Abstract—Significant developments have been made in the financial sector through cryptocurrencies specifically bitcoin towards the adoption of blockchain technology compared to other sectors. It is estimated that by 2025, 10 percent of global GDP will be on the blockchain. Over 80% of prior research work on blockchain has focused on cryptocurrencies and 20% on other sectors. Findings show that blockchain technology plays a significant role in promoting trust, enhancing social cohesion, facilitating funds transfer, Initial Public Offers (IPOs), global commerce, and elimination of the intermediaries, hence, efficiency. There is exponential growth in the application of blockchain across other spheres such as healthcare, the Internet of Things (IoT), cloud computing, and smart contracts. Implementation of blockchain technology in transportation and accommodation such as Arcade City is challenging the current Uber business model by allowing commuters to transact directly with taxi drivers. However, blockchain may not be entirely immutable as nodes with superior computing power may do anything from changing the blocks to manipulating transactions. Full adoption of blockchain technology may impose significant risks to banks ranging from cyber-attacks to loss of financial and nonfinancial data and capital investments for early adopters migrating from legacy systems.