Abstract：In order to solve the problems of product trust declining caused by consumers’uncertain perception of green product, the green product innovation and government subsidy decision-making models under traditional and blockchain supply chains are constructed, and the impacts of blockchain adoption on product greenness, market demand, and economic profits are compared and analyzed. Results show that only when the cost of consumer privacy concerns is lower than a certain threshold, can manufacturers be motivated to adopt blockchain technology, which will help to increase the level of product greenness and make more profits for supply chain members, but not necessarily improve market demand. Under the moderate cost of privacy concern, blockchain may induce the emergence of “high price and low green” products, reducing consumer surplus. The increase in government environmental performance concerns under blockchain may lead to an increase in green subsidies but a decrease in social welfare.
