Quality & Quantity (2022) 56:2435–2452

https://doi.org/10.1007/s11135-021-01229-0

The adoption of blockchain technology in the financial sector

during the era of fourth industrial revolution: a moderated
mediated model

Mahmoona Khalil1 · Kausar Fiaz Khawaja1 · Muddassar Sarfraz2,3 

Accepted: 20 August 2021 / Published online: 4 September 2021

© The Author(s), under exclusive licence to Springer Nature B.V. 2021

Abstract
Blockchain technology is considered a core technology in the financial sector with promis-
ing prospects like economic development, financial innovation, and internet development.
The financial sector needs digital transformation and the deployment of strategies that
make Blockchain technology adoption successful. Hence, the current research investigates
the mediating role of Blockchain adoption between digital business strategy and process
innovation, financial performance, and the moderating role of information technology
alignment. The data was collected from the 300 employees of banks located in Islamabad/
Rawalpindi, Pakistan. Statistical techniques: Pearson’s correlation analysis, confirmatory
factor analysis, Hayes process technique for mediation, and moderation analysis were used
for data analysis. The results illustrate that digital business strategy is positively related to
business process innovation and firm financial performance. Blockchain adoption mediates
the relationship between digital business strategy, business process innovation, and finan-
cial performance. Information technology alignment acts as a moderator between Block-
chain adoption and process innovation. The current study provides theoretical contribution
by extending the literature on key variables: digital strategy, Blockchain technology, and
bank’s performance. The study also offers various managerial implications for top manage-
ment and executives in the banking industry that are responsible for strategic decision mak-
ing and better firm performance.

Keywords  Blockchain technology · Digital business strategy · IT alignment · Process

innovation · Fourth industrial revolution

1 Introduction

Radical technological changes have been observed from the advent of steam engines
(Industry 1.0) in the eighteenth century to the development of intelligent and commu-
nicative systems (Industry 4.0) (Dalenogare et  al. 2018;  Kagermann et  al. 2013). As
a result, different technologies like artificial intelligence, business analytics (big data),

* Muddassar Sarfraz
muddassar.sarfraz@gmail.com
Extended author information available on the last page of the article

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 2436 M. Khalil et al.

the internet of things, Blockchain and cloud computing have been introduced. These
technologies significantly influence a firm’s processes, time resource allocation, better
network connectivity, and performance (Urbach et al. 2017). However, studies reported
that inappropriate information technologies, digital strategy (Li et al. 2018), and delay
in re-orient of business (e.g., Nokia) might result in failure and difficulties in generating
value (Nylén and Holmström 2015). Hence, firms should develop digital business strate-
gies that illustrate how the transformation will be managed/handled within the organiza-
tion (Ukko et al. 2019). Furthermore, as technology supports business processes, busi-
nesses should adopt new technologies (Chen et  al. 2010; Hassani et  al. 2018). It may
enhance organizational capabilities and helps in achieving business goals with service
innovation (Nadeem et al. 2018).
One of the recent technological trends (Industry 4.0) that has emerged over the last
decade is Blockchain technology. In 2008, Nakamoto introduced the cryptocurrency
bitcoin, which is the first generation of Blockchain applications. It illustrates the peer-
to-peer flow of digital cash between two parties directly with no involvement of “cen-
tralized financial intermediaries.” While further explaining the process of bitcoins,
Nakamoto (2008) invented a ledger and named it “chain of the block,” later known as
Blockchain (The Economist 2015). Perboli et al. (2018) defined Blockchain technology
‘‘as a distributed ledger database for verifiably and permanently recording transactions
among parties’’. It has gained attention in various areas because of its very nature of
developing encrypted networks and compatible encrypted algorithm for a secure trans-
action (Hughes et  al. 2019; Morkunas et  al. 2019). It ultimately resolves traditional
enterprises’ internal integration and external collaboration and supports new business
processes and models  (Kshetri 2018;  Nakasumi 2017). A thorough review of the lit-
erature revealed that besides its initial association with finance (Eyal 2017; Treleaven
et  al. 2017; Chen and Bellavitis 2020), researchers and practitioners have studied and
reported usage of Blockchain technology in various areas, namely: intellectual property
domain (Zeilinger 2018; Gurkaynak et  al. 2018; Wang et  al. 2019a, b; Ito and O’Dair
2019); Healthcare domain (Gordon and Catalini 2018; Khezr et  al. 2019) domain of
supply chain (Figorilli et  al. 2018; Min 2019; Saberi et  al. 2019; Pan  et al. 2020) and
others (Beck et al. 2017; Ying et al. 2018; Casino et al. 2019). Blockchain development
is in the initial stages (Garg et  al. 2021). Several researchers analyse new technology,
but some European banks, such as Swiss banks, face challenges (Peter and Moser 2017).
Guo and Liang’s (2016) suggested that banks should invest in Blockchain technol-
ogy and deploy related strategies to accelerate innovation and performance to meet cus-
tomer/market demand. Schuetz and Venkatesh (2020) explained that India’s growth is
based on connecting remote villages/rural areas to the local or global market. It can
only be possible with the adoption of Blockchain technology. They proposed specific
antecedents (technical, environmental, and organizational) and outcomes (innovative-
ness and economic) of Blockchain adoption that may help government/practitioners to
understand challenges associated with “blockchain-based financial inclusion and perfor-
mance.” Rajnak and Puschmann (2020) referred to Blockchain as a strategic technology
in a study of 266 Swiss banks. They investigated how and why Blockchain helps banks
achieve strategic business objectives like operational excellence and customer inti-
macy, improved processes/capabilities, new revenue models, innovation, and cost sav-
ings. Rajnak and Puschmann (2020) proposed that similar research must be conducted
in other countries with more potential relationships that might lead to exciting facts
and findings. Similarly, Ullah (2020) suggested investigating in Blockchain technology

