In recent years there has been growing research attention and practitioner interest in exploring the suitability of Blockchain technology for decentralised applications in multiple domains. This paper investigates the application of Blockchain technology to address some of the key challenges in the domain of Social Business (SB). SB is a business model for investments in social causes for the socio-economic development of under-privileged communities. In this paper, we have identified and discuss principles and applications of Blockchain that enhance trust, transparency and auditability in SB activities. We outline the challenges related to creating a native cryptocurrency for SB, and barriers to infrastructure and technology adoption by different SB stakeholders.