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Article

The Impact of Blockchain Technology and Dynamic Capabilities on Banks’ Performance

by
Abayomi Ogunrinde
1,
Carmen De-Pablos-Heredero
1,*,
José-Luis Montes-Botella
2 and
Luis Fernández-Sanz
3
1
Department of Business Economics (Administration, Management, and Organization), Applied Economics II and Fundamentals of Economic Analysis, Universidad Rey Juan Carlos, Paseo de los Artilleros s/n, 28032 Madrid, Spain
2
Department of Applied Economy I, Universidad Rey Juan Carlos, Paseo de los Artilleros s/n, 28032 Madrid, Spain
3
Department of Computer Science, Universidad Alcalá de Henares, Pza. San Diego s/n, 28801 Alcalá de Henares, Madrid, Spain
*
Author to whom correspondence should be addressed.
Big Data Cogn. Comput. 2025, 9(6), 144; https://doi.org/10.3390/bdcc9060144
Submission received: 28 January 2025 / Revised: 14 May 2025 / Accepted: 16 May 2025 / Published: 23 May 2025

Abstract

Blockchain technology has sparked significant interest and is currently being researched by academics and practitioners due to its potential to reduce transaction costs, improve the security of transactions, increase transparency, etc. However, there is still much doubt about its impact, and the technology is still in its infancy, with varying degrees of adoption among different financial institutions. Structural Equation Modeling (SEM) analysis was utilized to test the impact of blockchain and dynamic capabilities on the Bank’s Performance of top banks in Spain. The innovative approach seeks to understand how performance can be improved by deploying blockchain technology (BC) in banks. Results showed a significant association between banks’ adoption of blockchain and the generation of dynamic capabilities and financial performance. Thus, we can confirm that a bank adopting blockchain will more likely create dynamic capabilities than those that do not. Hence, blockchain technology is an important tool for achieving dynamic capabilities and increasing performance in banks. Based on the findings, we suggest areas for additional research and highlight policy considerations related to the wider adoption of blockchain technology.

1. Introduction

Blockchain technology has been gaining traction in the business world because of its potential to revolutionize company operations [1]. It is a distributed ledger technology that allows for more secure, transparent, and immutable transactions [2]. In 2008, Satoshi published his study “Bitcoin: A Peer-to-Peer Electronic Cash System”, in which an electronic cash system was proposed [3]. This framework made it conceivable for installments to be started by one party and sent directly to another without the intervention of an external monetary institution [4]. Researchers have steadily come to grasp the worthiness of blockchain, which may be a key fundamental innovation of Bitcoin, as intrigued by computerized cryptocurrencies such as Bitcoin, which has developed over a long period of time [5,6]. Blockchain innovation can be a distributed database in which transactions and exchanges are naturally completed through scripted smart contracts, and the use of cryptography makes the distributed ledger record immutable [7,8]. The application of smart contracts is centered on the financial sector, but it also leads to radical changes in non-financial fields, such as e-commerce, e-government, credit evaluation, and supply chain [7,9,10]. This technology can enable companies to develop dynamic capabilities, including the ability to quickly adapt to changing market conditions. This article discusses the potential of blockchain technology to enable dynamic capabilities, as well as the challenges associated with its implementation in the financial sector, focusing on banking services.
Although many studies have been published on cryptocurrencies and blockchain technology’s effects on firms in different industries, to our knowledge, no paper has been identified that connects blockchain and the development of dynamic capabilities and bank performance in Spain. This study explores the relationship between blockchain technology adoption and banks’ performance, revealing those dynamic capabilities, such as adaptability, innovation, and market responsiveness, acting as critical mediators. The authors challenge the traditional linear technology adoption model and emphasize the importance of developing these capabilities alongside technology integration. This research provides empirical evidence from banks in Spain, demonstrating that blockchain adoption positively affects dynamic capabilities, leading to enhanced operational efficiency, cost reductions, and competitive advantage. The authors propose a conceptual model that integrates blockchain technology effects, dynamic capabilities, and bank performance, offering practical insights for banking managers. This idea is novel as we are not aware of any existing literature that has dealt with this. Future research should focus on larger, diverse samples and longitudinal studies.
This study aims to identify the value of blockchain in generating dynamic capabilities for banks operating in Spain. For example, blockchain technology can create a secure, immutable, and transparent environment where companies can store and share data [11,12]. These data can be used to quickly identify changes in the market and adapt accordingly. These data cannot be changed or manipulated, which allows companies to trust the data they use and make decisions based on accurate information.
In this sense, this paper tries to answer the following research questions:
RQ1. Do organizations that adopt blockchain technology exhibit a higher level of absorptive capacity compared to those that do not?
RQ2. Does adopting blockchain technology positively impact an organization’s innovation capacity, leading to the development and introduction of a greater number of new products, services, or processes?
RQ3. Do organizations utilizing blockchain technology demonstrate a higher detection capacity than others who do not?
RQ4: Do dynamic capabilities moderate the relationship between Blockchain technology implementation and bank performance, enhancing the effectiveness of blockchain in driving performance outcomes?
This paper will highlight the pros and cons of blockchain technology and its policy implications for bank executives and regulators. It will provide some insights into how blockchain technology can provide businesses with dynamic capabilities by adding value for companies to operate in. This environment will enable companies to quickly identify changes in the market and adapt accordingly.
A summary of the existing regulatory framework in both the European Union (EU) and Spain on blockchain technology, especially in the financial sector, will be presented. We will substantiate the impact of blockchain technology on the performance of banks through the effects of intermediate factors such as reduction in operation costs, increased customer loyalty, and improved process efficiency.
After the introduction, the second section of this paper will analyze the potential of blockchain technology to enable dynamic capabilities in banks. It will explain how blockchain technology can create a secure, transparent, and immutable environment for companies to operate in. It will also show if there is an advantage of this technology in facilitating rapid adaptation to changing market conditions.
The third section will present the method applied for empirical analysis, a survey for the collection of the information, Structural Equation Modeling (SEM), and the steps followed in this research.
The fourth section of this paper will focus on the results obtained from the SEM analysis, paying attention to each component of the Dynamic Capabilities, such as Adoption Capability, Absorption Capability, Innovation Capability, and Detection Capability. Whether value is created and added to banks that use blockchain technology will be demonstrated.
This paper concludes by summarizing the potential of blockchain technology to enable dynamic capabilities as well as the challenges associated with its implementation. Research limitations and areas of further study will be identified for future work and other researchers to explore blockchain technology, and its applications are still greenfield. The potential benefits of blockchain technology are enormous, and attendant risks need to be carefully examined and mitigated.