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The adoption of blockchain technology in the financial sector… 2437

adoption, particularly in developing countries where adoption is in the early stages, for
example, Pakistan.
In Pakistan Banks, Blockchain technology was deployed for the first time in 2019 (Sid-
diqui 2019) after announced of the State bank of Pakistan (SBP) that “The central bank
has allowed the use and adoption of Blockchain technology (e.g., Secure and instant finan-
cial transactions) which has thousands of other useful uses.” Here the question is: What
can make Blockchain technology adoption successful that may lead to better bank perfor-
mance? We conducted the current study to address such research queries illustrated in lit-
erature and highlighted by the practitioners. This study provides theoretical contribution by
extending the literature on key variables such as digital strategy and Blockchain. This study
will be beneficial for bank managers in developing and designing strategies and deploying
best practices that can facilitate them in adopting advanced technologies for better per-
formance and resolving challenges. This study can assist bank managers in understanding
organizations existing values and processes that may prevent them from adopting and using
disruptive technologies.
The study attempts to address various research queries and unravel past literature on
Blockchain technology adoption and bank performance through the following sections. In
section two: “Theoretical Background and Hypothesis development”, the previous litera-
ture reviewed the study variables and suggested relationships were explored and reported.
In section three: “research methodology”, study participants, measures and procedure were
reported, whereas section four illustrated the current study results. Section fifth and sixth
discussed the findings of this study in the light of the previous literature and the implica-
tions and conclusion of this study.

2 Theoretical background and hypothesis development

2.1 Digital business strategy and firm financial performance, business process

innovation

The digital strategy focuses on technology that improves business performance, creating
new products, or reengineering current processes (Davenport and Short 1990). The digital
business strategy identifies the path for the organization to follow by using technology to
create unique competitive advantages. It will employ it to survive in a turbulent business
environment. According to Cui and Pan (2015), digital business strategy transforms the
business process, firms’ capabilities, and operational and functional routines (Chen et al.
2014, 2015). Process innovation often involves introducing information technologies to
achieve “key reductions in process cost or time, or major improvements in flexibility, qual-
ity, service levels, or other business objectives” (Davenport 1993). A set of logically inter-
related tasks and activities performed to attain a defined business outcome and results are
known as business process innovation (Davenport and Short 1990). Business process inno-
vation results in improving and recovering organizational processes, e.g., sequencing work
routines, information flow, and increasing customer satisfaction. Financial performance is
defined as the degree to which financial objectives being or have been accomplished or
achieved. In other words, it is the process to calculate the results of the policies and opera-
tions of the company in monetary terms (Klewitz and Hansen 2014). Thus, it is used to
measure a firm’s overall financial health over a given period.

