The value creation potentials of blockchain technology have attracted significant attention from academia and industry. To address how blockchain technology could impact value creation at the business level, this study adopted an inductive multiple case study approach. As part of this focus, fifty-five (55) cases were selected based on maximum-variation and theoretical sampling methods. Selected cases were investigated by conducting with-in case analysis, constant comparative analysis, cross-case analysis, and synthesis and thematic analysis methods. Initially, potential sources of value creation were explored and then the business model innovations were examined to exploit pre-identified value drivers. The findings revealed that blockchain has five potential sources of value creation, including access domain extension, cost reduction, reinforcement and enrichment, new business practices, and social base enrichment. Further, several business model innovations were proposed based on the data-driven exploration to help practitioners exploit identified opportunities or value drivers. This study not only applies the current body of strategic, economics and entrepreneurship knowledge in a new field, but it also adds conceptually and empirically to the current body of blockchain literature. Furthermore, business practitioners could increase their understanding of blockchain’s opportunities to address current business challenges, make operations more efficient, foster innovation, and co-create value with stakeholders.