Having a basic understanding of the concepts within the BCN vertical will enable you to not only feel more comfortable and confident when you research, but it makes your project easier to complete because you do not have to do extra research just to understand the concept.
It is very important to understand the differences between industries, sectors, and segments so that when we conduct research we are focusing on the correct topic the client requested. For example, if a client wants to know about Bitcoin statistics, and we provide Fintech statistics instead, the research will be useless to the client. Similarly, if a client asks for a market share and we give them market size, the client will ultimately be disappointed.
Below are some key BCN concepts, but it is in no way an exhaustive list.
According to IBM: “Blockchain is a [shared, immutable ledger](https://www.ibm.com/topics/what-is-blockchain#:~:text=Blockchain defined%3A,for all involved.) that facilitates the process of recording transactions and tracking assets in a business network.” In this context, an asset can be tangible (a house, cash, car, land) or intangible (intellectual property, branding, copyrights, patents). Virtually any valuable item can be tracked and traded on a blockchain network, thereby reducing risk and cutting down costs for all involved.
In this IBM guide, you can find a detailed and simplified breakdown of how blockchain technology works. Videos are also provided. Key sections of the article include the following:
Other sources with simplified explanations for blockchain technology include Blockgeeks and Velotio.
https://lh5.googleusercontent.com/MZisGE9JtNehBNKX5seZfx8gm155I9B_2bU9Aj2oW7S8zvqtBe55Zkp2Sa5p_CujXbWW74En5VJZ18AuQsSUavhS3_vYjzoq2Trn7HXdpr55RMdQKpqYljIl-wfOVoicqmvUGXtd2wPXpx67pX8
According to Investopedia, “a cryptocurrency is a [digital or virtual currency](https://www.investopedia.com/terms/c/cryptocurrency.asp#:~:text=A cryptocurrency is,interference or manipulation.) that is secured by cryptography, which makes it nearly impossible to counterfeit or double-spend.” A lot of cryptocurrencies are decentralized networks based on blockchain technology—a distributed ledger enforced by a disparate network of computers. Cryptocurrencies have a defining feature: generally, they are not issued by any central authority, thereby making them theoretically immune to any government manipulation or interference.