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Companies are making significant and necessary investments in their infrastructures to

digitalize their operations, achieving better information and knowledge flow within depart-
ments, ultimately leading to improved performance (Liu et al. 2013). According to Chae
et al. (2018), businesses are increasing financial performance with the help of digital busi-
ness strategy. Businesses digitalize their infrastructures, automate traditional industry
operations and replace the human workforce with automating business processes. Digital
business strategy is the primary source of the increased firm financial performance as digi-
tal tools and solutions are used as a natural part of the business processes to attain com-
petitive advantage and higher performance (Benitez et al. 2018; Liu et al. 2013; Peng et al.
2008). Heberle et al. (2017) claim that firms must introduce the digital business strategy
for successful business process innovation creation. Without this strategy, firms can’t invest
in technology that acts as a critical driver for innovation. According to De Bruin (2007),
digital business strategy is the degree to which a firm involves in several types of informa-
tion technology activity that ultimately lead to successful process innovation. Hence, based
on the above arguments, the following hypotheses are proposed.

H1a  Digital business strategy has a positive impact on firm financial performance.

H1b  Digital business strategy has a positive impact on business process innovation.

2.2 The mediating role of blockchain adoption

According to Wang et al. (2019a, b), Blockchain technologies allow automating and sim-
plifying, digitalizing, and streamlining slow, lower-tier manual processes; that offer man-
agers to improve visibility across all business processes. Researchers claim that Blockchain
technology is promising with a good digital business strategy, and it is an innovative tech-
nology for financial institutes (Chen 2018; Wu et al. 2019; Ducas and Wilner 2017). There
are several advantages of Blockchain technology that include transferring funds, maintain-
ing back-end utilities and registrations (Taylor et al. 2019; Andoni et al. 2019; Taylor et al.
2019; Zheng et  al. 2018). Furthermore, Blockchain is the source of greater transparency
and clarity for money base transactions and advancement of the financial system of any
country (Kshetri 2017; Guo and Liang 2016). Blockchain can bring a new revolution in the
banking sector by creating a better payment clearing system and a management system that
would ultimately lead to a more effective banking system (Cai et  al. 2019; Mengelkamp
et  al. 2018). In addition, Blockchain can provide safe networks for the financial system
(Rahman et al. 2018).
Setzke  et al. (2021) stated that digital business strategy is a critical driving factor for
adopting Blockchain technologies. Without this strategy, the company can’t adopt Block-
chain technology. The digital business strategy identifies the path, and an organization will
follow it using technology and the adoption of Blockchain technologies. It provides a nar-
row-down view of technology and firms that will use to achieve process innovation and
financial performance. According to Davenport (1993), utilising Blockchain technologies
could permit organizations to create radical change to realize order-of-magnitude improve-
ment. Blockchain adoption is the source of bringing process innovation and improving
trading partners and competitive performance (Francisco and Swanson 2018;  Dyer and
Singh 1998).
Heiskanen (2017) argued that adopting Blockchain is the primary competitive advan-
tage, the ultimate foundation of improved performance. Therefore, the introduction of

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The adoption of blockchain technology in the financial sector… 2439

Blockchain technology may provide a competitive advantage and improved competi-

tive performance. According to Liao et  al. (2017), Blockchain technology adoption has
improved organization operations and business activities, the ultimate reason for improved
firm performance. Blockchain adoption and use could drive process innovation by strength-
ening business networks, enhancing business processes, smoothing information and knowl-
edge, and providing resources for innovative and unique products (Lefebvre et al. 2003).
Therefore, it is clear that the digital business strategy provides the foundation for adopting
Blockchain technology that ultimately leads to business process innovation and improved
firm financial performance. Based on the literature reviewed above, we put up the second
hypothesis of the present study:

H2a  Blockchain adoption mediates the relation between digital business strategy and busi-
ness process innovation.

