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Purpose This study explores the potential of blockchain technology as a novel form of governance in interorganizational business cooperation. While prior research has addressed blockchain’s role in enhancing trust, transparency, and performance, limited attention has been paid to its structural function in governing B2B relationships. This paper tries to conceptualize blockchain as a distinct form of interorganizational governance and assess its viability in replacing or complementing traditional governance approaches within B2B contexts such as supply chains, strategic alliances, and marketing channels.Design/methodology/approach A multi-stage theoretical approach was adopted. First, a cross-disciplinary review of governance theories from political science, economics, and sociology was conducted to identify three critical components of interorganizational governance: the governance anchor, the principle of rules, and the rules safeguards. Second, these components were systematically mapped onto blockchain architecture by aligning the blockchain technology suite with governance anchors, consortium chains with rule-setting principles, and smart contracts with enforcement mechanisms. Third, blockchain-based governance was compared to four classical governance models—power-based, contractual, relational, and third-party—using illustrative examples from firm-level applications.Findings The study proposes that blockchain enables a technology-driven governance structure characterized by decentralization, automation, and transparency. Specifically, the anchor is the blockchain infrastructure itself, offering immutable and distributed ledgers that provide verifiable credibility and transaction histories; the principle of rules is represented by consortium chains, allowing partners to collaboratively establish, adapt, and monitor business rules; the rules safeguards are embedded in smart contracts, which automatically enforce terms, reducing the need for third-party arbitration or manual intervention. Compared with traditional governance forms, blockchain-based governance offers lower transaction costs, higher operational efficiency, and improved robustness in low-trust, high-complexity B2B environments.Research implications This study advances the understanding of governance in B2B networks by introducing a structurally embedded, technology-enabled governance form. It contributes to the interorganizational governance literature by detailing how blockchain technologies can assume core governance functions typically handled by authority, legal systems, or social norms. The framework also provides a foundation for empirical studies in digitally mediated B2B cooperation.Practical implications For B2B managers—especially in industries where coordination is complex and relationship-specific investments are high—this study offers a roadmap for adopting blockchain not merely as an IT solution but as a governance infrastructure. By reducing dependence on centralized authority, incomplete contracts, third-party enforcement, and fragile relational norms, blockchain offers a more autonomous, transparent, and scalable governance alternative.Originality/value This paper is among the first to conceptualize blockchain as a full-fledged governance mechanism within B2B interorganizational settings. It develops a two-layer model—comprising a foundational technology layer and an operational governance mechanism layer—that explains how blockchain reconfigures coordination, rule enforcement, and partner behavior in digitally connected B2B ecosystems.
Zhang et al. (Mon,) studied this question.