  Much has been written about the likely impact of blockchain technology. Early
scholarship on this topic has focused on the legal and financial implications
of virtual currencies which is based on blockchain technology. Rapid
introduction and diffusion of technological changes throughout society, such as
blockchain, continue to exceed the ability of law and regulation to keep pace.
Will blockchain prove as disruptive to business models and entrenched societal
institutions as: electricity, radio, television, or the internet? What
beneficial aspects of the blockchain have been identified thus far and what
future applications are probable? Should we expect blockchain technology to
result in massive global changes? The primary goal of this article about
blockchain is to present an all-encompassing basic explanation of: what it is;
how it works; and what it's important. This article contributes to the
scholarly literature and our understanding by providing a cogent description of
this important technology and look at potential uses.