H2b  Blockchain adoption mediates the relation between digital business strategy and firm
financial performance.

2.3 The moderating role of information technology alignment

Information technology is the key source of strategic revolution and a significant cause
of reshaping processes. According to Wladawsky-Berger (1999), software and hardware
parts of information technology make it possible to maintain and spread vast amounts of
information through communication networks from almost any company location. Infor-
mation technology offers the ability to alter the basis and rules of competition, innova-
tion, and change to gain financial performance (Scott-Morton 1991). Similarly, information
technology facilitates and makes possible integration of business functions and operations
at each organization’s levels by making corporate-wide information more readily reachable
(Scott-Morton 1991). Information technology alignment plays a fundamental role when
firms adopt new technology and set objectives and goals for the future, such as achiev-
ing better performance and innovation. It is evident from many studies that new informa-
tion technology systems alone cannot achieve sustainable performance, but there is a need
for careful integration into how a company operates its business processes (Dent-Micallef
et al. 1997; Gagnon and Dragon 1998). According to Sohal and Ng (1998), the alignment
of information technology with back-to-back processes is fundamental to obtaining the full
benefits from information technology investment. When it comes to the processing view,
it becomes achievable to decrease integration problems and improve the performance of
cross-company processes (Short and Venkatraman 1992; Venkatraman et al. 1993). There-
fore, alignment theory stated that information technology implementation and alignment
are components of organizational financial performance and unique product performance
(Thompson and Strickland 1999; Davenport 1993; Hammer and Champy 1993; Spector
1999). Teng et al. (1996) stated that information technology is crucial in culture transfor-
mation as a transformational subsystem.
Consequently, an organization is adequately aligned to structure, strategic planning,
and information corresponding to organizational essential processes and aims. Therefore,
it ensures organization process innovation. Furthermore, information technology align-
ment is essential when an organization wants to achieve process innovation by deploying or
adopting Blockchain technologies (Fig. 1). Therefore, grounded on the literature reviewed
above, we put up the third hypothesis of the present study:

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H3 Information technology Alignment moderates the relationship between Blockchain

technology adoption and process innovation such that if there is high information technol-
ogy (IT) alignment, this relationship will strengthen.

3 Research methodology

3.1 Participants and procedure

Pakistani banks reported using Blockchain technology for fast, secure, and convenient
payments service after permission from the State Bank of Pakistan. The current study is
based on the firm’s digital business strategy, and research will explore whether Block-
chain technology has some beneficial effect on banks’ financial performance and busi-
ness processes. The convenience sampling technique was used, and data were collected
through the survey from middle-level managers of banks where Blockchain technology
is used. In total, 330 questionnaires were distributed among managers, and the total
complete responses received were 270. In addition, the data for the independent variable
(digital business strategy), mediator (Blockchain adoption), and moderator (IT align-
ment) were collected during the first wave. Furthermore, data for the dependent variable
(business process innovation) and firm financial performance were collected during the
second wave.

3.2 Study measures

All the included study items were adapted from established instruments from the prior
literature. For example, for Financial Performance ranging from (1 = Not at all, two = To
a small extent, 3 = To some extent, 4 = Neutral, five = To a moderate extent, six = To
a great extent, seven = To a very great extent). A digital business strategy, Blockchain
adoption, IT alignment, and Process Innovation items are ranging from (1–strongly
disagree 2–disagree 3–somewhat disagree 4- neutral 5–somewhat disagree 6- agree
7–strongly agree). The 7-point Likert scale was used in this study.

3.2.1 Digital business strategy (DBS)

Digital Business Strategy was measured using the 06-item scale, inquiring managers
about managerial and operational capabilities (Ukko et al. 2019). Sample items include:
“. Our company’s management supports the utilization of digitality in our company”;
“Utilizing digitality in internal processes has become an important part of our busi-
ness.” and. “Digitality is a natural part of our business.”

3.2.2 Blockchain adoption (BA)

Blockchain adoption was measured using a 03-item scale developed by Wamba et  al.
(2020). Sample items include: “My bank invests resources in blockchain-enabled appli-
cations”; “Business activities in our company require the use of Blockchain technolo-
gies”; “Functional areas in my company require the use of Blockchain technologies.”