2. A Literature Review

2.1. Blockchain Technology (BC)

Blockchain technology was first introduced in the world by Satoshi, the first person to successfully implement blockchain technology [13]. The history of blockchain technology can be traced back to 2008, when Satoshi Nakamoto invented blockchain technology and the digital currency, Bitcoin. Nakamoto invented this technology to create a secure and reliable distributed ledger system [14]. Blockchain technology is currently being used in various industries and fields, of which the financial sector is the dominant one.
One of the top five digital technologies predicted to significantly alter how we live and work is blockchain [15,16]. Ten percent of the world’s GDP will operate on blockchain by 2027 [17]. Blockchain was a standout technology at the Davos World Economic Forum, with huge implications for people, corporations, and society [18]. Blockchain has been claimed to allow companies to reduce the costs of doing business and leverage external resources as easily as internal ones [15,19]. Carson focused on the value that blockchain will eventually provide, transitioning from cost savings to new business opportunities and revenue sources. Blockchain is an open and incorruptible platform where users can upload self-executing programs and verify the system’s history and present conditions. Blockchain technology is popular due to its traceability, transparency (visibility), security (resilience), and anonymity, which do not require the trust of the participant or a third party to regulate it [20]. Information history is stored in a safe database that interested parties can view whenever they want [21]. Commercial ventures can benefit from the four essential features of blockchain [18]:
  • Immutability: After a transaction is validated, it cannot be changed by any party;
  • Traceability: The transaction history is fully and transparently audited;
  • Consensus: To avoid conflicts, all participants must agree on a single dataset;
  • Automation: Under specific circumstances, commands and transactions can be performed automatically.
This digital technology is in its infancy and is viewed with some suspicion. Some claim that blockchain is nothing more than a data structure controlled and owned by various users [22]. Blockchain is a ground-breaking technology that seeks to find use cases, according to others [23]. The initial use of blockchain from 2008 to 2014 mainly revolved around cryptocurrencies [24]. Notwithstanding these criticisms, blockchain is gaining traction, and its applications are being extended to other areas. Ref. [25] finds that the convergence of blockchain and fintech technologies is transforming digital banking services. Ref. [26] states that blockchain brings risks and opportunities to banks. However, because of the lack of legislative and technical restrictions, blockchain can be seen as an opportunity rather than a problem. This improves customer service and banking processes. Ref. [27] stated that the findings demonstrate the strong one-dimensionality, validity, and reliability of blockchain technology in banking services. Furthermore, it clearly shows that it provides an advantage to any bank that implements blockchain technology over those that do not. For [28], blockchain technology has the potential to revolutionize several banking industries, including trade finance, financial reporting, and cross-border payments, by streamlining processes, improving transparency, and reducing costs. Although regulations and technical barriers currently pose challenges, blockchain technology is poised to transform the banking and financial sectors by facilitating smart contracts and faster trade execution.
Blockchain technology has developed into a competence and may provide various opportunities to a firm, especially a bank. Some of these competitive advantages include (1) better efficiency due to fast responses for each transaction, (2) speedier transactions based on computerized record keeping on the blockchain, (3) reduced transaction time and operational cost, (4) faster payment and settlements without external interaction, (5) improved third party trust with the use of cryptography, and (6) real-time data leading to openness at both ends [29,30]. It is essential for institutions, especially financial institutions, to cultivate skills that foster confidence among individuals and enhance operational efficiency [31,32,33]. With its involvement in handling extensive confidential ledgers and overseeing the balances of multiple centralized authorities, the banking sector stands as the foundation of many economies [34,35]. Blockchain offers a substantial breakthrough in financial markets, enhancing efficiency and operational performance in the realm of electronic payments and settlement [36,37,38,39,40,41]. Blockchain streamlines overseas transactions for banks, making them cost-effective and efficient [42,43]. The research conducted by [44] underscores the dual nature of blockchain’s impact on the banking sector, suggesting that it can lead to both positive opportunities and negative threats. Despite this, certain researchers emphasize blockchain’s value as a non-physical asset for a company [45,46]. During the initial phases, ref. [27] proposed a measurement tool called the Blockchain Technology Effects Instrument (BCI) to assess the capabilities of blockchain. There are 26 properties in this instrument, which are divided into five categories: “reduced cost”, “efficiency and security”, “secure transfers”, “ high-quality customer services”, and “regulatory conformity”. Since its inception, blockchain technology has continuously evolved from 1.0 to 4.0 [21], providing the banking industry with strong motivations to adopt it to establish and maintain a competitive edge [47].
Blockchain can significantly lower operating costs for banks by automating processes, reducing intermediaries, and minimizing fraud. Blockchain enables the use of smart contracts–self-executing agreements with predefined rules coded on the blockchain. In trade finance, smart contracts can automate payment releases once conditions (e.g., delivery confirmation) are met, eliminating intermediaries like escrow agents or clearinghouses. A McKinsey report estimates that blockchain can reduce trade finance costs by 50–80% through automation and disintermediation [48]. For Spanish banks like BBVA, which has implemented blockchain for syndicated financing, this means fewer manual processes and third-party fees and a reduction in operating costs [49]. By automating repetitive tasks, smart contracts reduce the time and labor required for trade finance processes, which traditionally involve multiple parties and manual documentation. This leads to faster transaction cycles, sometimes reducing settlement times from days to hours, improving overall process efficiency. Blockchain’s immutable ledger ensures that transaction records cannot be altered, reducing the risk of fraud. In the banking sector, where fraud can cost billions annually, this is a significant advantage. For instance, the use of blockchain for KYC processes can create a shared, tamper-proof database of customer identities, reducing the risk of identity fraud. A study by Accenture suggests that blockchain-based KYC solutions can cut compliance costs by up to 50% [50]. Fraud prevention through blockchain minimizes the need for costly audits and manual verification processes. For example, a shared KYC database allows banks to verify customer identities instantly, streamlining onboarding processes and reducing the time spent on compliance checks, thereby enhancing process efficiency.
Blockchain’s transparent ledger allows customers to track transactions in real time, fostering trust. Spanish banks like Santander have explored blockchain for international payments, offering faster and more transparent services [51]. This transparency can increase customer satisfaction, encouraging loyalty. A PwC survey found that 84% of consumers are more likely to remain loyal to brands that offer transparency [6]. Blockchain’s cryptographic security protects customer data, reducing the risk of breaches. Using blockchain for digital identity management ensures that customer data are securely stored and shared only with consent, aligning with GDPR requirements in Spain [52]. Secure data management reduces the time and resources spent handling data breaches or compliance violations. By minimizing these disruptions, banks can maintain smooth operations, further improving process efficiency.
Blockchain enables near-instant settlement of transactions by removing intermediaries and using distributed ledgers. In cross-border payments, traditional systems can take 3–5 days to settle due to multiple intermediaries, whereas blockchain can reduce this to seconds. Ripple, a blockchain-based payment protocol, has partnered with banks globally, including Spain, to achieve settlement times of under 4 sec [53]. Faster settlements mean banks can process more transactions in less time, increasing throughput and reducing operational bottlenecks. This efficiency directly translates to cost savings and improved service delivery. Blockchain can create a shared KYC database, allowing banks to verify customer identities quickly and securely. A report by Deloitte estimates that blockchain-based KYC solutions can reduce onboarding times by up to 70% [54]. For Spanish banks, this is particularly valuable given the stringent AML/KYC requirements under the EU’s 5AMLD [55]. By reducing onboarding times, blockchain minimizes delays in customer acquisition, allowing banks to scale operations more effectively. This also frees up resources previously spent on manual verification, enabling banks to focus on core activities. The intermediate factors collectively enhance financial performance through the following mechanisms:
1.
Cost Savings Leading to Higher Profit Margins:
  • The reduction in operating costs directly improves banks’ profit margins. For example, by cutting trade finance costs by 50–80% and KYC compliance costs by up to 50%, banks can reallocate these savings to other areas, such as innovation or customer acquisition [48,50]. For a Spanish bank with annual operating costs of EUR 1 billion, a 50% reduction in trade finance and KYC expenses could save EUR 50–100 million annually, significantly boosting profitability;
2.
Revenue Growth Through Customer Loyalty:
  • Increased customer loyalty drives revenue growth by reducing churn and attracting new customers. Loyal customers are more likely to use additional services, such as loans or investment products, increasing the bank’s revenue per customer. The PwC survey finds that 84% of consumers value transparency and suggests that blockchain’s ability to enhance trust can lead to higher customer retention [56]. If a bank retains an additional 5% of its customer base annually, and each customer generates EUR 500 in revenue, a bank with 1 million customers could experience an additional EUR 25 million in annual revenue;
3.
Scalability and Market Competitiveness Through Process Efficiency:
  • Improved process efficiency allows banks to scale operations and serve more customers without proportional increases in costs. Faster transaction settlements and streamlined KYC processes enable banks to handle higher transaction volumes, attracting business clients who value speed and efficiency. This scalability enhances market competitiveness, potentially increasing market share. For instance, a bank that reduces cross-border payment times from 3 days to 4 sec using blockchain can capture a larger share of the EUR 150 billion global remittance market [53], directly boosting revenue.

2.2. Dynamic Capabilities (DC)

Dynamic Capabilities (DC) refer to the ability of a firm to surpass its competitors through the utilization of specific resources, capabilities, features, and game plans [32,57]. These resources consist of different components like assets, processes, information, skills, methods, knowledge, and functions that aid in the growth of a company [46]. Attributes such as flexibility, innovation, and technological advancements enhance organizational competency to quickly respond to peers and turn threats into opportunities [58]. Resources and attributes come together to create the basis of organizational capabilities. These features, like blockchain technology, allow for the gathering of internal and external resources in a way that maintains competitiveness [59,60], allowing organizations to counter threats through their abilities [61]. Dynamic capabilities are the capacity to learn, unlearn, and relearn and are essential to adaptive capacity [62]. Dynamic capabilities are more difficult to achieve than static capabilities and are based on the analysis of an organization’s learning processes, which can be used to adapt to changing circumstances [63,64]. Most banks are traditional in their operations and, therefore, need to upgrade their processes and systems to be able to compete with new technology.
According to [65], the potential of blockchain technology can effectively address different risks and act as a valuable asset for gaining a competitive edge in performance [66].
It is commonly recognized in the literature that three main generic strategies—cost leadership, differentiation, and focus costs/differentiation can be used to achieve a competitive advantage [67]. The goal of the cost leadership strategy is to be the most affordable producer of banking products or services, while the differentiation strategy focuses on developing distinct qualities in banking products or services to set them apart from peers. Finally, the focus strategy involves focusing on a specific market segment with the bank’s products [67]. Ref. [68] points out that organizations may opt to implement two strategies simultaneously rather than depending on only one strategy. For instance, they might mix competitive prices with unique products or services to lure customers. These strategic decisions could help the banking industry improve its competitive advantage (CA). Additionally, ref. [69] stated that effective utilization of smart contract technology can greatly enhance competitive advantage. Ref. [58] indicated that for an organization’s CA to be effective, it must possess qualities like value, rarity, and non-substitutability. Additionally, ref. [70] suggested that organizations should regularly enhance their CA by demonstrating adaptability in a dynamic business climate. According to various research studies, blockchain technology has distinct features and advantages that could make it a valuable strategic asset for gaining a competitive edge in the present circumstances [32,66]. Therefore, it is essential to explore how blockchain can be used as a competitive edge in the banking sector. Refs. [71,72,73] have identified five categories of competitive advantage in the existing literature: “Price/Cost”, “Quality”, “Delivery Dependability”, “Product Innovation”, and “Time to Market”.
Dynamic capabilities facilitate companies in creating, deploying, and protecting invisible assets that boost long-term business excellence. The mini foundations of dynamic capabilities are clear capabilities, processes, procedures, organizational structures, decision rules, and disciplines that support enterprise-level opportunity discovery, exploitation, and reconfiguration, which are difficult to develop and implement [59]. The Dynamic Capability Framework (DCF) rationalizes how business performance depends on the ability to manage strategic transformation, especially in chaotic market environments [59,74,75,76]. Although DCF has become one of the most renowned conjectural lenses in management research, critics argue that it is underpinned and requires a pragmatic basis [77]. For example, ref. [59] refers to dynamic capabilities (DC) as “skills, processes, procedures, organizational structures, decisions, rules, and discipline”, without indicating the practical nature of such capabilities [78]. (Interactive profit planning systems and market). Most academic discussions of dynamic capabilities focus on abstract concepts with hazy operations [79], resulting in a lack of understanding of the core elements of dynamic capabilities and their correlations with business [78,80].
These three dynamic capabilities are critical for organizational success: absorptive, adaptive, and innovative. First, absorptive capability enables firms to acquire, assimilate, transform, and exploit external knowledge for value creation [81]. This dynamic capability facilitates knowledge acquisition through scanning, assimilation through internal processes, transformation through knowledge combinations, and exploitation through new products or processes [82]. Second, adaptive capability refers to the flexibility of resources and capabilities to align with environmental demands [83]. This includes continuous resource morphing and supply in resource applications [83]. Adaptive capability allows firms to modify their resource base in response to a changing environment. Finally, innovation capability refers to the ability to develop new products and markets through strategic orientation and innovative behaviors and processes [83]. This encompasses various dimensions such as product, process, market, behavioral, and strategic innovativeness [83]. Product and process innovativeness involves the introduction of novel goods, services, and production methods. Market innovation focuses on new marketing approaches and identifies new markets [83]. Behavioral innovation reflects an open culture that fosters new ideas at all levels, while strategic innovation captures the creative use of resources to achieve organizational goals [83].
Interrelatedness between these capabilities is crucial; absorptive capability can enhance innovative capability by facilitating knowledge acquisition and integration to develop new ideas [84]. Adaptive capability allows for resource flexibility, which is necessary for implementing innovative solutions. Together, these dynamic capabilities collectively contribute to a sustainable competitive advantage by enabling firms to respond to environmental changes, create new values, and stay ahead of competitors. The dynamic capabilities hypotheses aim to demonstrate how capabilities are created as a result of the implementation of blockchain technology at banks. According to [85], blockchain technology is a technological tool that organizations can utilize to generate abilities and establish dynamic capabilities. According to [76], dynamic capabilities present the ability of an organization to adopt new and innovative ways to generate competitive advantage. As a result, hypotheses aimed at proving these presumptions are described.
According to [85], measuring dynamic capabilities is challenging and depends on monitoring internal firm-specific procedures and routines, as well as prevailing organizational knowledge.

