Application of blockchain in enterprise financing: literature review and knowledge framework

Purpose In recent years, the application of blockchain in enterprise financing has become a hot topic in academic research. This study aims to review the existing literature, construct a knowledge framework for this research topic and propose an agenda for future research. Design/methodology/approach Based on 181 papers published from 2016 to 2020 in core journal databases in China and abroad, this study used bibliometric tools to identify and analyze an overview of literature publications, research hotspot trends and research theme clustering. This study also qualitatively analyzes literature from the dimensions of enabling mechanisms, multitechnology synergy, challenges, theoretical perspectives and research methods. Findings This study presents the research progress of blockchain applications in direct financing, bank credit, supply chain finance and other financing modes and analyzes the similarities and differences between domestic and international literature. This study also reveals enabling mechanisms of blockchain in enterprise financing, reflected as information quality improvement (data elements), trust mechanism innovation (business process) and collaboration structure enhancement (network structure). The study found several challenges (e.g. technological uncertainty, data security and organizational change) and trends (e.g. integrated innovation of multiple digital technologies). Additionally, the authors identified several gaps and opportunities for further research. Research limitations/implications This study adopts a strict strategy of selecting search terms when retrieving the literature, leading to the exclusion of certain papers on this topic. Practical implications This study provides valuable insights into the innovative development of enterprise financing modes enabled by blockchain and emphasizes that managers should clarify the applicable boundaries and necessary conditions of blockchain innovation in different financing scenarios to match technological innovation with industrial expectations. Originality/value This study constructs a knowledge framework on this topic based on a comprehensive review of existing research and proposes several important issues for future research based on the identified research gaps.