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The adoption of blockchain technology in the financial sector… 2441

3.2.3 IT alignment

IT alignment was measured using 05 items developed by Hung (2006). The sample
items include “Technology-enabled business processes to perform well,”; “Amount of
data shared by employees increasing,” and “Well-integrated IT systems across func-
tional units.”

3.2.4 Process innovation (PI)

Process Innovation was measured using the 05-item scale developed by Ashok et  al.
(2016). The sample item of this scale includes Our organization delivered “process inno-
vation” that: “led to new customer acquisition,” “enhanced capability to deliver customer
needs.”

3.2.5 Financial performance (FP)

Financial Performance was measured using the 04-item scale developed by Paladino
(2007) and Shashi et  al. (2019). Sample items include “The return on investment of our
company is higher than competitors” and “The sales growth and profitability of our com-
pany are higher than competitors.”

4 Data analysis

4.1 Data screening

A questionnaire of 23 items was distributed, and the respondents were middle-level manag-
ers of banks where Blockchain technology is in use. At the first wave, approximately 330
questionnaires were distributed, then 300 were received in a usable form, so at the way, one
response rate was about 92.8%. After a time-lag of two weeks, the questionnaires second
part was distributed to the same respondents, out of which 270 were received in an entirely
usable form, making a response rate of 76.8%. Hence final responses that were used to con-
duct statistical analysis were 270.

4.2 Demographic statistic

The demographic statistics of the respondents are shown in the Table 1. The questionnaire
response rate was 81.81%. Regarding the sample structure, 66% of the respondents were
male, and 34% were female. A total of56% were between 25 and 35 years old, 48% were
between 36 and 47 years old, and 16% were between 48 and 58 years old. In addition, 28%
of firms were operating for less than 15 years.

4.3 Confirmatory factor analysis

Measurement model evaluation (MME) through confirmatory factor analysis using by

AMOS was conducted after applying the data screening procedure (SPSS). According to

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 2442 M. Khalil et al.

Table 1  Sample characteristics
Gender
Male 66%
Female 33%
Age
25–35 36%
36–47 48%
48–58 16%
Number of employees
Small (fewer than 49 employees) 27.9%
Medium (50–249 employees) 70.3%
No response 1.8%
Year since established
Less than 15 years 28%
15–29 years 33%
30–44 years 29%
More than 45 years 10%
Industry type
Private 61%
Government 30%
Semi government 9%

Hair et al. (2010) and Hoyle (2012); MME consists of 5 steps, namely: (1) “specification,”
(2) “estimation,” (3) “evaluation of fit,” (4) “interpretation and reporting,” (5) “re-speci-
fication.” In the beginning, the initial model with all adapted items is assessed. The case
model fails to depict required results, i.e., in the form of loading and fit indices; re-specifi-
cation, i.e., problematic items are removed; and the final model is re-tested. CFA analysis
was performed using AMOS to check the variables’ discriminant validity. The one-on-one
pairing of constructs needs to be checked with their respective one-factor model (Ander-
son and Gerbing 1988). Therefore, the full measurement model was tested first (i.e., a
5-factor model) and compared with a one-factor model. For this purpose, all the variables
were loaded on a single latent factor. Moreover, those variables were measured at a similar
period. Multiple factor unconstrained models revealed superior fit than the single-factor
models, confirming adequate discriminate validity of variables of current research. The
results of the CFA are shown in Table 2.

