Theories and applications of blockchain

Throughout human history, few technological advancements have so profoundly impacted the future that they are considered general-purpose technologies. Among the ranks of these advancements include the steam engine, electricity, and robotic automation (Muro & Andes, 2015). Blockchain, a driving force behind cryptocurrencies and simultaneous transactions, is predicted by many experts to emerge as a new general-purpose technology (Bullock, personal communication, 2021; Bumblauskas, personal communication, 2021). This begs questions such as: “What is blockchain,” “How does blockchain work,” and “What is blockchain used for?” Through a careful analysis of publications, expert opinions, and informed speculation, blockchain will be defined, its theories explored, and its uses examined. Among these theories are the concepts of the so-called double-spending problem, as well as the immutability and distributed ledger properties that solve this problem and so clearly define blockchain. The uses of blockchain include various fields where blockchain may prove especially useful, such as in trade between new partners, agriculture and food, and healthcare. Drawbacks of blockchain, including environmental impact and a lack of regulation so notable that it is even referred to as the “wild west” by experts (Bullock, personal communication, 2021; Bumblauskas, personal communication, 2021), will also be investigated. Finally, an anticipated future of blockchain applications will be provided