Blockchain technology has emerged as a transformative solution to enhance supply chain performance by addressing persistent challenges related to transparency and traceability. While prior research has broadly examined blockchain adoption, limited attention has been given to the specific roles of blockchain features. This study investigates how key blockchain features—transparency, decentralization, immutability, and traceability—impact supply chain transparency, traceability, and ultimately firm performance. Additionally, the research examines differences between the adoption and post-adoption phases of blockchain implementation. Employing a two-phase study with a newly developed measurement scale, this research offers theoretical insights into blockchain’s unique capabilities and practical guidance for organizations seeking to leverage blockchain technologies effectively.