As an emerging traceability technology, blockchain effectively solves the problem of low consumer trust caused by information tampering in traditional traceability technologies. Accordingly, blockchain technology is a powerful tool for guaranteeing the quality and authenticity of products. In this article, a fresh product supply chain is developed with a supplier and two competing retailers. The supplier invests in product freshness, and retailers determine whether to adopt blockchain technology. Considering consumers' sensitivity to counterfeit products, this paper explores retailers' blockchain adoption strategies and their impact on supply chain performance. Our findings indicate that both intense price competition between retailers and increased consumers' sensitivity to counterfeit products can motivate retailers to use blockchain technology to improve their products' competitiveness. Furthermore, adopting blockchain technology can undoubtedly increase the retail prices. Nevertheless, retailers should only introduce blockchain technology if the sensitivity of consumers to counterfeit products is high.