2.2.1. Integration of Blockchain with Dynamic Capabilities Theory (DCT)

Absorptive Capacity
Blockchain facilitates the acquisition and assimilation of external knowledge by providing a transparent and collaborative platform for data sharing. In the banking sector, blockchain enables the creation of shared Know Your Customer (KYC) databases, where banks can access verified customer data from other institutions, reducing duplication of efforts [86]. For example, the European Blockchain Services Infrastructure (EBSI), which Spanish banks can leverage, supports cross-border KYC by providing a secure, interoperable platform for data exchange [86]. This allows banks to quickly absorb external knowledge about customer identities, regulatory requirements, and market trends, enhancing their absorptive capacity.
The decentralized nature of blockchain technology ensures that data are accessible to all authorized participants in real time, thereby reducing information asymmetry and enabling faster learning. Smart contracts are self-executing agreements that are carried out on the blockchain, and they automate the integration of new data into existing systems, thereby further streamlining the assimilation process. The integration of blockchain technology into banking operations has been demonstrated to facilitate the identification of novel opportunities, such as the provision of enhanced Know Your Customer (KYC) services, with subsequent execution of these opportunities through the alignment of operations with the dynamic capabilities (DCTs), emphasizing adaptability to external changes.
Innovation Capacity
Blockchain fosters innovation by providing a secure, transparent platform for experimenting with new financial products and services. In Spain, banks like BBVA have used blockchain to innovate in syndicated financing, where smart contracts automate loan agreements, reducing processing times by up to 50% [87]. Blockchain also enables the creation of tokenized assets—digital representations of real-world assets like securities or real estate, which banks can offer as new investment products. A report by Deloitte highlights that blockchain can reduce the cost of issuing and trading securities by 40–60%, making it easier for banks to innovate in capital markets [88].
Blockchain’s immutability and transparency reduce the risks associated with innovation, as all transactions are verifiable and secure. This encourages banks to experiment with new ideas, such as decentralized finance (DeFi) solutions or tokenized loans, without fear of fraud or data breaches. Additionally, blockchain’s interoperability allows banks to collaborate with fintech and other partners, pooling resources to co-create innovative solutions.
Blockchain enhances innovation capacity by enabling banks to seize opportunities in digital finance, aligning with DCT’s emphasis on capitalizing on market changes. This innovation strengthens competitive advantage by differentiating banks in a crowded market.
Detection Capability
Blockchain enhances detection capability by providing real-time, transparent data that banks can use to monitor market trends and regulatory developments. For instance, blockchain-based supply chain finance platforms allow banks to track the movement of goods and payments across global networks, providing insights into market demand and potential risks [89]. In Spain, where banks must comply with the EU’s 5th Anti-Money Laundering Directive (5AMLD), blockchain can help detect suspicious transactions by analyzing patterns in transaction data stored on the ledger [90].
Blockchain’s distributed ledger ensures that all participants have access to the same data, enabling banks to detect anomalies or opportunities quickly. For example, a sudden spike in cross-border transactions on the blockchain could signal a market opportunity, while unusual patterns might indicate potential fraud. Smart contracts can also be programmed to flag regulatory non-compliance in real time, enhancing a bank’s ability to sense threats. Blockchain helps banks sense opportunities (e.g., new market demands) and threats (e.g., regulatory risks), aligning with DCT’s focus on environmental scanning. This enables banks to respond proactively, maintaining competitiveness in a dynamic market.
Dynamic Capability Theory provides a robust framework for understanding how blockchain technology can enhance organizational performance in the banking sector. Blockchain aligns with key DCT constructs—absorptive, innovation, and detection capability—by enabling banks to acquire external knowledge, innovate with new products, and sense market opportunities and threats. This integration supports the sensing, seizing, and transforming phases of DCT, helping banks maintain a competitive advantage in a digital economy. However, challenges like high costs and regulatory complexities highlight the need for strategic planning to fully realize blockchain’s potential. For Spanish banks, leveraging blockchain to enhance dynamic capabilities could be a game-changer, but it requires careful navigation of both technological and organizational hurdles.

2.3. Regulation of Blockchain in the European Union and Spain

The EU has developed a cohesive regulatory framework for blockchain, aiming to lead globally in digital finance while ensuring stability and consumer trust.

2.3.1. Markets in Crypto-Assets Regulation (MiCA)

Markets in Crypto-Assets Regulation (MiCA), finalized in 2023 and fully implemented by late 2024, regulate crypto-assets, including stablecoins and tokenized securities used in banking. It imposes strict requirements on issuers and service providers, such as transparency and capital adequacy, to prevent market abuse and protect consumers [86]. For banks, MiCA’s rules on “significant” stablecoins—requiring 60% of reserves to be held in bank deposits—could lead to sectoral concentration risks if banks specialize in stablecoin relationships [86]. While MiCA provides clarity, its stringent standards may favor larger banks, potentially marginalizing smaller ones in the crypto-asset space.

2.3.2. Digital Operational Resilience Act (DORA)

Effective in 2025, the Digital Operational Resilience Act (DORA) will focus on cybersecurity and operational resilience for financial entities using blockchain. It mandates robust risk management for third-party tech providers and ensures the security of DLT systems [87]. This enhances trust in blockchain applications but increases compliance costs, which could strain banks’ financial resources, particularly for those already investing heavily in digital transformation.

2.3.3. European Blockchain Services Infrastructure (EBSI)

The EU’s EBSI, part of the European Blockchain Partnership, supports cross-border use cases like KYC and digital identity, offering banks opportunities to reduce costs and improve efficiency [89]. However, aligning with EBSI’s technical and legal standards requires significant investment, which may exclude smaller banks that are unable to meet these demands.

2.3.4. Distributed Ledger Technology (DLT) Pilot Regime

Since 2023, the Distributed Ledger Technology (DLT) Pilot Regime has allowed banks to test DLT-based market infrastructures for trading and settling tokenized securities, offering exemptions from existing rules to foster innovation [87]. While this regime encourages experimentation, banks must still comply with reporting standards, which can be resource-intensive.
Since Spain is a strong member of the European Union, most of its regulations on blockchain were derived from the EU, with only a few exceptions.
Spain has embraced blockchain technology in its banking sector with a balanced approach, fostering innovation while prioritizing consumer protection and financial stability.

2.4. Regulation of Blockchain in Spain

2.4.1. Anti-Money Laundering (AML) and Know Your Customer (KYC) Compliance

Spain adheres to the EU’s 5th Anti-Money Laundering Directive (5AMLD), effective since January 2020, which extends to virtual assets and blockchain-based financial services. Banks engaging in crypto-related activities, such as issuing tokenized assets, must register with the Bank of Spain under Royal Decree 7/2021, overseen by both the Bank of Spain and the National Securities Market Commission (CNMV) [89]. This registration process ensures transparency but can be slow, with additional information requests often delaying approvals [88]. For banks, this creates a compliance burden that may hinder the speed of blockchain adoption, particularly for smaller institutions.

2.4.2. Regulatory Sandbox for Innovation

Through Law 7/2020 for the Digital Transformation of the Financial System, Spain established a regulatory sandbox in 2020, enabling banks to test blockchain innovations like smart contracts and tokenized securities in a controlled environment [90]. This initiative encourages experimentation while maintaining oversight.

