The Role of Block Chain Technology in Improving the Financial Performance of Small and Medium-Sized Businesses in Iran

Document Type : Research Paper

Authors

1 Assistant Professor, Department of Economics, Meybod University, Meybod, Iran

2 Professor of Economics, Faculty of Economics, Institute for Humanities and Cultural Studies, Tehran, Iran

3 Assistant Professor, Department of Finance and Accounting, Faculty of Humanities, Meybod University, Meybd, Iran

4 MA of Financial Management, Department of Financial Engineering, Science and Arts University, Yazd, Iran

10.22111/ijbds.2026.52236.2240

Abstract

Blockchain technology, as a decentralized and distributed database, has significant capabilities in enhancing transparency, security, and efficiency can help improve the financial performance of companies through the enhancement of supply chain and export processes. Therefore, we examined the impact of blockchain technology on the financial performance of small and medium businesses, with the mediating role of supply chain efficiency and export performance in tile and ceramic exporting companies in Iran using structural equation modeling. The statistical population consists of experts and specialists of the companies mentioned, particularly in the fields of finance, sales, and production, with a sample size of 261 individuals. The results indicated that the impact of using blockchain technology on supply chain efficiency and export performance is positive and significant. Moreover, the mediating roles of supply chain efficiency and export performance in the relationship between blockchain technology and the financial performance of small and medium businesses are positive, strong, and significant.

