Blockchain technology has taken on a leading role in today's industrial applications by providing salient features and showing significant performance since its beginning. Blockchain began its journey from the concept of cryptocurrency and is now part of a range of core applications to achieve resilience and automation between various tasks. With the integration of Blockchain technology into different industrial applications, many application designs, security and privacy challenges present themselves, posing serious threats to users and their data. Although several approaches have been proposed to address the specific security and privacy needs of targeted applications with functional parameters, there is still a need for a research study on the application, security and privacy challenges, and requirements of Blockchain-based industrial applications, along with possible security threats and countermeasures. This study presents a state-of-the-art survey of Blockchain-based Industry 4.0 applications, focusing on crucial application and security and privacy requirements, as well as corresponding attacks on Blockchain systems with potential countermeasures. We also analyse and provide the classification of different security and privacy techniques used in these applications to enhance the advancement of security features. Furthermore, we highlight some open issues in industrial applications that help to design secure Blockchain-based applications as future directions.