2.4.3. Data Protection Challenges with GDPR

The EU’s General Data Protection Regulation (GDPR) presents a significant hurdle for blockchain adoption in Spain. Blockchain’s immutable nature conflicts with GDPR’s “right to be forgotten”, requiring banks to adopt hybrid solutions, such as storing sensitive data off-chain, to comply with data deletion mandates [90]. This added complexity can reduce the efficiency gains blockchain offers, impacting banks’ operational performance. Table 1 provides summary of recent research findings on blockchain technology and dynamic capabilities, Table 2 gives a brief comparison of the novel ideas of this study with the same recent findings on blockchain and dynamic capabilities.
Key Differences
  • Sector-Specific Challenges:
    Banks: Face stringent regulations, making dynamic capabilities dependent on risk management and compliance.
    Other Industries: Focus on supply chain resilience [20] or open innovation [94];
  • Performance Outcomes:
    Banks: Measure success via financial metrics (ROA, cost-income ratio);
    General Studies: Track non-financial outcomes (e.g., innovation speed [95], agility [94]);
  • Adoption Barriers:
    We highlighted legacy systems and regulatory hurdles in banking, whereas broader research discusses technical scalability [92] or collaborative resistance [16].

2.5. Development of the Conceptual Model and Hypotheses

The transformative power of blockchain technology has the potential to reshape traditional business models in numerous ways. Banks in Spain are actively participating in the establishment of collaborative blockchain ecosystems to create new and disruptive business models. To construct a robust conceptual model for this study, a comprehensive approach was adopted. This involved the synthesis of information from various sources, including published research articles, real-world success stories of blockchain clients, and in-depth discussions with industry experts who have practical knowledge about the implementation of blockchain technologies. Recent research has focused on the application of blockchain technology in the banking sector and its potential benefits for business performance. Yet, there is a shortage of thorough research on the potential of blockchain technology and its impact on business productivity, leading to uncertain conclusions in existing studies. Nonetheless, it is important to highlight that blockchain technology can decrease transaction costs and tackle agency costs related to internal agents in a company. Important research conducted by [93,94,95,96,97,98] has demonstrated a clear link between business abilities and financial metrics, such as profits and return on investment (ROI). By implementing blockchain technology, banks can achieve significant cost reductions by removing the necessity of various third-party intermediaries. Additionally, blockchain technology enhances transaction efficiency, leading to smoother trade financing channels and ultimately boosting overall income.
Ref. [46] initially proposed the concept of the Resource-Based View (RBV) to explain the essential resources companies need to succeed in the market. These strategic resources are required to exhibit characteristics such as being valuable, rare, difficult to replicate, and strategically indispensable [58,98]. Banks see blockchain technology as a powerful asset with great growth potential. It is crucial to strategically utilize intangible resources over tangible ones, as argued by [44], to achieve and sustain a competitive advantage. Ref. [97] highlighted the decreasing cost of data over the past few decades, emphasizing that blockchains now provide a technology platform that facilitates easy sharing and use of shared information. The attention now moves toward leveraging data effectively rather than simply owning them, indicating a change in competitive edge [89]. Banks are currently working on creating blockchain products for their use, which helps boost their innovation capabilities. By integrating blockchain technology with banking software solutions, many financial institutions have enhanced their operations and strengthened their position in the banking sector. According to [88], it is crucial to reconsider the significance of technology in the banking industry. Banks need to effectively utilize new platforms and understand the impact of changing regulations to maintain competitiveness and meet compliance in a competitive market [98,99].
Hypothesis 1. 
Organizations that adopt blockchain technology will exhibit a higher level of absorptive capacity compared to those that do not, as evidenced by their ability to identify, assimilate, and apply valuable external information more effectively.
Financial institutions develop dynamic capabilities by offering excellent services, which results in customer value, leading to differentiation advantages, cost leadership, and, ultimately, growth in market share and profits [46,100]. Dynamic capabilities help banks create competitive edges that allow them to provide services that are better than those of their peer in terms of pricing, quality, reliability, and speed of delivery. These dynamic abilities then help improve the overall performance of a bank [99]. Furthermore, a bank can charge higher prices by providing top-notch products, leading to higher profit margins, return on capital employed (ROCE), and return on investment (ROI). By improving time-to-market and promoting fast innovation, a bank can secure a leading portion of the market and sales volume [73]. Furthermore, the adoption of blockchain technology equips banks with the ability to reduce costs, accelerate transaction speed, and maintain self-service operations without third-party involvement, thus mitigating security risks. Consequently, a positive correlation between blockchain technology effects and dynamic capabilities is postulated. The potential of blockchain technology lies in its ability to enhance economic performance, customer loyalty, satisfaction, and interpersonal effectiveness. Banks that have a strong customer loyalty base experience less competition and enjoy higher customer retention rates, which, in turn, leads to better sales and profitability [101].
Hypothesis 2. 
Adopting blockchain technology will positively impact an organization’s innovation capacity, leading to the development and introduction of a greater number of new products, services, or processes.
The relationship between dynamic capabilities and bank performance is generally positive. Dynamic capabilities encompass a firm’s capacity to integrate, construct, and reconfigure internal and external competencies in response to rapidly changing environments. In the banking context, these capabilities enable banks to react quickly to market changes, regulatory changes, technological advances, and evolving customer preferences. Subsequently, these adaptations can contribute to improved performance in various dimensions, including responsiveness, innovation, customer satisfaction, and operational efficiency. Banks equipped with robust dynamic capabilities are more adept at competing and thriving within the fast-paced and increasingly intricate banking landscape [102]. The impact of dynamic capabilities on bank performance is manifested through several fundamental functions: 1. Adaptation to Change: Dynamic capabilities enable banks to discern and influence opportunities and risks, facilitating adaptation to changes in regulatory requirements, market conditions, and technological progress [103]. 2. Resource Reconfiguration: These capabilities enable the reconfiguration of a bank’s assets and organizational framework in response to internal and external changes, ensuring optimal allocation and utilization of resources. 3. Innovation: By nurturing an innovative culture and processes, dynamic capabilities facilitate the development of new financial products and services, thereby attracting and retaining customers and meeting evolving market demands [101]. 4. Customer Satisfaction: Enhanced responsiveness to client needs and preferences, personalized services, and improved customer experience contribute to improved customer satisfaction through dynamic capabilities [103]. 5. Operational efficiency: Dynamic capabilities contribute to operational optimization, embrace digital transformation, and automate repetitive tasks, resulting in increased efficiency and reduced costs [104]. 6. Strategic Decision Making: Banks equipped with dynamic capabilities can make more informed strategic decisions by gaining a better understanding of market trends and leveraging insights from data analytics. 7. Competitive advantage: Strong dynamic capabilities enable banks to swiftly respond to competition and differentiate their services, thereby maintaining a competitive edge in the marketplace [105]. Fundamentally, the concept of dynamic capabilities in banking revolves around proactive management that enables continuous realignment and adjustment to maintain and enhance performance in the volatile financial industry.
Hypothesis 3. 
Organizations utilizing blockchain technology will demonstrate a higher detection capacity, enabling them to identify and understand changes, opportunities, and threats in their external environment more effectively than organizations without blockchain adoption.
Figure 1 shows the conceptual model and provides insight into the blockchain collaborative ecosystem. Blockchain technology is a significant source of dynamic capabilities (DC) that can effectively improve the operational performance of banks (BP). Figure 1 depicts the direct correlation between blockchain technology and banks’ performance, with dynamic capabilities playing a mediating role in explaining their connection. An initial investigation was carried out to comprehensively grasp the size, connections, and elements of blockchain technology, dynamic capabilities, and banks’ performance. Experts from the banking and IT sectors, as well as academia, were found to be engaged in creating smart chain solutions within the banking industry. A focus group was established, consisting of business specialists from banks, blockchain experts, IT professionals, and professors. By conducting a literature review and engaging in focus group conversations, the blockchain technology, dynamic capabilities, and banks’ performance dimensions were specified (refer to Figure 1). Blockchain technology comprises five key aspects: reducing costs, improving efficiency, ensuring compliance, enhancing security, and delivering excellent customer service [27]. The assessment of banks’ dynamic capabilities is based on two dimensions: product innovation and technology adoption. Meanwhile, the assessment of the banks’ performance focuses on financial and industrial performance [71,73]. Referencing previous research, the potential connections between blockchain technology, dynamic capabilities, and banks’ performance were explored, resulting in the development of hypotheses. During the following pilot study phase, confirmatory factor analysis was used to confirm and validate the dimensions and components of blockchain technology, dynamic capabilities, and banks’ performance. According to [106], it is important to recognize theoretical connections between recently suggested constructs and other conceptually related yet separate concepts. The upcoming part of the text will delve deeper into the anticipated connections between blockchain technology, dynamic capabilities, and banks’ performance as backed by the literature.
Hypothesis 4.
Dynamic capabilities moderate the relationship between Blockchain technology implementation and bank performance, enhancing the effectiveness of blockchain in driving performance outcomes.
In Figure 1, we can see that the mediating effects of dynamic capabilities on the relationship between blockchain technology and banks’ performance are significant (0.0341, p = 0.000). Dynamic capabilities act as a mediator by facilitating the bank’s adoption and implementation of blockchain technology. It helps banks to identify strategic opportunities for blockchain technology adoption, assess potential risks, and develop new business models. This mediation effect has the potential to improve performance outcomes. Banks with robust dynamic capabilities are better positioned to navigate the challenges and leverage the advantages of dynamic capabilities, leading to superior performance outcomes.

