Abstract: Consumers always have doubts about the green degree of green products and require products to be traceable. To solve the problem, decision-making models are constructed for four scenarios with and without government subsidies and R&D subsidies before and after the application of blockchain technology. The construction of this model takes into account such parameters as consumers’ trust in products and their traceability awareness. This paper compares and analyzes the impact of government subsidies and the adoption of blockchain on supply chain decisions and economic profits. The results show that without the application of blockchain technology, an increase in consumers’ trust in products is beneficial for enhancing the profits of supply chain members and social welfare. With the application of blockchain technology, strengthening consumers’ traceability awareness is beneficial for increasing the profits of supply chain members and social welfare. Government subsidies have a positive promoting effect on product greenness and profits of supply chain members; manufacturers are motivated to adopt blockchain when consumers’ traceability awareness exceeds a certain threshold, which helps to increase product greenness, profits of supply chain members, and social welfare.