches and technical improvements. In general, blockchain technology significantly enhances supply chain sustainability and efficiency, which provides opportunities for creative business solutions.
Blockchain technology holds the potential to revolutionise the logistics industry by sharing tamper-proof information in a decentralised manner, building trust among parties. However, adoption in the Australian logistics industry lags behind other sectors. This study uses fuzzy DEMATEL to investigate barriers to blockchain adoption, identifying thirteen key barriers within the technology-organisation-environment (TOE) framework. Cost of investment and integration difficulties among partners are the most prominent barriers, particularly within organisational contexts. The findings offer a theoretical foundation and practical insights for overcoming barriers and successfully implementing blockchain in logistics.
Abstract The purpose of this study is to design, develop and evaluate a blockchain platform in the field of circular economy (CE). To achieve this aim, the research demonstrates the feasibility of designing a decentralised architecture and prototyping a distributed system to increase customer engagement in the transition toward CE. Building on previous research and leveraging on the design science research approach, the paper identifies the technical and managerial issues that must be addressed to adopt blockchain as an enabling technology in the CE domain. More in details, starting with the identification of circular sharing economy (CSE) processes, a conceptual framework was designed to evaluate how blockchain implementation has the potential to enhance the role of customers involved in CSE processes. As for the practical implications, the suggested conceptual framework reduces the knowledge gap between blockchain developers and corporate social responsibility specialists. To bridge the gap, it identifies future directions and practical guidelines for designing and implementing blockchain to support the digital and sustainable innovation of more circular firms and supply chains.
Blockchain technology has received increasing attention from academia, practitioners, and policymakers alike for its potential to disrupt business processes and structures of trade in global value chains (GVC). Amidst the ongoing digitization of economies and societies, blockchain holds promise for addressing unresolved challenges. However, current research on this topic primarily consists of either abstract conceptual work or case studies. To bridge this gap, our study conducts a systematic literature review, aiming to comprehensively explore and structure the realm of blockchain and its impact on international trade. Key research questions explored include: What role do blockchain innovations play in facilitating trade within GVC? Additionally, what are the primary barriers hindering the adoption of blockchain innovations in trade within GVC? Our main contribution lies in categorizing these applications into five distinct categories: Trade Documents; Trade Finance; Trusted Real-Time Information Sharing; Provenance; and Sustainable GVC. Contrary to portraying blockchain innovations as a panacea or universal solution, our findings highlight the technologies’ potential rather as a core technological infrastructure when integrated with complementary technologies such as the Internet of Things. Moreover, we identify 11 significant barriers to blockchain adoption in international trade, underscoring the need for concerted efforts to address them. From these insights, we derive implications for policymakers and practitioners, and propose avenues for future interdisciplinary research.
Eduardo Acosta Llano, Pia Hurmelinna‐Laukkanen, Lauri Haapanen
Purpose This study examines the intricate interplay of blockchain, public governance and the circular economy (CE), aiming to assess the potential of blockchain technology (BT) in addressing challenges associated with the adoption of CE principles, particularly in the public sector. Design/methodology/approach Focused on public governance, the research employs in-depth interviews with Finnish policymakers actively engaged in CE initiatives. Qualitative analysis is applied to derive insights and patterns from the gathered data, providing a nuanced understanding of blockchain’s transformative role. Findings The study uncovers key dimensions for leveraging blockchain in the CE within the public sector. Notable findings include the significance of contextual transparency, the use of incentivization as a regulatory tool, the role of standardization through strategic autonomy and the importance of public engagement and participation. Originality/value This research contributes a unique framework that illuminates the transformative potential of blockchain within the CE, emphasizing its relevance to public governance. The identified dimensions offer practical insights for policymakers and practitioners seeking to navigate the complexities of circular transitions in the public sector.
Abstract Although Industry 4.0 plays the role of a catalyst in the transition from a linear economy to a circular economy (CE), some sustainability goals are neglected by prioritizing machines over humans. Industry 5.0 insists on combining technology with human values to achieve sustainable development goals. Therefore, the integration of CE and Industry 5.0 leads to sustainable synergy in various industries, especially in manufacturing industries. However, their integration is always associated with challenges and barriers. This study identifies a set of these barriers in the electric vehicle battery production industry from the financial, technical, supply chain, cultural, and regulatory and processes perspectives through a deep literature review. The fuzzy weighted influence non‐linear gauge system method is used to analyze the relationship between identified barriers and their prioritization. Finally, we leverage the knowledge of four experts from an electric vehicle battery manufacturing company in Southeast Asia to validate the proposed approach and to rank the barriers. The results demonstrate that immature technology providers are the biggest obstacle in the integration of blockchain‐based CE and Industry 5.0 in the electric vehicle battery manufacturing industry.
