The possibility of block chain innovation revolutionizing business operations and interpersonal interactions in Industry 4.0 is becoming more widely acknowledged. Industry 4.0 and the Industrial Internet of Things (IoT) are among the new application fields. As a result, the purpose of this article is to investigate the block chain applications that are already being used in IoT and Industry 4.0. In particular, it looks at current research trends in various IoT applications, addressing problems, concerns, and potential future uses of integrating block chain technology. This article also includes a thorough discussion of the key elements of block chain databases, including Merkle trees, transaction management, sharding, long-term memory, and short-term memory. In order to do this, more than 46 pertinent primary research that have been published in reputable journals have been chosen for additional examination. The workflow of a block chain network utilizing IoT is also demonstrated, demonstrating how IoT devices communicate with one another and how they contribute to the network's overall operation. The taxonomy diagram below serves to illustrate the contribution.