A metamorphic force across industries, blockchain technology faces major technical, regulatory, and scalability hurdles in its race to broader adoption. This comprehensive review synthesizes findings from 127 articles in peer-reviewed journals between 2015 and 2024, with respect to the various blockchain implementations across industries, including financial services, healthcare, supply chain management, and public sector applications. This study evaluates blockchain technology by applying a systematic literature review methodology and a case study analysis of 15 major implementations. Despite current limitations, it offers a strong sense of potential future directions. While 73% of blockchain projects examined improve over traditional systems with respect to transparency and security, scalability constitutes a major bottleneck in that 68% of these networks suffer from significant performance degradation beyond 1000 transactions per second. The bottom line is that the hybrid blockchain architecture consisting of public and private networks holds the most promise for enterprise adoption, saving 62% of the energy consumption while maintaining security standards. According to the study, regulatory uncertainty and interoperability challenges are considered the topmost barriers to mainstream adoption, as only 31% of the analyzed projects achieve full regulatory compliance across jurisdictions. It is then found that blockchain technology will evolve towards sustainable, scalable solutions and requires coordinative efforts from both industry stakeholders and regulators to overcome the current limitations and fully materialize into other application sectors.