What is claimed is:1. A phase change memory (PCM) structure configured for performing a gradual reset operation, the PCM structure comprising:first and second electrodes;a phase change material layer disposed between the first and second electrodes, wherein a first outermost sidewall of the phase change material layer is vertically aligned to an outermost sidewall of the first electrode and a second outermost sidewall of the phase change material layer is vertically aligned to an outermost sidewall of the second electrode;a thermal insulation layer disposed on at least the outermost sidewalls of the first and second electrodes and the first and second outermost sidewalls of the phase change material layer, the thermal insulation layer being configured to provide non-uniform heating of the phase change material layer;a dielectric material substrate having a topmost surface, wherein each of the first electrode, the second electrode, the phase change material layer, and the thermal insulation layer is located entirely above the topmost surface of the dielectric material substrate; anda dielectric capping layer located around the thermal insulation layer and along outermost sidewalls of the dielectric material substrate, wherein the first and second electrodes are in direct physical contact with the topmost surface of the dielectric material substrate and spaced laterally from one another, the phase change material layer is in direct physical contact with the topmost surface of the dielectric material substrate between the first and second electrodes and with an upper surface of the first and second electrodes, and the thermal insulation layer is in direct physical contact with the topmost surface of the dielectric material substrate and with an upper surface of the phase change material layer to thereby encapsulate the first and second electrodes and the phase change material layer.2. The PCM structure of claim 1, wherein at least one of the first and second electrodes comprises a material having a thermal conductance of less than about 100 watts per meter-kelvin.3. The PCM structure of claim 1, wherein the thermal insulation layer comprises a material having a thermal conductivity of less than about 0.1 watts per meter-kelvin.4. The PCM structure of claim 1, wherein the PCM structure has a substantially rectangular form factor.5. The PCM structure of claim 1, further comprising a channel formed in the upper surface of the phase change material layer between the first and second electrodes.6. The PCM structure of claim 5, wherein the upper surface of the phase change material layer has a stepped profile.7. The PCM structure of claim 1, wherein the PCM structure is configured to have a length in a range from about 5 nm to about 50 nm, and have a width in a range from about 100 nm to about 1 μm, wherein a ratio of width-to-length of the PCM structure is about 20:1.8. The PCM structure of claim 1, wherein a thickness of a combined thermal insulation layer and the dielectric material substrate is in a range from about 30 nm to about 300 nm.9. The PCM structure of claim 1, wherein a cross-sectional thickness of the phase change material layer is in a range from about 20 nm to about 200 nm.10. The PCM structure of claim 1, wherein a thickness of the phase change material layer is selected based at least in part on at least one of resistance and power switching requirments of the PCM structure.11. The PCM structure of claim 1, wherein the first and second electrodes are laterally separated and are substantially in a same plane relative to one another.12. The PCM structure of claim 1, responsive to a bias signal being applied between the first and second electrodes, an induced current flows laterally through the phase change material layer.13. The PCM structure of claim 1, wherein the dielectric material substrate comprises a material having a thermal conductivity of less than about 0.1 watts per meter-kelvin.14. The PCM structure of claim 1, wherein the dielectric material substrate and the thermal insulation layer are formed of different materials.15. The PCM structure of claim 1, wherein the thermal insulation layer is formed as an air gap.16. The PCM structure of claim 1, wherein applying a first reset pulse between the first and second electrodes, the first reset pulse having an amplitude that is greater than a crystalline phase change material switching threshold voltage and less than an amorphous phase change material switching threshold voltage, for a prescribed duration causes a temperature of the phase change material layer to rise until a temperature in a center portion of the phase change material layer exceeds a phase change material melting temperature, wherein the center portion of the phase change material layer switches to a high-resistance amorphous state, wherein applying at least one subsequent reset pulse between the first and second electrodes, the at least one subsequent reset pulse having an amplitude and duration that is the same as the first reset pulse, causes a temperature of the phase change material layer to rise until a temperature in a portion of the phase change material layer adjacent to the center portion exceeds the phase change material melting temperature, wherein the portion of the phase change material layer adjacent to the center portion switches to the high-resistance amorphous state while the center portion of the phase change material layer remains in the high-resistance amorphous state.