Keywords

References

  1. Aldavood, S. and Sadeghinasab, M. The Role of New Information Technologies in Developing the Performance Functional Business Chain of Iran. Geographical Studies of Mountainous Regions, 2021, 2(3), 63-82. doi: 10.29252/gsma.2.3.63
  2. Chen, H.L. Supply chain risk’s impact on corporate financial performance. International Journal of Operations & Production Management, 2018, Vol. 38 No. 3, pp. 713-731.
  3. Christopher, M. The agile supply chain competing in volatile markets. Industrial marketing management, 2000, 29(1), 37-44.
  4. Dass, S. Economic aspects of India’s international trade in Coffee. Eco Aspect of Agr Econ, 1991, 46 (2): 142-151
  5. Dehghan Khavari, S., & Derakhsh, S. An Innovative Throughout Conceptual Model Framework for Logistics Integration. Supply Chain Management, 2021, 23(70), 37-54.
  6. Dehghan Khavari, S.; Mirjalili, S. H.; Esmaeili, M., (2024), The Impact of Intellectual Capital and Good Corporate Governance on Bank Value with the Mediating Effect of Financial Performance: Evidence from Iran, Journal of Money and Economy, Vol. 19, Iss. 1, pp. 1-23.
  7. George, J., & Pillai, V. M. A study of factors affecting supply chain performance. Journal of Physics: Conference Series, Volume 1355, International Conference on Aerospace and Mechanical Engineering 17–19 December 2018, T K M College of Engineering, 2019, Kerala, India.
  8. Golosova, J. and Romanovs, A. The Advantages and Disadvantages of the Blockchain Technology.  IEEE 6th Workshop on Advances in Information, Electronic and Electrical Engineering (AIEEE), Vilnius, Lithuania, 2018, pp. 1-6, doi: 10.1109/AIEEE.2018.8592253.
  9. Farhadi, F., Fathi, M. R., & kiani harchegani, M. Identifying and Prioritizing the Barriers to Using Blockchain Technology in the Sustainable Supply Chain (Case Study: Shahrekord Food Industry Packaging Companies). Packaging Science and Art, 2023, 14(54), 21-34.
  10. Iansiti, M., & Lakhani, K. R. The truth about blockchain. Harvard Business Review, 2017, 95(1), 118-127.
  11. Kaal, W. A. Blockchain solutions for agency problems in corporate governance, world scientific book chapters. In K. R. Balachandran (Ed.), Information for efficient decision-making big data, blockchain and relevance, chapter 12 (pp. 313–329). World Scientific Publishing Co. Pte. Ltd, 2020.
  12. Keshavarz, S., khani, N., Raeesi Nafchi, S., norbakhsh, P. and Fathi, M. R. An Investigation on the Relationship between Supply Chain Agility and Financial Performance: Mediating Role of Cost Efficiency and Customer Orientation. Commercial Surveys, 2020, 18(104), 63-78.
  13. Menshari, S. & Saberi, F. The Impact of China's Block Technology Using Insurance Companies with Innovation Media. Thirty National Conference and 11th International Conference on Insurance. Tehran, 2023.
  14. MirHosseini, S. V. The Study of Industrial Clusters Performance in Islamic Republic of Iran (The Case Study of Yazd Ceramic and Tile Cluster). International Journal of Academic Research in Business and Social Sciences, 2012, 2(3), 70.‏
  15. Mirjalili S H, Mirdehghan S A, Dehghan Khavari S. Examination of Industrial Efficiency in Yazd Province: DEA Method. Journal of Economic Research and Policies, 2010, 18 (54) :95-122.
  16. Mirjalili, S. H.& Saadat, H., (2020) , How to Escape the Middle Income Trap in Iran? Lessons from Malaysia, Thailand South Korea and China, International Economic Studies, Vol. 50, Iss. 1, pp. 1-12.
  17. Pal, A., Tiwari, C. K., & Behl, A. Blockchain technology in financial services: A comprehensive review of the literature. Journal of Global Operations and Strategic Sourcing, 2021, 14(1), 61–80. https://doi.org/10.1108/JGOSS-07-2020-0039.
  18. Purwaningsih, E., Muslikh, M., Suhaeri, S., & Basrowi, B. Utilizing blockchain technology in enhancing supply chain efficiency and export performance, and its implications on the financial performance of SMEs. Uncertain Supply Chain Management, 2024, 12 (2024) 449–460.
  19. Rahimi, A. And Besharati Fard, M. Investigating IoT and Blockchain Function on Food Industry Tracking Ability. Second conference International Knowledge Management, Blockchain and Economics. Malek Ashtar University of Technology, Tehran, 2020.
  20. Rovaghi, M. Sustainability of food product exports with blockchain technology, 28th National Congress of Iranian Food Science and Technology, Tehran, 2017.
  21. Ronaghi, M. H. Contextualizing the impact of blockchain technology on the performance of new firms: The role of corporate governance as an intermediate outcome. Journal of High Technology Management Research, 2022, 33: 100438.
  22. Safari, A., Saleh, A. S., & Balicevac Al Ismail, V. Enhancing the export activities of small and medium-sized enterprises in emerging markets. Journal of Business & Industrial Marketing, 2022, 37(5), 1150-1166.‏
  23. Sheldon, R. A timeline and history of blockchain technology. Tech target research, 2024, URL: https://www. techtarget.
  24. Singh, H., Jain, G., Munjal, A., & Rakesh, S. Blockchain technology in corporate governance: Disrupting chain reaction or not? Corporate Governance, 2020, 20(1), 67–86. https://doi.org/10.1108/CG-07-2018-0261.
  25. Subha, T. Assessing security features of blockchain technology. In Blockchain technology and Applications (pp. 115-138). Auerbach Publications, 2020.‏
  26. Tabatabaei, M. H., Vitenberg, R., & Veeraragavan, N. R. Understanding blockchain: Definitions, architecture, design, and system comparison. Computer Science Review, 2023, 50, 100575.
  27. Tapscott, D., & Tapscott, A. How Blockchain will change organizations. MIT Sloan Management Review, 2017, 58(2), 10–13.
  28. Varghese, L. and Goyal, R. Blockchain for Trade Finance: Payment Method Automation. Cognizant Digital Business (TL Codex 3071), 2017.
  29. Wan, H., Li, K., & Huang, Y. Blockchain: A review from the perspective of operations In Proceedings of the Winter Simulation Conference (WSC '22). IEEE Press, 2023, 283–297.
  30. Yousefzadeh, S., Rahnamay Roodposhti, F., badiei, H. and gholamzadeh, M. Providing an analysis model of blockchain application on company performance from the perspective of internal control. Journal of Management Accounting and Auditing Knowledge, 2024, 13(51), 269-280.
  31. Zare, Z., Dehghan Khavari, S. and Mirjalili, S. H. The Impact of Business Analysis on the Economic Performance of Companies with the Mediating Role of Information Quality, Innovation and Agility: Evidence from Tile and Ceramic Factories in Yazd Province of Iran. Commercial Surveys, 2023, 21(122), 49-70.
International Journal of Business and Development Studies
Volume 17, Issue 2
October 2025
Pages 181-201

Files

Share

How to cite

Statistics