Blockchain can strengthen supply-chain transparency and traceability, but implementation does not necessarily imply full acceptance of the visibility it creates. This study examines how psychological transparency risk, economic transparency risk, and traceability resistance relate to blockchain traceability implementation in Saudi manufacturing firms. Drawing on Transparency Paradox Theory, Information Asymmetry Theory, and Technology Threat Avoidance Theory, the model distinguishes risk appraisals from organisational resistance behaviour. Three-wave survey data from 703 firms were analyzed using PLS-SEM, supported by confirmatory factor analysis, predictive assessment, unit-weighted comparison, and Gaussian Copula analysis. The model explained 67.3% of the variance in implementation and 66.7% in resistance. Contrary to expectations, psychological and economic transparency risks were positively associated with implementation and negatively associated with resistance. Traceability resistance was negatively associated with implementation and was the only direct relationship supported in the hypothesized direction. The indirect effects through resistance were positive, while relational trust and digital capability produced asymmetric moderating effects. The findings show that recognising exposure, control, and commercial vulnerability should not be equated with resistance. Firms may acknowledge these risks while continuing to implement blockchain, whereas delayed integration, restricted access, selective disclosure, and symbolic compliance remain important barriers. The study contributes by separating transparency-risk appraisal, resistance behaviour, and operational implementation, while offering practical guidance on differentiated access controls, disclosure governance, and monitoring of observable resistance.