3. Methods

This research aimed to explore the correlation between blockchain technology effects (BC), dynamic capabilities (DC), and banks’ performance (BP). As such, the conceptual research model encompasses three key domains: blockchain technology, dynamic capabilities, and banks’ performance. The assessment of blockchain technology, dynamic capabilities, and banks’ performance involved the use of measurement tools derived from prior research, with some modifications. The Delphi method research is a method that has gained considerable usage, especially within the social and health sciences [107,108,109,110,111,112]. It is even more effective in the case of validating questionnaires, as different studies have illustrated [113]. The essence of the Delphi purpose is to seek adjustments from various professionals regarding the designed questionnaire’s coverage areas and specific questions concerning a particular topic [93,107,108,114]. This technique entails a cyclical, organized, and anonymous feedback procedure where experts respond to several rounds of feedback interspersed by statistical summaries sent out between the feedback rounds [108]. The Delphi method was utilized in this study as a systematic way to gather expert opinions and frame questionnaires on the factors influencing the adoption of blockchain technology among Spanish banks. Here is a detailed breakdown of the methodology implementation:
In this research, the methodological approach employed in this study is delineated into three distinct phases: preliminary, exploratory, and final.
Preliminary Phase: The following actions were executed during this initial phase:
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Development and Review of the Dynamic Capabilities (DC) Questionnaire: The research team devised a questionnaire intended for validation, which underwent a review process resulting in the inclusion of eight items—two corresponding to each dynamic capability. These items were subsequently subjected to evaluation via the Delphi method in the latter half of June 2024.
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Preparation of the Questionnaire for the Initial Round of the Delphi: In this iteration, experts were solicited for their assessments regarding the clarity and appropriateness of the items associated with each dynamic capability and their respective measurement scales;
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Selection of the Expert Panel: The selection of experts is a critical factor influencing the validity of the Delphi results. The criteria for expert selection and the number of experts chosen were contingent upon the subject matter and the objectives intended to be achieved through the application of the Delphi method. In this instance, the issue was addressed, and the scope of the application was notably specific.
Two categories of experts were identified from the banking and academic sectors. In the banking sector, experts were selected based on the following criteria: (1) they must represent the target population for the final questionnaire, and (2) they should possess substantial professional experience in blockchain technology. In the academic sector, experts were chosen based on their research activities related to dynamic capabilities and/or blockchain technology. Four academic professors and seven bankers were selected based on these criteria.
It is noteworthy that studies employing the Delphi method do not necessitate sample representativeness for statistical purposes; thus, the sample size is typically dictated by the nature of the research, the complexity of the issue, the homogeneity or heterogeneity of the sample, and the availability of resources. Given the specificity of our research and the homogeneity of the sample, a small panel of experts was deemed appropriate. The research team extended invitations to 30 potential experts who met the established selection criteria, ultimately securing participation from 11 individuals. Table 3 provides detailed information regarding the experts who constituted the final panel.
Preliminary Assessment of the Questionnaire for the Initial Round of the Delphi Study:
A preliminary consultation was conducted with two experts not affiliated with the expert panel, one possessing a financial background and the other an academic background. This assessment identified several areas for enhancement concerning the measurement scales and terminology typically utilized within the financial sector. The proposed modifications were subsequently reviewed and approved by the research team.
Preparation of the Final Questionnaire for the Initial Round of the Delphi Study:
The aforementioned recommendations were integrated into the questionnaire, which was ultimately distributed to the expert panel.
Exploratory Phase: This phase involved two rounds of expert consultations aimed at achieving consensus regarding the relevance and validity of the Delphi Process items and their corresponding measurement scales.
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First Round: The questionnaire developed by the research team was disseminated to eleven experts, who were invited to evaluate the appropriateness of the selected items for measuring the dynamic capabilities. The questionnaire was organized into three sections, each corresponding to one of the three dynamic capabilities. Experts were asked to indicate whether they believed the questions effectively measured the intended aspects. If they deemed any question inadequate, they were encouraged to propose alternative questions and/or provide additional suggestions or comments. After the questionnaire, experts were also asked to identify any other dynamic capabilities not addressed in this study based on their professional experience. This initial round was conducted during the week of 18–24 June 2024;
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Second Round: Following the processing of responses and analysis of the overall results from the first round, a report summarizing the findings was prepared. Based on the feedback and suggestions from the experts, a revised questionnaire for the second round was drafted, which included information regarding the level of agreement on each question and addressed most of the suggestions related to terminology. This second round took place during the week of 25–31 July 2024. In this round, experts were asked to reassess their previous responses, considering the new information obtained from the first round, to reach a consensus.
Final Phase: After processing the responses and analyzing the overall results from the second round, the research team compiled a report detailing the findings. Following a thorough examination of the experts’ comments and suggestions, consensus was achieved on all items and measurement scales, thereby concluding the Delphi process. Consequently, the definitive and validated dynamic capabilities items were generated and incorporated into the dynamic capabilities questionnaire.
The experts selected were based on specific criteria to ensure relevant knowledge and experience in blockchain technology and its applications. Individuals with a substantial understanding of the intersection of dynamic capabilities, banking, and blockchain were prioritized, which included experts in blockchain technology (3 experts from two universities), three experts in dynamic capabilities (from 2 universities), and 7 experts in implementing blockchain technology in banks. A consensus threshold of 80% agreement was utilized. The original sample included 800 respondents. However, only respondents who answered “Yes”, meaning that they knew what blockchain is and had knowledge about its applications, were included in this study. This ensured the accuracy of the results. Table 4 provides detailed questions, a brief explanation, and the impacted authors.
In the banking sector, specialists were chosen based on these standards:
(1)
They reflect the target population for the final survey, and they are IT specialists in the banking industry with significant expertise in the deployment and implementation of blockchain technology.
(2)
In the academic sector, specialists whose research efforts are connected in some form to dynamic capabilities, banking performance, and/or economics were chosen.
The demographic profiles of the participants are outlined in Table 5. A survey was conducted on 170 participants, approximately 67 of whom were female and 103 were male. Regarding age distribution, 46.65% of participants fell within the 25–35 age range, 43.83% were aged between 35 and 50, and the remaining 9.52% were above 51 years old.
Both bankers and bank customers who utilized or interacted with blockchain solutions in the banking industry were included in this study. At the onset, five leading banks, specifically Caixa, Santander, BBVA, Sabadell, and Interbank, respectively, were contacted via telephone and email to determine their involvement in utilizing, implementing, or planning the deployment of blockchain technology within the banking sector, ensuring the selection of appropriate individuals to maintain sample homogeneity. Subsequently, blockchain experts within the banks were approached to participate in the survey. The surveys were given to specific individuals, and their feedback was collected via mailed surveys and online questionnaires using SurveyMonkey. SurveyMonkey (also known as SVMK) is a United States based company from California that provides survey software products and purpose-built solutions that help organizations engage with their customers, employees, and the markets they serve. Its data platform enables individuals and organizations to collect and analyze feedback, as well as create their own online surveys. Three hundred surveys were distributed to participants in total. In the beginning, 135 people participated, resulting in a response rate of around 45%. Further communication was conducted to improve the number of responses, restating this study’s objective, giving more information about the surveys, and assuring participants that only their data would be used while keeping their identity confidential. After these additional follow-up attempts, another 80 individuals answered, leading to a higher response rate of 71.7%. Among the 215 responses received, 28 questionnaires were discovered to have missing or incomplete answers and no engagement response. Moreover, analysis of the data showed that 12 participants had not answered certain questions. These people were later reached by phone to explain the objective of this study, resulting in 5 more replies. During the assessment of nonresponse bias, a group of nonrespondents (N = 15; roughly 17.65% of non-respondents) were contacted through follow-up calls to gather insight into why they chose not to take part in the survey. A main factor in not finishing the survey was identified as being short on time. As a result, 10 questionnaires were ineligible for analysis, resulting in 170 valid samples for the final analysis. Data gathering was carried out from June to December 2023.
A 15-item scale adapted from [27] was used to assess the attributes of blockchain technology, including “Reduced cost”, “Efficiency”, “Security”, “Compliance”, and “Customer service”. In the meantime, dynamic capabilities dimensions (“Product Innovation” and “Technology Adoption”) were evaluated with a 5-item tool, each based on [71,73]. The measurements of banks’ financial and Industrial performance were evaluated using a 5-item scale taken from [71,73]. These dimensions and items were selected from previous research and have been shown to have empirical reliability and validity. Hence, additional testing on the instrument was not conducted during the pilot study. Nevertheless, it is wise to obtain confirmation from experts in the field to confirm the importance of the inquiries regarding blockchain technology, dynamic capabilities, and banks’ performance in the banking industry. As a result, a CFA was performed on the 15 blockchain technology items, 10 dynamic capabilities items, and 5 banks’ performance items to evaluate the suitability of the measurement model.
By studying the relationship between blockchain technology, dynamic capabilities, and banks’ performance in the banking sector, scholars developed a structured questionnaire based on an analysis of pertinent studies [27,71,73]. Five professionals, consisting of three academics, a blockchain expert, and a banker, were assigned to assess the clarity of the questionnaire and the suitability of its contents. Following input from experts, minor changes were made to the question wording based on their comments and feedback, resulting in improvements to the questionnaire. Afterward, a preliminary study was carried out following revisions made to the questionnaire. The survey consisted of 30 questions divided into four sections: the initial section concentrated on the demographic information of the participants; the next section focused on blockchain technology; the third section focused on dynamic capabilities, and the final section primarily on banks’ performance. Responses to statements regarding blockchain technology, dynamic capabilities, and banks’ performance were assessed using a five-point Likert scale, from strongly disagree (1) to strongly agree (5).