4.4 Means, standard deviations, correlations, and reliabilities for the main

variables of interest

Table 3 presents the mean, standard deviation and correlation between the study variables.
The means calculated for the observed variables are: “digital business strategy” (M = 6.51,
S.D = 1.16), “Blockchain adaption” (M = 6.76, S.D = 0.65), “IT alignment” (M = 5.60,
S.D = 0.75), “business process innovation” (M = 5.01, S.D = 0.58), “firm financial perfor-
mance” (M = 6.90, S.D = 0.99).
Correlation analysis was conducted to examine the association between the study vari-
ables. A positive correlation exists between independent variables (digital business strat-
egy), mediators (Blockchain adaption), moderator variable (IT alignment), and dependent

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 Table 2  Confirmatory factor analyses
Model  × 2 CFI GFI AGFI NFI RAMSEA

MO: Five factor model 4505.936 .904 .75 .71 .79 .06
M1:one factor model by combining all variables into one factor (DBS, BCA, ITA, 6364.372 .803 .623 .588 .803 .08
BPI, FFP)
Time 1
The adoption of blockchain technology in the financial sector…

M2: Two factor model of (DBS, BCA) 223.234 .923 .937 .895 .838 .071
M3: One factor model by combining variables into one factor (DBS, BCA) 455.822 .583 .756 .490 .556 .155

n = 300, DBS = Digital business strategy; BCA = Blockchain technologies adoption; BPI = Business process innovation; FFP = Firm financial performance
2443

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 2444 M. Khalil et al.

Table 3  Means, standard Variable Mean SD 1 2 3 4 5

deviations, correlations, and
reliability
1 DBS 6.51 1.16 (.88)
2 BCA 6.76 0.65 .53*** (.83)
3 ITA 5.60 0.75 .26*** .22** (.85)
4 BPI 5.01 0.58 .52*** .33** .32** (.70)
5 FFP 6.90 0.99 .48*** .48*** .38*** .57** (.91)

n = 300, Control Variables Are Age, Total-experience Gender.

DBS = Digital business strategy; BCA = Blockchain technology adop-
tion; BPI = Business process innovation; FFP = Firm financial perfor-
mance. Bootstrap Sample Size = 270. Control Variable is gender. To
control the effects of age, one dummy variable was made. Values in
Parentheses indicate Cronbach’s alpha reliabilities. *p < .05, **p < .01,
***p < .001

variable (business process innovation) and dependent variable (firm financial performance).
The variables’ relations are considered significant if the correlation value is above 0.10 and
p-value < 0.05. Similarly, all the correlation values above “1” represent significant relation
between variables (as presented in Table 3).

4.5 Mediation regression analysis

Haye’s (2013) process technique utilizing a bootstrapping approach with Model 4 was used
to test the mediation effects. Hypothesis H1 illustrates that digital business strategy is sig-
nificantly associated with BPI and contending that Blockchain adoption mediates the rela-
tionship between digital business strategy and BPI. Table 4 demonstrates that Blockchain
adoption mediates the relationship between digital business strategy and business process
innovation. According to the estimations, no opposite sign was found between LLCI and
ULCI 0.1037 CI [0.0375, 0.1757]; and as there was no zero between the upper and lower
limit, mediation is approved.

Table 4  Mediated regression analysis results in digital business strategy  (blockchain technology adop-
tion and business process innovation)
Variable B SE T P

1 DBS on BCA 0.1749 0.0489 3.5733 0.0000

2 BCA on BPI 0.5926 0.0500 1.8488 0.0000
3 Total Effect of DBS 0.1119 0.0530 2.1117 0.0000
on BPI
Bootstrap results for indirect effects
Effect SE LL95% CI UL 95% CI

DBSBCABPI 0.1037 0.0349 0.0375 0.1757

n 
= 300, Control Variables Are Age, Gender. Total experience DBS  = 
Digital business strategy;
BCA = Blockchain technology adoption; BPI = Business process innovation. Bootstrap Sample Size = 270.
LL = Lower Limit, CI = Confidence Interval, UL = Upper Limit

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The adoption of blockchain technology in the financial sector… 2445

Table 5  Mediated regression analysis results in digital business strategy (blockchain technology adoption
and firm financial performance)
Variable B SE T P

1 DBS on BCA 0.1609 0.0475 3.3853 0.0000

2 BCA on FFP 0.6008 0.0518 1.5879 0.0000
3 Total Effect of DBS 0.1119 0.0830 2.1118 0.0000
on FFP
Bootstrap results for indirect effects
Effect SE LL95% CI UL 95% CI

DBSBCAFFP 0.09677 0.0340 0.0338 0.1677

Hypothesis number H1b illustrates that digital business strategy is positively related
to firm performance. Table  5 demonstrates that Blockchain adoption mediates the
association between firm financial performance and digital business strategy. Accord-
ing to the estimations, no opposite sign was found between LLCI and ULCI 0.0967 CI
[0.0338, 0.1677]; and as there was no zero between the upper and lower limit, media-
tion is approved.

