The purpose of this research paper is to analyze the feasibility of adoption of blockchain technology as a viable, transparent, and traceable solution for storing data and transactions in firms belonging to the banking and financial sector of India. This study examines the role of four key variables, namely technical knowledge, availability of resources, collaborations among firms, and usability; for successful adoption of the technology in financial functions. This research is based on the analysis of data acquired from these factors which influence the feasibility of blockchain technology as per the in-depth study of 30 firms belonging to the banking and financial sector of India. This study investigates the current penetration of technical knowledge, research, and development of use cases with available resources, preparedness level of firms for collaborations, and the challenges faced in the usability of implementing blockchain technology for financial applications.