The Last Mile Problem: Understanding the Economics Affecting the Future of Blockchain

Is Blockchain designed for consumers or organizations? Will it ever be an Uber-alike app built on Blockchain? What is holding Blockchain back from mass adoption to date? This article provides insights to these questions and adopts economic theory to critically analyze a fundamental challenge of Blockchain – the “last mile problem.” Blockchain is recognized as a new form of general purpose technology (GPT). Other examples of general purpose technology include the steam engine, electricity and the Internet. In other words, it has the potential to affect the entire economy at the national and global level and drastically alter societies through…...