Unlocking sustainable performance with blockchain technology: Insights from organizational learning theory

Although blockchain technology (BT) has shown great potential, there remains a limited understanding of how to integrate it into business processes effectively. Drawing on organizational learning theory, we explore the drivers and outcomes of effective BT usage. Using survey data from 257 Chinese firms, we reveal that effective BT usage, whether for exploitation or exploration, hinges on both external knowledge acquisition and internal knowledge integration. Additionally, although both exploitation and exploration of BT can enhance economic and environmental performance, BT exploitation generally has a more substantial impact. This disparity arises because BT exploitation often involves optimizing existing processes (e.g., improving supply chain transparency), leading to more immediate performance improvements. In contrast, BT exploration involves experimental and innovative applications (e.g., developing new BT-based business models) that require a longer time frame to realize benefits. Finally, we discuss the heterogeneity between manufacturing and information technology firms. Our study contributes to the existing literature by elucidating how firms can achieve sustainable outcomes through BT usage. Our findings also assist managers in adapting their BT strategies to an increasingly competitive environment.