Blockchain technology is leading innovation across industries by being a decentralized, immutable ledger system with applicability pervading from finance to healthcare. However, the security and reliability of blockchain networks are strongly dependent on the presence of Fault Tolerance mechanisms. This survey paper tries to give insight into the landscape of blockchain technology and Byzantine Fault Tolerance mechanisms with respect to their basic principles, challenges, and applications. Now, we will be covering the basics of blockchain, its decentralized architecture, consensus mechanisms, and cryptographic primitives. We will also talk about Byzantine Fault Tolerance mechanisms and their principal contribution—resiliency in distributed systems facing either malicious agents or component failures. Our survey is spanned with prominent BFT protocols, such as Practical Byzantine Fault Tolerance and Federated Byzantine Agreement, their variations, and respective strengths and limitations, with real-world implementations. We also illustrate how the fast-paced landscape of blockchain scalability, interoperability, and privacy can potentially interact with and impact BFT mechanisms, and thus the broader diffusion of decentralized systems. It concludes with some insight into the future research directions, proposing some new approaches that consider advanced Byzantine Fault Tolerance mechanisms in order to improve the security and efficiency of blockchain networks. The review therefore will become a great resource for researchers, practitioners, or simply interested readers wanting to get deeper into the understanding of blockchain technology and its Fault Tolerance underlying principles.