The application of Blockchain to enhance the industry's social economic resilience is widely of concern in the science, technology, and pharmaceutical industries. The research discusses the resilience of the Active Pharmaceutical Ingredient (API) in the face of global health challenges and how blockchain can improve supply chain transparency and efficiency through its unique distributed ledger (DLT) technology. The report uses literature review methods to analyze the application of blockchain technology to real-time data sharing in the API supply chain and its impact on improving API supply chain adaptability, optimizing resource allocation, and enhancing risk management capabilities. As can be seen from the result, through the real-time data sharing by the distributed ledger (DLT), the API supply chain can more effectively respond to the fluctuation of the environment and market to enhance its social and economic resilience. This research demonstrates the potential of blockchain technology in optimizing pharmaceutical supply chain management to safeguard human health and well-being.
Inês A. Ferreira, Guido Palazzo, António Pinto, Pedro Pinto · 7 authors
Abstract Adopting innovative technologies such as blockchain and additive manufacturing can help organisations promote the development of additive symbiotic networks, thus pursuing higher sustainable goals and implementing circular economy strategies. These symbiotic networks correspond to industrial symbiosis networks in which wastes and by-products from other industries are incorporated into additive manufacturing processes. The adoption of blockchain technology in such a context is still in a nascent stage. Using the case study method, this research demonstrates the adoption of blockchain technology in an additive symbiotic network of a real-life context. The requirements to use a blockchain network are identified, and an architecture based on smart contracts is proposed as an enabler of the additive symbiotic network under study. The proposed solution uses the Hyperledger Fabric Attribute-Based Access Control as the distributed ledger technology. Even though this solution is still in the proof-of-concep t stage, the results show that adopting it would allow the elimination of intermediary entities, keep available tracking records of the resources exchanged, and improve trust among the symbiotic stakeholders (that do not have any trust or cooperation mechanisms established before the symbiotic relationship). This study highlights that the complexity associated with introducing a novel technology and the technology’s immaturity compared to other data storage technologies are some of the main challenges related to using blockchain technology in additive symbiotic networks.
Patrick Burgess, Funlade Sunmola, Sigrid Wertheim‐Heck
The growing demand for transparency in sustainable food production creates a challenge for supply chains to meet the diverse information needs of stakeholders. This research addresses this challenge by identifying and prioritising information needs within sustainable food supply chains. Employing a mixed-methods approach, the study identified 14 information needs, categorised them into three clusters: a) product and quality details information, b) production and processing information, and c) sustainability information, and prioritised the information needs. Experts highly prioritised information needs on quality and safety, followed by product origin and nutrition/ingredients. The research suggests that blockchain technology can play a role in supporting consumer decision-making. These findings can inform the development of information-sharing systems that enhance transparency and support consumer decision-making in sustainable food supply chains.
Abstract Electric vehicles (EVs) and their battery recycling have recently garnered heightened attention from both firms and consumers, primarily driven by concerns related to environmental sustainability. However, consumers often grapple with uncertainties regarding the green valuation of EVs. Integrating blockchain traceability technology presents a promising solution to mitigate these ambiguities by providing traceable, immutable, and precise information. Within this context, this research, grounded in a game-theoretical framework, delves into the strategies involving blockchain traceability in the pre-purchase and post-purchase stages of EVs. Specifically, the paper analytically studies the influence of three distinct strategies, namely, non-blockchain traceability, forward blockchain traceability, and Forward–reverse blockchain traceability, on the willingness of EV manufacturers to adopt blockchain technology. In addition, the study incorporates two prevalent government subsidies to scrutinize and contrast their implications on optimal outcomes. The findings of this study uncover the nuanced relationship between adopting blockchain traceability and its impact on EV sales. Notably, the research shows that the positive impact on consumers’ surplus from blockchain adoption depends on the cost coefficient of green low-carbon levels not exceeding a particular threshold. Moreover, regarding the use of government subsidies to enhance overall social welfare, it is shown that the forward blockchain traceability strategy should align with consumer-oriented subsidies and the Forward–reverse blockchain traceability strategy with EV maker-oriented subsidies.
Francesca Spigarelli, Lorenzo Compagnucci, Dominique Lepore
Abstract This paper delves into the growing need for collaborative technological solutions to address environmental challenges, with a focus on the underexplored potential of Industry 4.0 technologies, in particular as regards blockchain technology (BCT) in small and medium-sized enterprises (SMEs). Recognizing the obstacles faced by SMEs when embracing green and digital transformation, this research aims to investigate how innovation intermediaries are able to unlock the collaborative potential of BCT for SMEs so as to enhance their environmental sustainability. When assessing and analysing the role of innovation intermediaries, we have also considered their interconnections and interactions with other actors: universities, government institutions and firms (the so-called “stakeholders”). Our research is based on a multiple case study of a still largely unexplored intermediary in the European context, the digital innovation hub (DIH), which extends the applicability of the technological innovation system framework. This approach contributes to research both on innovation intermediaries and on the development of collaborative partnerships for digitalization. The findings reveal the challenges encountered by DIHs, particularly in legitimizing BCT-based solutions. To address these, identified, weaknesses, the paper proposes a conceptual roadmap aimed at improving collaboration among DIHs, SMEs, and their stakeholders. This roadmap outlines three essential functions: enabling, core, and facilitating effective partnerships and innovation processes.
