Blockchain technology has emerged as a disruptive force with applications spanning various industries. Despite its potential as a general-purpose technology, its development is still in its early stages. This study aims to investigate the underlying technological themes and identify the key players, along with examining the
characteristics of firms and their behaviors that contribute to the advancement of emerging technologies to provide valuable insights for firms in their decision-making and strategic planning for the development of emerging technologies.
The research utilizes blockchain technology as a case study, analyzing 22,584 U.S. patent data from 2008 to 2023. The LDA model is employed to extract technological themes, while empirical analysis is conducted to test relationships between various factors and the influence of firms on the knowledge network which
determines their leading position. The main findings reveal eight technological themes, with the most prominent ones related to financial, supply chain management, and data management applications.
The main factors driving a firm's leading position in blockchain technology development include their technology diversity, which covers a wide range of core blockchain technical aspects; cooperation strategies that benefit from collaborative
projects with other firms; and the firm's role as a sector liaison to disseminate knowledge across various factors.

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