4.6 Moderation regression analysis

Table 6 shows the moderation results of IT alignment among Blockchain technology adop-
tion (BCA) and business process innovation (BPI) as significant (β = 0.0858, t = 0.0470,
p < 0 0.0004), supporting hypothesis H3. The result of the two-tailed significance test also

Table 6  Moderated regressions analysis for IT alignment

Sr# Predictor B SE T P
IT alignment as a moderator between BCA & BPI

1 Constant 2.4912 0.5576 4.4618 0.0000

2 BCA 0.0501 0.1519 5.3296 0.0000
3 ITA 0.0530 0.1643 0.322 0.0000
4 BCA*ITA 0.0858 0.0470 1.8243 0.0004
Conditional direct effects of X on Y
Mod Effect Boot SE LLCI ULCI

MOD -1 SD (-.75) 0.16*** 0.04 0.08 0.25

MOD M (.00) 0.20** 0.04 0.03 0.17
MOD + 1 SD (.75) 0.23** 0.06 0.14 0.33

n = 300, Control Variables Are Age, Gender. Total experience DBS  = Digital business strategy;
BCA = Blockchain technology adoption; ITA = Information technology alignment; BPI = Business process
innovationn. Bootstrap Sample Size = 270. LL = Lower Limit, CI = Confidence Interval, UL = Upper Limit.
p < .05, **p < .01, ***p < .00

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 2446 M. Khalil et al.

Fig. 1  Theoretical Framework

Fig. 2  Interaction effects of BCA and ITA on BPI. Note n = 300; Slope for Low ITA (B = .06, P < 0.00).
Slope for High ITA (B = .06, P < 0.11)

approves these results (Effect = 0.16, Boot SE = 0.04, p < 0.00). Moreover, the bootstrap-
ping technique at 95%CI too confirmed these outcomes through non-zero values held
amongst the upper and lower limits (0.08, 0.25) .

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The adoption of blockchain technology in the financial sector… 2447

Figure 2 shows plotted graph of GB’s moderation effect. The interaction plot indicates
that value at high ITA depicts (B = 0.06, P < 0.11) and value at low ITA depicts (B = 0.06,
P < 0.00). Therefore, our proposed supposition is accepted. The hypothesis states that the
relationship between BCA and BPI is stronger when ITA is high.

5 Discussion

After the internet, cryptocurrencies and Blockchain technology are vital developments in
the twenty-first century that significantly impacted the banking and financial sector. Block-
chain technology has the prospective to transform and establish financial institutions with
minimum business operational cost, speedy transactions, and system transparency. But the
question arises; what makes firms adopt Blockchain that may lead towards firm better per-
formance. According to Mithas et  al. (2013), investing and adopting technology doesn’t
guarantee organizational success; but the proper digital business strategy is needed. Ukko
et al. (2019) empirically examined and reported digital business strategy as the key ante-
cedent for a firm’s financial performance. Schuetz and Venkatesh (2020) stated that Block-
chain technology adoption is necessary for the industry to compete globally and increase
market share. He also suggested that future researchers investigate the antecedents of
Blockchain adoption that may help get innovativeness and economic success. Hence, the
current study was conducted on these gaps. Three hypotheses were formulated to inves-
tigating the mediating role of Blockchain adoption between digital business strategy and
financial performance/process innovation.
We have adopted Hayes’s (2017) model for mediation analysis. The results revealed that
digital business strategy positively influences BPI (business process innovation) and finan-
cial performance. Hence study Hypothesis1a, and H1b were accepted. Furthermore, total
indirect effects were calculated for mediation analysis. Blockchain adoption mediates the
relationship between digital business strategy and financial performance as value indicated
0.0967 CI [0.0338, 0.1677]; and business process innovation 0.1037 CI [0.0375, 0.1757];
as “bootstrapped confidence interval does not include Zero” (as shown in Table  4). Fur-
thermore, for the moderating role of IT alignment between Blockchain adoption and pro-
cess innovation, full statistical support was found, such that the relationship strengthens
when firms have high IT alignment. Hence, all the proposed hypotheses H1, H2, and H3
were approved.

