A critical review of the physical constraints on the form the non-locality can take is presented. The conclusion of this review is that non-locality must be restricted to interactions with the vacuum sea of virtual particles. A successful formulation of such a theory, Quantum Nonlocal Field Theory (QNFT), is applied to scalar electrodynamics and serves to illustrate how gauge invariance and manifest finiteness can be achieved. The importance of the infinite dimensional symmetry groups that occur in QNFT are discussed as an alternative to supersymmetry, the ability to generate masses by breaking the non-local symmetry with a non-invariant functional measure is given a critical assessment. To demonstrate some of the many novel applications QNFT may make possible, three disparate examples are mooted, the existence of electroweak monopoles, an mechanism for CP violation and the formulation of a finite perturbative theory of Quantum Gravity. 21 refs., ills.