Blockchain is relatively a new area of research. However, a surge of research studies on the blockchain has taken place in recent years. These research studies have mostly focused on designing and developing conceptual frameworks to build more reliable, transparent and efficient digital systems. While blockchain brings a wide variety of benefits, it also imposes certain challenges. Therefore, the objective of this research is to understand the properties of blockchain, its current uses, observed benefits and pitfalls to provide a balanced understanding of blockchain. A systematic literature review approach was adopted in this paper in order to attain the objective. A total of 51 articles were selected and reviewed. As outcomes, this research provides a summary of the state-of-the-art research studies conducted in the area of blockchain. Furthermore, we develop a set of concept maps aiming to provide in-depth knowledge on blockchain technology for its efficient and effective usage in the development of future technological solutions. INDEX TERMS Blockchain, concept map, literature review, critical analysis, smart contracts.