The Internet of Things (IoT) is a contemporary concept that unifies the Internet and physical objects across various domains, such as home automation, manufacturing, healthcare, and environmental monitoring. This integration enables users to leverage Internet-connected devices in their daily routines. Despite its numerous advantages, IoT also presents several security challenges. As the popularity of IoT continues to grow, ensuring the security of IoT networks has become a critical concern. While encryption and authentication can enhance the security of IoT networks, protecting IoT devices against cyber-attacks remains a complex task. A successful cyber-attack on an IoT system may not only result in information loss but also potentially cripple the entire system. Intrusion detection systems (IDS) are instrumental in identifying malicious activities that could compromise or disrupt network performance. Consequently, there is a pressing need for effective IDS solutions to safeguard IoT systems. Blockchain, an emerging technology, bolsters security systems to counter modern threats. In this paper, we provide an extensive review of state-of-the-art blockchain-based intrusion detection systems for IoT applications. Additionally, we present recent advancements in addressing security concerns in a tabular format. Lastly, we identify open challenges and current limitations that warrant further exploration.