To improve brand value and consumer trust, enterprises of supply chain are investing in blockchain technology for tracing and providing the distribution information to consumers. However, it remains unclear which entities of supply chain adopting blockchain is beneficial to traceability and supply chain profits. Previous studies have concentrated on the adoption of blockchain by individual subjects and its impact, the investment strategies of different adopting subjects under different channel contracts and their impact are also need further exploration. Therefore, this article constructs a supply chain model that includes one manufacturer and two retailers, explores the investment strategies of manufacturers or retailers adopting blockchain under different channel contracts. The results indicate that manufacturers and retailers always have the motivation to adopt blockchain technology to improve profits. In wholesale contracts (agency contracts), manufacturers(retailers) are more incentivized to adopt blockchain, but it will harm the profits of authorized channel retailers. If no enterprise in the supply chain adopts blockchain, it will be more advantageous for manufacturers and retailers to adopt agency contracts in official channels. When supply chain enterprises adopt blockchain, the preference of manufacturers and retailers for blockchain adoption is related to channel contracts between enterprises. When manufacturers (retailers) adopt blockchain, the adoption of wholesale contracts (agency contracts) will improve the traceability of the supply chain and increase the corporate profits of official channels (all retailers). This article provides theoretical basis and decision-making suggestions for blockchain investment strategies and contract selection of supply chain enterprises.