The reaction you are referring to is the breakdown of hydrogen peroxide to water and oxygen. You will see bubbling when the meat has the hydrogen peroxide placed on it. That is because the enzyme catalase is present. Catalase allows this reaction to occur at a much faster rate then if no catalase were present, and at lower temperatures. Hydrogen peroxide is something that must be broken down in the body, and catalase is the enzyme that allows this reaction to occur at body temperature. It functions optimally at a ph of 7.