As a new disruptive technology, blockchain is widely regarded as one of the most promising digital technologies. Existing research, however, offers limited empirical evidence of the impact of blockchain technology on corporate business processes. We conduct empirical analysis based on the panel data of A-Share listed firms in China. We find that blockchain investment significantly enhances operational business processes and supply chain management. This finding is robust to a battery of robustness checks. We also find that the impact of blockchain investment is more substantial when blockchain implementation enters a mature stage. Additional cross-sectional tests show that the impact of blockchain investment mainly concentrates on firms with higher operational complexity, better capability to adopt new technology, and larger innovation inputs. Overall, based on the results of the empirical analysis, this paper provides significant implications for firms to construct blockchain projects in the future.