The ease and high availability of public and personal data in the existing automated and digital environments have made our technological systems vulnerable to security threats. The conventional approach of passwords and usernames is hence insufficient to ensure the security of data from cyber threats. Multi Factor Authentication can thus ensure effective security thereby minimizing the challenges of Single factor authentication. Blockchain based multi factor authentication (MFA) involves using blockchain for authentication purpose to enhance the security of a system. This paper reviews the recent advancements in the field of multi-factor authentication with blockchain as a means. It analyses the effectiveness of Blockchain based MFA systems by evaluating their strengths and weaknesses. It further studies the gaps in the recent literatures and summarises the future scope for Blockchain and MFA. It discusses techniques such as lightweight cryptographic methods, Arbiter PUF (Public Unclonable function), Clustering, Smart contracts and Machine learning used for authentication purposes. These techniques can be extended to include behavioural factors in multi-factor authentication.