This paper presents a thorough evaluation as well as a comparative analysis of the application areas and economic impact of Machine Learning (ML) and Blockchain technologies within a cloud environment. The integration of ML and Blockchain has garneredsubstantial attention because of the possibility that they will change a variety of industries and have a significant effect on the economy. In examining the application areas, this review focuses on how ML and Blockchain technologies are being utilized across diverse domains such as finance, healthcare, supply chain, and e-commerce. ML is being employed for data analytics, predictive modeling, and pattern recognition, while Blockchain is utilized for secure and transparent transaction processing, data integrity, and decentralized consensus mechanisms. The economic impact of these technologies is substantial and multifaceted. ML, by enhancing decision-making processes and automating tasks, contributes to increased efficiency, cost reduction, and revenue growth across industries. Moreover, the potential for creating innovative products and services fuels market competitiveness.