<![CDATA[Supply chain finance increasingly relies on digital infrastructures to address fragmented information, verification delays, and counterparty risk across interorganizational transactions. This study aims to examine how blockchain implementation enhances supply chain transparency and reduces counterparty risk, with transparency positioned as a mediating mechanism. A quantitative explanatory design was employed using survey data from 286 professionals involved in blockchain-enabled supply chain finance across manufacturing firms, suppliers, financial institutions, fintech companies, logistics providers, and digital platforms. Data were analyzed using Partial Least Squares Structural Equation Modeling to assess direct and indirect relationships among blockchain implementation, transparency, and counterparty risk reduction. The results show that blockchain implementation has a strong positive effect on transparency and a significant direct effect on counterparty risk reduction, while transparency also significantly improves risk mitigation. Mediation analysis confirms that transparency partially transmits the effect of blockchain implementation on counterparty risk reduction, indicating that improved traceability, verifiability, and information visibility are central mechanisms of financial governance. The study concludes that blockchain should not be viewed as eliminating counterparty risk, but as strengthening the informational and monitoring infrastructure through which such risks are identified, assessed, and managed more effectively under appropriate organizational, technological, and governance conditions within supply chain ecosystems.]]>
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