This paper analyzes the role of blockchain technology in managing the cold supply chain of deteriorating products. Blockchain, as an innovative technology, has significantly enhanced transparency and traceability. These advantages are particularly critical in the supply chain of deteriorating items, as these products have a limited consumption window and their quality depends on proper handling and transportation. The analytical framework of this study is based on a Stackelberg game model of a manufacturer and a retailer, examining the effects of this technology on demand and supply chain profitability. The customer utility function is modeled by considering the product's value and blockchain-related factors, and the impacts of blockchain technology on perceived risk and customer decision-making are evaluated. The modeling results indicate that, under normal conditions, implementing blockchain improves transparency, increases demand, and consequently enhances the overall profitability of the supply chain. However, when customers' perceived risk increases due to unfavorable or inconsistent information, the profitability of both the retailer and the manufacturer may decline compared to the case without blockchain. These findings highlight that blockchain adoption is not universally beneficial for the supply chain and must be carefully implemented, considering specific market conditions and customers' perceived risks.