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While the use of blockchain in various fields, such as finance, supply chains, healthcare, education, and energy consumption, is increasingly enabling the development of Internet-enabled \u201cdistributed databases,\u201d there are not many exploratory studies available to provide an understanding of how the field is progressing. Therefore, it is imperative to explore the status quo of blockchain technology in the finance sector, particularly highlighting how blockchain architectures can aid the finance sector to gain competitive advantage. This systematic literature review analyzes the content of the 50 most relevant articles and professional industry reports through peer-reviewed relevant academic literature in the finance sector from 2008 to 2022 to identify several possible features of blockchain research in the financial sector. This study highlighted the dimensions of blockchain technology, blockchain in finance, its competitive advantages, the current status of finance, and various challenges that keep the implementation of blockchain-based financial information systems at the initial stage. 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