Xinlai Liu, Wenbiao Liang, Yelin Fu, George Q. Huang
Investors are increasingly relying on Environmental, Social, and Governance (ESG) indexes to obtain a third-party assessment of corporate sustainability performance. Various ESG indexes are, therefore, released by prominent rating agencies, including MSCI, Sustainalytics, Refinitiv, etc. However, existing ESG indexes overvalue the usage of massive ESG metrics while ignoring various ESG disclosure levels, leading to critical issues such as limited company coverage, inflexible ESG framework, and obscure assessment processes. This paper proposes a novel Dual ESG Index (DESGI) model using blockchain technology to provide a flexible and transparent corporate sustainability assessment. Firstly, the DESGI model is developed by analogy to the rationale and concepts of the academic credit system due to its advantages of scalability and flexibility. Secondly, blockchain is used to build a transparent environment for ESG assessment. Thirdly, the smart contract and crypto token, as the core blockchain constructs, are used to achieve the dual-dimensional ESG depth and width assessment using ESG GPA and ESG credit, respectively. Finally, a case study is carried out to validate the DESGI by using real-life ESG data and comparing it with four existing ESG indexes. Several managerial implications are also found: (1) DESGI can expand the scope of companies evaluated by ESG criteria regardless of company size or scale; (2) DESGI provides a good potential to fight against greenwashing through the blockchain-based traceability; (3) DESGI can identify the ESG elites who disclose fewer ESG metrics but with excellent ESG performances, which can hardly be achieved using traditional ESG indexes.
Cristian Valencia-Payan, David Griol, Juan Carlos Corrales
Abstract A sustainable supply chain management strategy reduces risks and meets environmental, economic and social objectives by integrating environmental and financial practices. In an ever-changing environment, supply chains have become vulnerable at many levels. In a global supply chain, carefully tracing a product is of great importance to avoid future problems. This paper describes a self-updating smart contract, which includes data validation, for tracing global supply chains using blockchains. Our proposal uses a machine learning model to detect anomalies on traceable data, which helps supply chain operators detect anomalous behavior at any point in the chain in real time. Hyperledger Caliper has been used to evaluate our proposal, and obtained a combined average throughput of 184 transactions per second and an average latency of 0.41 seconds, ensuring that our proposal does not negatively impact supply chain processes while improving supply chain management through data anomaly detection.
Modern supply chain systems face significant challenges, including lack of transparency, inefficient inventory management, and vulnerability to disruptions and security threats. Traditional optimization methods often struggle to adapt to the complex and dynamic nature of these systems. This paper presents a novel blockchain-based zero-trust supply chain security framework integrated with deep reinforcement learning (SAC-rainbow) to address these challenges. The SAC-rainbow framework leverages the Soft Actor–Critic (SAC) algorithm with prioritized experience replay for inventory optimization and a blockchain-based zero-trust mechanism for secure supply chain management. The SAC-rainbow algorithm learns adaptive policies under demand uncertainty, while the blockchain architecture ensures secure, transparent, and traceable record-keeping and automated execution of supply chain transactions. An experiment using real-world supply chain data demonstrated the superior performance of the proposed framework in terms of reward maximization, inventory stability, and security metrics. The SAC-rainbow framework offers a promising solution for addressing the challenges of modern supply chains by leveraging blockchain, deep reinforcement learning, and zero-trust security principles. This research paves the way for developing secure, transparent, and efficient supply chain management systems in the face of growing complexity and security risks.
Purpose This study analyzes the performance implications of adopting blockchain to support supply chain business processes. The technology holds as many promises as implementation challenges, so interest in its impact on operational performance has grown steadily over the last few years. Design/methodology/approach Drawing on transaction cost economics and the contingency theory, we built a set of hypotheses. These were tested through a long-term event study and an ordinary least squares regression involving 130 adopters listed in North America. Findings Compared with the control sample, adopters displayed significant abnormal performance in terms of labor productivity, operating cycle and profitability, whereas sales appeared unaffected. Firms in regulated settings and closer to the end customer showed more positive effects. Neither industry-level competition nor the early involvement of a project partner emerged as relevant contextual factors. Originality/value This research presents the first extensive analysis of operational performance based on objective measures. In contrast to previous studies and theoretical predictions, the results indicate that blockchain adoption is not associated with sales improvement. This can be explained considering that secure data storage and sharing do not guarantee the factual credibility of recorded data, which needs to be proved to customers in alternative ways. Conversely, improvements in other operational performance dimensions confirm that blockchain can support inter-organizational transactions more efficiently. The results are relevant in times when, following hype, there are signs of disengagement with the technology.