Internet of Vehicles (IoV) is a dynamic network of vehicles connected together through sensors and communicating devices embedded in them. These embedded devices work in internal and external synchronization and consistency with each other. The functionality of the vehicles can be controlled, tracked and monitored through a remote controlling station. In recent years we have seen an exponential growth in the automobile sector where things are moving towards automation. Driverless cars and drones are no longer fictions, rather a reality now. There are several pertinent benefits of automation in the automobile industry like better designs, better safety features, better fuel efficiency, better pickup, reduced maintenance, safer driving experience etc. However, with these advantages and benefits, there are several issues and challenges associated with the internet of vehicles. This paper discusses the existing state of the Internet of Vehicles ecosystem and the important issues and challenges faced by the manufacturer as well as the consumers in the IoV systems. Furthermore, the paper also discusses the potential use of blockchain based solutions to overcome these limitations and challenges. The concept of Blockchain technology along with its key characteristics is discussed focusing on the integration of “Blockchain” technology with the “Internet of Things (IoT)” technology in the urban transportation system. The work presented focuses on the applications of blockchain in the IoV ecosystem. More specifically, the paper delves into the blockchain technology for securing the IoV network. Finally, the paper highlights some of the issues, challenges and opportunities associated with the blockchain based IoV systems.