Measuring the value of blockchain adoption in supply chain management: an empirical analysis of key success dimensions

Abstract

Blockchain technology is widely discussed as an enabler of transparency, efficiency and trust in supply chain management (SCM). However, empirical evidence on which blockchain-related success dimensions translate into value perceptions remains limited. This study aims to examine how the perceived relevance of blockchain success dimensions relates to realized benefits and whether these benefits contribute to overall perceived blockchain value. A quantitative survey of 41 companies with blockchain experience in SCM is conducted. Success dimensions are prioritized using best–worst scaling (MaxDiff). Relationships between perceived relevance, dimension-specific benefits and overall perceived value are analyzed using partial least squares structural equation modeling (PLS-SEM). Exploratory analyses assess company characteristics. Contrary to dominant expectations in academic and practitioner narratives, even highly prioritized blockchain success dimensions fail to translate into measurable firm-level value perceptions. While transparency and traceability are associated with significant dimension-specific benefits, these improvements do not produce statistically significant direct or indirect effects on overall perceived blockchain value. This suggests that localized operational gains alone may be insufficient to generate overall perceived value and indicates that blockchain benefits may depend on broader organizational and technological complements. The study moves beyond identifying potential blockchain benefits by empirically differentiating which success dimensions matter and which do not. By combining MaxDiff with PLS-SEM, it offers a structured, mechanism-oriented framework for evaluating blockchain success and highlights boundary conditions for value realization in SCM.