4. Results

Data were analyzed using PLS-SEM as a multivariate statistical technique to analyze multiple variables and equations simultaneously. Structural Equation Modeling (SEM) surpasses traditional statistical models by enabling the simultaneous analysis of complex, theory-driven relationships among multiple observed and latent variables while accounting for measurement error. It offers robust estimation, comprehensive fit indices, and flexibility for testing mediation, moderation, and multi-group comparisons, making it ideal for validating theoretical frameworks in multiple disciplines.
Structural equation modeling (SEM) is based on two basic models: the “measurement model” and the “structural equation model” [119]. The measurement model evaluates the connections between latent variables and their observed indicators, while the structural model describes the relationships between latent constructs in the research objective. PLS effectively handles a complicated model and a limited sample size without making any assumptions about the data beneath. All the constructs in this study consisted of multiple indicators. Hence, the advantage of using PLS is that the loading of the indicators on the construct is considered in the context of the theoretical model rather than using them separately from the sources [103,104]. Data analysis results can be presented in two steps. First, to ensure the reliability and validity of our theoretical framework, indicator reliability, internal consistency reliability, and convergent and discriminant validity were assessed for the model constructs.
Regarding internal consistency reliability, all Cronbach’s α values were >0.6 (see Table 6). A good indicator of reliability was achieved, with all indicator loadings > 0.6 and most > 0.7. For convergent validity, all AVE (Average Variance Extracted) scores were >0.3 with p-values of 0 (see Table 6). All constructs have good discriminant validity, as external loadings of indicators on their constructs were all higher than their cross-loadings with other constructs. The square root of the average variance extracted for each construct exceeded its maximum correlation with any other construct in the model, supporting discriminant validity as per the Fornell–Larcker criterion (Table 7).
Next, to evaluate the structural model of our theoretical framework, the construct collinearity, the coefficient of determination (R2), and the significance of the path coefficients [104,105] were analyzed. Every R2 score was higher than 0.3, with the final dependent variable (Bank’s Performance) having an R2 score of 0.553. Furthermore, the model was also tested for collinearity between constructs, with all VIF values well below 5, indicating that there was no presence of multicollinearity in our model [120]. The significance of the path coefficients was determined by employing a bootstrapping method with 5000 sub-samples for a two-tailed test. Figure 2 shows both the values and the significance of the path coefficient and its mediation effects.
The theoretical framework was developed to show the relationship between the latent and dependent variables.

4.1. Indirect Effects

The indirect effects are measured and shown in Table 8.

4.2. Validating Higher Order Construct

The higher-order constructs are also validated as part of the measurement model assessment. Each of these constructs was assessed for reliability and convergent validity. The results for reliability and validity show that both reliability and validity were established (Table 9).

5. Discussions and Implications

Blockchain technology poses both opportunities and challenges for the banking industry, where early adoption can lead to competitive advantages, and slow integration may result in missed opportunities. This research has explored the relationship between blockchain technology effects (BC), dynamic capabilities (DC), and business performance (BP) in the banking sector. The main conclusion of this study is that dynamic capabilities play a central role in strengthening the link between blockchain adoption and enhanced business performance. While this study supports some hypotheses, it also reveals areas where the evidence is less conclusive. Below, insights are provided into both validated and unvalidated hypotheses, drawing on the relevant literature and acknowledging the potential limitations of this study.
Our study explored the intricate relationship between blockchain technology effects (BC), dynamic capabilities (DC), and business performance (BP) in the banking sector. The findings suggest that dynamic capabilities act as a vital mediator, enhancing the impact of blockchain adoption on bank performance. This highlights the pivotal role of dynamic capabilities in fully leveraging blockchain’s potential. While some hypotheses were strongly supported, others yielded inconclusive results, indicating areas for further exploration.
Our results are aligned with previous studies that have highlighted the potential of blockchain to revolutionize banking operations [42]. These findings are consistent with prior research, highlighting that blockchain technology creates operational efficiencies and promotes transparency in financial operations [113]. Specifically, our findings support the notion that blockchain adoption fosters dynamic capabilities, such as adaptability, innovation, and market responsiveness, which is in line with research by [121], who emphasized the importance of these capabilities in the digital transformation of financial services. However, our study extends this understanding by demonstrating how these capabilities mediate the relationship between blockchain adoption and banks’ performance, offering a nuanced view compared to the direct impact often suggested by earlier research [42].
Ref. [8] provides a comprehensive examination of blockchain technology’s potential to enhance transparency and foster trust among citizens, proposing that such technological frameworks can effectively mitigate corruption and improve governance. However, while this study highlights promising applications, it somewhat overlooks the inherent challenges of implementing blockchain systems in diverse socio-political contexts where digital literacy and infrastructure may vary significantly. Ref. [8] tends to idealize the expected outcome of increased trust without critically addressing the possible disillusionment that could arise if blockchain solutions fail to deliver as anticipated. Overall, while [8] analysis contributes substantially to the discourse on blockchain’s societal impacts, it necessitates a more nuanced exploration of the interplay between technology and the complexities of human behavior and institutional dynamics.
Also, ref. [16] argues that blockchain technology has the potential to revolutionize organizational structures by fostering greater transparency and collaboration, thereby dismantling traditional hierarchies. However, the authors tend to downplay the significant barriers to adoption, such as resistance from established stakeholders who may view decentralized models as threats to their power and profitability. While the envisioned shift toward more democratic organizational frameworks is compelling, the analysis lacks an exploration of the socio-economic disparities that could exacerbate inequities in access to blockchain technologies. Ultimately, while their insights provide a foundational understanding of blockchain’s transformative potential, a more critical examination of the interconnection between technological advancement and existing organizational paradigms is necessary for a balanced perspective.
Likewise, ref. [20] establishes an early framework connecting blockchain technology to sustainable supply chain management, identifying both potential benefits (transparency, traceability, security) and implementation barriers (technical, organizational, supply chain-related, external). The authors employ a comprehensive literature review and conceptual analysis rather than empirical methods, which somewhat limit the practical validation of their proposed frameworks. While groundbreaking in positioning blockchain as a transformative technology for sustainable supply chains, this research primarily offers theoretical insights without fully addressing cost-benefit considerations or specific industry applications, nor the challenges and limitations of implementing blockchain for sustainability in real-world scenarios. Despite these limitations, this article has significantly influenced subsequent research by establishing foundational knowledge at the intersection of blockchain and sustainable supply chain management, evidenced by its extensive citation record in more recent empirical studies.
Moreso [91] methodically analyzes and comprehensively reviews blockchain adoption frameworks in supply chains, highlighting key adoption drivers (transparency, decentralization, security) while acknowledging significant barriers (technical limitations, regulatory uncertainty, resource requirements). Ref. [91] contributes valuable insights through their novel theoretical framework that categorizes adoption factors into technological, organizational, and environmental dimensions, providing both scholars and practitioners with a structured approach to understanding blockchain implementation challenges. Their evaluation reveals a concerning gap between theoretical benefits and practical applications, noting that despite the technology’s potential, real-world implementation remains limited by scalability issues, integration challenges with legacy systems, and industry-specific adoption barriers. This timely synthesis advances the field by consolidating fragmented research streams and proposing a research agenda that emphasizes the need for more empirical studies on blockchain’s actual sustainability impacts, economic feasibility, and industry-specific implementation strategies. Our study has taken one of these challenges by [91] in examining the effect of blockchain technology on banks’ performance.
On top of that, ref. [92] explores blockchain technology as a transformative paradigm for B2C relationship management, conceptualizing a novel framework where decentralized loyalty programs empower consumers while potentially reducing operational costs for businesses. Ref. [92] skillfully integrates technology adoption theories with customer relationship management principles to propose that blockchain-based loyalty systems can fundamentally alter power dynamics between companies and customers, shifting from organization-controlled to consumer-centric models. While the theoretical foundation is robust, this article’s reliance on conceptual arguments rather than empirical evidence limits its practical validation, though the authors acknowledge this constraint by positioning their work as an agenda for future research. Our paper identified this gap and provided an excellent framework for understanding the real-life impact of blockchain technology on banks’ performance empirically.
Theoretically, our study contributes to the dynamic capabilities view by showing that in blockchain technology, these capabilities are not only the outcomes but mediators that enhance the relationship between technology adoption and banks’ outcomes. This finding challenges the linear technology adoption model, leading directly to performance improvements, suggesting a more complex interplay where capabilities like adaptability and innovation play a critical role.
Practically, banks can leverage these insights to strategize their blockchain adoption. The development of dynamic capabilities should be prioritized alongside technology integration to ensure that the full benefits of blockchain are realized. For instance, as evidenced by our findings, banks can achieve operational efficiencies, cost reductions, and competitive advantage by enhancing their ability to adapt to regulatory changes or innovate in service delivery.
Despite the insights gained, our study has limitations. The sample size was relatively small, which might limit the generalizability of our findings. Additionally, this study did not account for the maturity level of blockchain implementations across different banks, which could significantly influence the observed relationships. The variability in regulatory environments and market conditions across different countries or regions was also not fully explored, which might affect how dynamic capabilities and blockchain impact banks’ performance.
The findings of this research could have broader implications for banking sectors in other regions, with some expected differences. The following key points must be given due consideration:
This study indicates that blockchain technology is still in its nascent stages of growth and acceptance in Spain. It is acknowledged that other regions may exhibit varying levels of adoption, which may have a bearing on the extent to which banking institutions are able to leverage blockchain technology for the purpose of enhancing performance. For instance, countries with more advanced technological infrastructure may see quicker and more significant benefits from blockchain adoption compared to those still developing their digital banking capabilities.
Also, the regulatory landscape varies significantly across regions. In the context of Spain, the General Data Protection Regulation (GDPR) presents challenges for the adoption of blockchain technology due to its immutable nature, which conflicts with the ‘right to be forgotten’, It is acknowledged that the regulatory landscape surrounding blockchain implementation may vary significantly between nations, with some regulatory frameworks potentially conducive to, and others potentially obstructive to, the adoption of this technology by financial institutions, thereby influencing the efficacy with which banks can utilize blockchain to enhance their performance.
Furthermore, the economic and competitive conditions that prevail in different regions have the capacity to exert an influence on the effectiveness of blockchain technology. To illustrate this point, one may consider the divergent strategic priorities of banking institutions in emerging and developed markets. In the former context, cost leadership strategies may prevail, whereas in the latter, the emphasis may shift toward differentiation. It is hypothesized that this could result in a range of applications of blockchain technology, contingent on the distinct strategic objectives of banking institutions across various geographical regions.
Finally, cultural attitudes toward technology and innovation have been demonstrated to play an important role. In regions where there is a strong emphasis on innovation and technology adoption, financial institutions may be more willing to experiment with blockchain, which may result in different outcomes compared to regions with more conservative approaches to technology.
This paper acknowledges several limitations, with particular emphasis on the cross-sectional design of this study, which restricts the ability to establish definitive cause-and-effect relationships between blockchain technology adoption, dynamic capabilities, and banks’ performance. As data were collected at a single point in time, it is challenging to determine the directionality of the observed associations or to capture how these relationships evolve. Consequently, while this study identifies significant correlations and mediation effects, it cannot conclusively prove that blockchain adoption causes improvements in dynamic capabilities or business performance.
Future research should aim to overcome these limitations by expanding the sample size: A larger, more diverse sample could provide a broader perspective on how blockchain technology influences business performance across different banking contexts. Assessing Maturity of Blockchain Implementations: Investigating how the stage of blockchain maturity affects the development of dynamic capabilities and business performance could offer deeper insights. Providing a contextual analysis: Delving into how different regulatory and market environments influence the relationship between blockchain, dynamic capabilities, and performance would be valuable. Promotion of longitudinal studies: Conducting longitudinal research could help in understanding the long-term implications of blockchain adoption and the evolution of dynamic capabilities over time. These directions would not only validate our findings but also provide a more comprehensive understanding of blockchain’s role in the banking sector, potentially guiding policy and practice.

