Can blockchain technology reduce supply chain finance risk? The mediating role of information transparency

• Blockchain technology reduces supply chain finance risk. • Information transparency links blockchain technology and supply chain finance risk. • Blockchain technology affects supply chain finance risk across governance quality. • The impact of blockchain technology on supply chain finance risk varies by industry. Against the backdrop of increasingly complex global industrial chains and frequent financial risks, supply chain finance risk has become a key constraint on the sustainable development of enterprises. Using data from listed companies for 2008–2023, this paper examines the impact of blockchain technology on supply chain finance risk. The empirical results show that blockchain technology can significantly reduce supply chain finance risk, and that information transparency plays a mediating role between blockchain technology and supply chain finance risk. Further heterogeneity analysis reveals that firms with higher governance quality and those in non–high-tech industries can better leverage blockchain's risk-mitigating effect on supply chain finance. The findings provide policy implications for financial institutions, enterprises, and regulatory authorities regarding risk governance and technological application.