Smart vehicles-enabled intelligent transportation system (ITS) supports a wide range of applications, such as, but not limited to, traffic planning and management, collision avoidance alert system, automated road speed enforcement, electronic toll collection, and real-time parking management, to name a few. However, it suffers from various types of security and privacy issues due to insecure communication among the entities over public channels. Therefore, an efficient and lightweight security mechanism is essential to protect the data that is both at rest as well as in transit. To this direction, we propose a public blockchain-envisioned secure communication framework for ITS (PBSCF-ITS). The proposed PBSCF-ITS guarantees access control and key management among the vehicle to vehicle, vehicle to roadside unit, and roadside unit to cloud server. We analyze the security of PBSCF-ITS to prove its resilience against various types of possible attacks. Furthermore, the performance of PBSCF-ITS with other related competing schemes has been compared. The obtained results illustrate that PBSCF-ITS outperforms the existing ones. Additionally, the pragmatic study of PBSCF-ITS is conducted to check its influence on various network-related performance parameters, like the number of mined blocks and transactions per block.