6. Conclusions

The results show that the adoption of blockchain technology positively affects banks’ dynamic capabilities by increasing flexibility, innovation capacity, and responsiveness to market changes. In the context of dynamic capabilities, blockchain enables better handling of rapid technological and regulatory changes. Moreover, we found evidence that enhanced dynamic capabilities lead to improved business performance, confirming the central hypothesis of this study. Banks that integrate blockchain technologies in areas such as Know Your Customer (KYC), Trade Financing, and cross-border payments stand to improve operational efficiency, reduce costs, and gain competitive advantages, aligning with studies by [121] on blockchain’s role in supply chain finance.
However, not all hypotheses were confirmed. In particular, the direct link between blockchain adoption and immediate business performance was not as strong as anticipated. Several factors may account for this:
  • Sample limitations: This study’s sample focused on banks, many of which may still be in the early stages of blockchain adoption. Banks with limited blockchain experience may not yet be fully capitalizing on their potential, leading to less dramatic performance improvements.
  • The novelty of technology: Blockchain is still an emerging technology, and its widespread application across all banking operations remains limited.
  • Many banks may still be in the pilot phase of blockchain projects, which limits observable performance improvements. The full benefits of blockchain adoption may only become apparent after further maturity and integration.
  • Data processing tools: The tools used for data collection and analysis might not fully capture the complexity of the connections between Blockchain technology effects and performance. Future studies could benefit from more advanced data analytics tools to assess blockchain’s impact more comprehensively.
The results of this research illuminate the favorable connections among blockchain technology, dynamic capabilities, and banks’ performance. The findings are relevant for banks facing challenges in adopting blockchain technology, lacking a complete understanding of the advantages of accelerating and simplifying international payments, trade financing, and improving online identity verification, loyalty programs, and rewards. The findings of this study are advantageous for banks that have already utilized or trialed blockchain technology and are seeking methods to enhance their business models by embracing smart technologies for long-lasting benefits, improved efficiency, reduced costs, and sustained capabilities. Managers should take note of two implications of our study. First, it suggests implementing blockchain projects for banks to create an improved business strategy with increased security, transparency, cost savings, and a sustained competitive edge. Additionally, to manage blockchain-related projects effectively, managers need to understand the importance of blockchain, its business ramifications, its key areas of importance, and the transformative advantages it offers. Furthermore, managers need to clarify their needs, embrace ongoing education, and enhance their expertise.
This study’s findings on EU regulations, including MiCA, DORA, EBSI, and the DLT Pilot Regime, are of particular pertinence to policymakers and compliance officers. This study’s findings provide a comprehensive framework to ensure consumer protection, market stability, and operational resilience in blockchain adoption within the banking sector. The regulations in question impose several requirements, including transparency, capital adequacy, cybersecurity, and reporting requirements. These requirements have been designed in such a way as to mitigate risks such as market abuse, sectoral concentration, and cyber threats. However, they also highlight challenges such as increased compliance costs and potential marginalization of smaller banks, emphasizing the need for strategic planning and resource allocation to balance innovation with regulatory adherence. This insight is conducive to the formulation of informed decisions, intending to foster a secure and competitive digital finance ecosystem in the EU and Spain.
There have been only a few studies attempting to demonstrate the relationship between blockchain technology, dynamic capabilities, and banks’ performance in the banking sector. This research provides concrete proof of the direct link between blockchain technology and banks’ performance, with mediation from dynamic capabilities. This research has certain restrictions and potential for future investigation. This research presents real-world data from a group of participants representing banks, bank clients, fintech, and IT firms in Spain. This could influence the outcomes and may not serve as a foundation for extrapolation, potentially restricting extrapolation across different sectors and nations.
Blockchain technology is still in the early phases of growth and acceptance in Spain. As a result, new avenues and topics for research can be explored to investigate the potential of blockchain in the banking industry. However, these restrictions have opened the door to further studies in this field. This study’s findings can be applied to other countries to broaden its scope.

Author Contributions

Conceptualization, A.O.; methodology, J.-L.M.-B.; software, J.-L.M.-B.; validation, A.O., J.-L.M.-B., L.F.-S. and C.D.-P.-H.; data curation, A.O.; writing—original draft preparation, A.O.; writing—review and editing, C.D.-P.-H.; supervision, C.D.-P.-H., L.F-S. and J.-L.M.-B. All authors have read and agreed to the published version of the manuscript.

Funding

This study was supported by the Universidad Rey Juan Carlos (Ref: PREDOC22-001).

Data Availability Statement

Links and information about the data source can be found in the Materials and Methods section of this article.

Conflicts of Interest

The authors declare no conflicts of interest.

Abbreviations

The following abbreviations are used in this manuscript:
BCBlockchain Technology Effects
BPBanks’ Performance
DCDynamic Capabilities

