Blockchain applications: promotion of green innovation

Purpose This paper aims to address the gaps in current research by exploring how blockchain technology influences corporate green innovation. Design/methodology/approach This study investigates the potential of blockchain technology to stimulate the green innovation of companies using the difference-in-difference model with a panel data set of 1,803 Chinese listed companies from 2012 to 2019. Findings The application of blockchain significantly increases the number of green invention patents obtained by companies but has no significant impact on green utility model patents, that is, blockchain applications improve the quality rather than the quantity of green innovation. The role of blockchain in promoting green innovation is particularly pronounced in state-owned enterprises, non-heavily polluting industries and older companies. The use of blockchain technology helps reduce sales costs and boosts research and development investments, thereby encouraging green innovation. Additionally, a company’s internal control quality plays a moderating effect. Originality/value Firstly, previous research on blockchain has primarily centered on its relationship with supply chain management. This article empirically tests the impact of blockchain applications on the green innovation of companies using the DID method. Secondly, current studies mainly explore the influencing factors on green invention patents. This article examines the impact of blockchain applications on both green invention patents and green utility model patents and identifies distinct influencing effects. Finally, this article introduces the internal control mechanism of enterprises into the DID model and explores the potential impact of the quality of internal control on the relationship between blockchain and green innovation.