5.1 Theoretical and practical contributions

This research offers several theoretical and practical contributions. The current study
extends the literature on digital strategy, Blockchain technology, and its impacts on a bank’s
innovation performance. According to Venkatesh, Thong, and Xu (2016), there is enough
literature on technology adoption, but research on specific technologies like Blockchain
is still limited in developing countries (Siddiqui 2019). As suggested in previous studies,
Blockchain is still in the infant stages of testing and experimentation for the financial sector
(Evans 2018a, b; Schuetz and Venkatesh 2020). It was also found that the center of atten-
tion of the researchers has been on Blockchain technology issues, legal frameworks, and
their applicability in financial markets; hence full potential is yet to be analyzed (Scriber
2018; Zhang et al. 2018; Zheng et al. 2017; Meunier 2018).

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 2448 M. Khalil et al.

Evans (2018a, b) stated that future researchers should investigate the actual adop-
tion of Blockchain technology and its influence on the firm’s performance. This study
attempts to enrich the literature by filling these gaps. In addition, the current study’s
empirical results provide an understanding of the antecedent and outcomes of block-
chain. The banking sector plays an essential role in the economy, demanding new and
fast technological developments. On the other hand, Blockchain is considered a prom-
ising, innovative technology (Wu et  al. 2019; Chen 2018; Ducas and Wilner 2017).
Therefore, the relationship between Blockchain and the financial market needs to be
investigated (Seebacher and Schьritz 2017). We investigated Blockchain technology
outcomes and developed its relationship with digital business strategy and IT alignment
(Seebacher and Schьritz 2017; Chen 2018). Furthermore, the current study provides a
theoretical contribution to digital strategy and IT alignment literature.
The study also provides various managerial implications for top management and
executives in banks. Banks can employ Blockchain technology to improve their ser-
vices, which will also affect the innovative performance. This study also provides
empirical evidence to top managers to know more antecedents and outcomes of Block-
chain technology. From this study, executives know the role of IT alignment between
Blockchain technology, process innovation, and financial performance.

5.2 Study limitations

This study provides further avenues for researchers in the organizational context while hav-
ing some limitations. First, data was collected from banks located in Islamabad/Rawalpindi
region. To generalize the study’s findings, future researchers should collect data from other
industries and Islamic Banks. Secondly, we only investigated one antecedent of Blockchain
technology in the current study. Lastly, moderating variables such as employee training and
organization culture should be analyzed with the current model aside from IT alignment.

6 Conclusion

Banks and Financial Technology (Fintech) have been trying to find common ground for
years. Fintech is introducing new concepts in the banking sector, and it has breathed
new life into the banking system. In Pakistan, the banking sector is at the developing
stage. New technologies have been introduced to meet customer needs. Blockchain
uses the mediating relationship between firm financial performance and digital busi-
ness strategy. Adopting digital business strategies will enhance process innovation in
the banking sector. In Banking 4.0, technology development infrastructure is essential.

Data availability  The data that support the findings of this study are available from the
corresponding author upon reasonable request.

13
The adoption of blockchain technology in the financial sector… 2449

Declarations 
Conflict of interest  The authors declare no conflict of interest.

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Authors and Affiliations

Mahmoona Khalil1 · Kausar Fiaz Khawaja1 · Muddassar Sarfraz2,3 

Mahmoona Khalil
maimoona.khalil@iiu.edu.pk
Kausar Fiaz Khawaja
kausar.khawaja@iiu.edu.pk
1
Faculty of Management Sciences, International Islamic University, Islamabad, Pakistan
2
Binjiang College, Nanjing University of Information Science and Technology, Wuxi, Jiangsu,
People’s Republic of China
3
Research Center for Engineering and Management, Politehnica University of Timisoara,
Timisoara, Romania

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