Blockchain is thought to be the most recent innovation in technology. Trust is especially important in areas like the banking sector. Blockchain technology is a decentralised, coded security system which permits the development of novel digital platforms and services using this developing technology. The current research focuses on the usage of blockchain technology in the financial and e-finance sectors. The study focuses of research questions such as the development of blockchain technology, the adoption & challenges in blockchain technology and the application of blockchain technology in the financial sector. This study conducted a systematic review of 76 scientific articles on blockchain technology, narrowing down the selection to 59 articles. As a result, the author created classification framework with three dimensions: blockchain development, challenges and applications in the financial sector. This study recognizes consequences for blockchain research and practice in the future. The study reveals that blockchain has various unexplored application in finance sector and also there is a scope of improvement in technology. Also, the technology is unregulated, thus, it is still in its nascent stage and a lot is to be done in the field.