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Figure 1. Conceptual Model and Research Hypotheses.
Figure 1. Conceptual Model and Research Hypotheses.
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Figure 2. Theoretical Framework and Results.
Figure 2. Theoretical Framework and Results.
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Table 1. Summary of Recent Research Findings on Blockchain and Dynamic Capabilities.
Table 1. Summary of Recent Research Findings on Blockchain and Dynamic Capabilities.
StudyFocus AreaKey FindingsResults
Kshetri, 2022 [8]Blockchain and strategic flexibility.Smart contracts automate processes, reducing friction in dynamic environments.Increased operational efficiency and faster response to market changes.
Tapscott and Tapscott, 2023 [16]Trust and governance in blockchain ecosystems.Blockchain reduces transaction costs and enhances trust in decentralized networks.Improved governance structures and stakeholder collaboration.
Kouhizadeh et al., 2021 [20]Blockchain in supply chain agility.Blockchain improves transparency, traceability, and real-time decision-making.Enhanced supply chain resilience and dynamic capability development.
Wong et al., 2022 [91]Blockchain for innovation capabilities.Decentralized systems foster collaborative innovation and knowledge sharing.Firms leveraging blockchain exhibit higher innovation performance.
H.Treiblmaier, 2023 [92]Dynamic capabilities in blockchain adoption.Blockchain enables rapid reconfiguration of resources in response to disruptions.Organizations achieve higher adaptability and competitive positioning.
Table 2. A Short Comparative Analysis.
Table 2. A Short Comparative Analysis.
AspectGeneral Research Findings (Previous Summary)Our focus—Banking-sector-specific
ScopeCross-industry (supply chain, innovation, governance)Exclusive focus on banking sector performance
Key Findings on Blockchain- Supports dynamic resource allocation [8,92]
- Enhances transparency, automation, and trust [16,20]
- Reduces fraud and intermediary costs
- Improves transaction security, compliance, and operational efficiency in banks
Performance Metrics- Strategic flexibility [8]
- Supply chain resilience [20]
- Innovation output [91]
- Customer satisfaction and regulatory compliance
- Financial performance (ROA, cost efficiency)
Dynamic Capabilities (DCs)- dynamic capabilities strengthened through agility, innovation, and collaboration [93,94]- dynamic capabilities in banks rely on regulatory adaptation, customer trust, and rapid fintech integration
Table 3. Panel of experts who participated in this study.
Table 3. Panel of experts who participated in this study.
IDProfessional ProfileYears of ExperienceAcademic Qualification
1.Professor of Economy+15 yearsPhD in Business Org.
2.Professor of Economy+12 yearsPhD in Economics.
3.Professor of Economy+10 yearsPhD in Business Statistics
4.Professor of Business Administration+20 yearsPhD in Business Org.
5.ITC Manager+15 yearsGraduate in Technology
6.Network Analyst+10 yearsDegree in ICT
7.Group Head, Operations+20 yearsGraduate in Compliance
8.Head of IT+15 yearsMaster in Cyber Security
9.Group Head, IT+20 yearsGraduate in Technology
10.Blockchain Specialist+10 yearsDegree in IT
11.Technologist+10 yearsGraduate in Technology
Table 4. Research question, brief explanation, and impacted author(s)/report(s).
Table 4. Research question, brief explanation, and impacted author(s)/report(s).
QuestionBrief Explanation for Including the QuestionReference
Do you find it easy to use blockchain in your bank?This question was to figure out whether banks are using blockchain technology or not[79]
If you were able to use blockchain, would this help you plan your activities better?This question was to figure out whether banks are using blockchain technology or not[109]
How do you currently use blockchain technology? Select as many as you see possibleThis question was to determine how blockchain is being used in banks[27]
Do you find it hard to use blockchain that are appropriate for your products?This question was to determine how blockchain is being used in banks[27]
What information would you like to receive regarding blockchain efficiency?This question was to determine blockchain efficiency[110]
How would you rate the following functions of blockchain?This question was to determine blockchain functionality[31]
How should the system work? Perhaps other features you would like to see?This question was to determine blockchain features[36]
What blockchain technology do you use most at your bank?This question was to determine blockchain usage[111]
Which of these blockchain technology do you use less often?This question was to determine blockchain usage[111]
What information should be included in a blockchain?This question was to determine blockchain features[36]
What are the potentials of blockchain technology?This question was to determine blockchain features[36]
What are the dangers of blockchain technology?This question was to determine blockchain security and safety[112]
How do you mitigate against these dangers of using blockchain technology?This question was to determine blockchain security and safety[112]
How should blockchain work? Perhaps other features you would like to see?This question was to determine blockchain functionality[31]
What stops your bank from using blockchain?This question was to determine blockchain adaptability[115]
Does blockchain technology improve banks’ performance?This question was to determine blockchain efficiency[110]
Does blockchain technology speed up your transactions?This question was to determine blockchain efficiency[110]
Does blockchain technology provide more security for your transactions?This question was to determine blockchain security and safety[115]
Does blockchain technology improve customer satisfaction?This question was to determine blockchain efficiency[110]
Does blockchain technology reduce operational costs?This question was to determine blockchain efficiency[110]
Does the usage of blockchain technology comply with regulatory directives?This question was to determine blockchain compliance with regulations[116]
Does blockchain technology improve your banks’ efficiency?This question was to determine blockchain efficiency[110]
Does blockchain technology improve your bank’s financial performance?This question was to determine blockchain efficiency[110]
Does blockchain technology increase your banks’ market share?This question was to determine blockchain performance[117]
Does blockchain technology increase your banks’ ranking in the industry?This question was to determine blockchain performance[117]
Do you believe blockchain enhances your bank Absorption capacity?This question was to determine bank’s blockchain capabilities[118]
Do you believe blockchain improves your bank Adoption capacity?This question was to determine bank’s blockchain capabilities[118]
Do you believe blockchain boosts your bank detection capacity?This question was to determine bank’s blockchain capabilities[118]
Do you believe blockchain augments your bank Innovation capacity?This question was to determine bank’s blockchain capabilities[118]
Please state any other competitive advantages your bank enjoys from the use of blockchain technology.This question was to determine bank’s competitive advantage using blockchain[118]
Table 5. Demographic Profile of Respondents.
Table 5. Demographic Profile of Respondents.
VariablesCategoriesFrequencyResponse Rate
(%)
GenderFemale6739.4%
Male10360.6%
Age25–357946.65%
35–507543.83%
51 and above169.25%
Table 6. Quality Criteria.
Table 6. Quality Criteria.
Path coefficient
Original sample (o)Sample mean (M)Standard deviation (STDEV)T-statistics ([O/STDEV])p-values
BC → BP0.2590.2740.0833.1430.002
BC → DC0.6110.6210.04713.0550.000
DC → BP0.3050.3120.0803.8250.000
DC x BC → BP0.3410.3260.0615.5650.000
R-square
Original sample (o)Sample mean (M)Standard deviation (STDEV)T-statistics ([O/STDEV])p-values
BP0.5530.5630.05011.0000.000
DC0.3730.3870.0576.4940.000
R-square adjusted
Original sample (o)Sample mean (M)Standard deviation (STDEV)T-statistics ([O/STDEV])p-values
BP0.5450.5550.05110.6470.000
DC0.3690.3840.0586.3910.000
f-square
Original sample (o)Sample mean (M)Standard deviation (STDEV)T-statistics ([O/STDEV])p-values
BC → BP0.0850.1060.0651.3110.190
BC → DC0.5950.6470.1573.7830.000
DC → BP0.1260.1420.0751.6810.093
DC x BC → BP0.1910.1850.0692.7690.000
Average Variance Extracted (AVE)
Original sample (o)Sample mean (M)Standard deviation (STDEV)T-statistics ([O/STDEV])p-values
BC0.3120.3140.02611.8550.000
BP0.3850.3870.02913.4640.000
DC0.4140.4160.02715.4320.000
Composite Reliability (rho_c)
Original sample (o)Sample mean (M)Standard deviation (STDEV)T-statistics ([O/STDEV])p-values
BC0.8300.8280.01845.1210.000
BP0.7560.7540.02431.7910.000
DC0.8480.8480.01558.0620.000
Composite Reliability (rho_a)
Original sample (o)Sample mean (M)Standard deviation (STDEV)T-statistics ([O/STDEV])p-values
BC0.7870.7870.02828.5660.000
BP0.6170.6180.05012.3140.000
DC0.8030.8050.02236.4640.000
DC x BC1.0001.0000.000n/an/a
Cronbach’s alpha
Original sample (o)Sample mean (M)Standard deviation (STDEV)T-statistics ([O/STDEV])p-values
BC0.7750.7730.02827.7250.000
BP0.6070.6040.04713.0110.000
DC0.7950.9740.02334.4470.000
Heterotrait-monotrait ratio (HTMT)
Confidence intervals
Original sample (o)Sample mean (M)25%97.5%
BP ↔ BC0.8680.8700.7251.012
DC ↔ BC0.7610.7630.6540.863
DC ↔ BP0.8190.8250.6860.960
Table 7. Fornell Larker Criterion.
Table 7. Fornell Larker Criterion.
Fornell-Larker Criterion
BCBPDC
BC0.559
BP0.6140.621
DC0.6110.6130.643
Table 8. Indirect Effects.
Table 8. Indirect Effects.
Total Indirect effects
Original sample (o)Sample mean (M)Standard deviation (STDEV)T-statistics ([O/STDEV])p-values
BC → BP0.1870.1940.0543.4730.001
Specific Indirect effects
Original sample (o)Sample mean (M)Standard deviation (STDEV)T-statistics ([O/STDEV])p-values
BC → DC → BP0.1870.1940.0543.4730.001
Total effects
Original sample (o)Sample mean (M)Standard deviation (STDEV)T-statistics ([O/STDEV])p-values
BC → BP0.4460.4670.0706.3900.000
BC → DC0.6110.6210.04713.0550.000
DC → BP0.3050.3120.0803.8250.000
DC x BC → BP0.3410.3260.0615.5650.000
Table 9. Latent variable correlations.
Table 9. Latent variable correlations.
Original Sample (o)Sample Mean (M)Standard Deviation (STDEV)T-Statistics ([O/STDEV])p Values
BP ↔ BC0.6140.6240.04912.5120.000
DC ↔ BC0.6110.6210.04713.0550.000
DC ↔ BP0.6130.6210.05012.3330.000
DC x BC ↔ BC0.4910.4780.0677.2950.000
DC x BC ↔ BP0.6030.5870.04613.0150.000
DC x BC ↔ DC0.4370.4270.0726.0910.000
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MDPI and ACS Style

Ogunrinde, A.; De-Pablos-Heredero, C.; Montes-Botella, J.-L.; Fernández-Sanz, L. The Impact of Blockchain Technology and Dynamic Capabilities on Banks’ Performance. Big Data Cogn. Comput. 2025, 9, 144. https://doi.org/10.3390/bdcc9060144

AMA Style

Ogunrinde A, De-Pablos-Heredero C, Montes-Botella J-L, Fernández-Sanz L. The Impact of Blockchain Technology and Dynamic Capabilities on Banks’ Performance. Big Data and Cognitive Computing. 2025; 9(6):144. https://doi.org/10.3390/bdcc9060144

Chicago/Turabian Style

Ogunrinde, Abayomi, Carmen De-Pablos-Heredero, José-Luis Montes-Botella, and Luis Fernández-Sanz. 2025. "The Impact of Blockchain Technology and Dynamic Capabilities on Banks’ Performance" Big Data and Cognitive Computing 9, no. 6: 144. https://doi.org/10.3390/bdcc9060144

APA Style

Ogunrinde, A., De-Pablos-Heredero, C., Montes-Botella, J.-L., & Fernández-Sanz, L. (2025). The Impact of Blockchain Technology and Dynamic Capabilities on Banks’ Performance. Big Data and Cognitive Computing, 9(6), 144. https://doi.org/10.3390/bdcc9060144

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