With the recent advancements achieved towards the field of Internet, the adaptation of the smart transportation system with the Internet of Vehicles (IoV) are evolving as a paradigm. The ascent in the transportation concept made IoV an important area of research because of its application in the smart city, smart parking, product delivery, and mobility model. In IoV, vehicles are given human ability to communicate with each other to avoid untoward problems. In regard to possibility of such vehicular networks with security, privacy, and trustworthiness, blockchain ledger technology could be used. This makes the adaptation of the blockchain in IoV a participatory research.In this research, we present a convergence survey of recent research works related to the application of the blockchain in IoV for the betterment of the smart transportation system. Even with the transportation system as key enabler, the priority is also given to other existing networking model which incorporates the blockchain. The survey paradigm is formulated with respect to the application of blockchain properties such as authentication, sharing, trust management, security, privacy preserving, integrated and miscellaneous applications. Effort is also made to investigate the key challenges in the existing literatures. Furthermore, challenges related to the blockchain application on smart transportation system are discussed with recommendations in the research direction.