The Internet of Drones (IoD) is widely used in a wide range of applications from military to civilian applications from the past years. However, during communication either with the control room/ground station server(s) or moving access points in the sky, security and privacy is one the crucial issues which needs to be tackled efficiently. In this direction, blokchain technology can be one of the viable solutions due to the immutability and traceability of various transactions and decentralized nature. In this paper, we provide in-depth challenges and issues of applicability of blokchain in 5G-based Internet of Things (IoT)-enabled IoD environment. We propose and analyze a new blokchain based secure framework for data management among IoD communication entities. The proposed scheme has ability to resist several potential attacks that are essential in IoT-enabled IoD environment. A detailed comparative analysis exhibits that the proposed scheme offers better security and functionality requirements, and also provides less communication and computation overheads as compared to other related schemes.