Opportunity costIn microeconomic theory, the opportunity cost of a choice is the value of the best alternative forgone where, given limited resources, a choice needs to be made between several mutually exclusive alternatives. Assuming the best choice is made, it is the "cost" incurred by not enjoying the benefit that would have been had by taking the second best available choice. The New Oxford American Dictionary defines it as "the loss of potential gain from other alternatives when one alternative is chosen.
Smart deviceA smart device is an electronic device, generally connected to other devices or networks via different wireless protocols (such as Bluetooth, Zigbee, near-field communication, Wi-Fi, LiFi, or 5G) that can operate to some extent interactively and autonomously. Several notable types of smart devices are smartphones, smart speakers, smart cars, smart thermostats, smart doorbells, smart locks, smart refrigerators, phablets and tablets, smartwatches, smart bands, smart keychains, smart glasses, and many others.
Mobile app developmentMobile app development is the act or process by which a mobile app is developed for one or more mobile devices, which can include personal digital assistants (PDA), enterprise digital assistants (EDA), or mobile phones. Such software applications are specifically designed to run on mobile devices, taking numerous hardware constraints into consideration. Common constraints include CPU architecture and speeds, available memory (RAM), limited data storage capacities, and considerable variation in displays (technology, size, dimensions, resolution) and input methods (buttons, keyboard, touch screens with/without styluses).
BlockchainA blockchain is a distributed ledger with growing lists of records (blocks) that are securely linked together via cryptographic hashes. Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data (generally represented as a Merkle tree, where data nodes are represented by leaves). Since each block contains information about the previous block, they effectively form a chain (compare linked list data structure), with each additional block linking to the ones before it.
Windows MobileWindows Mobile was a family of mobile operating systems developed by Microsoft for smartphones and personal digital assistants. Its origin dated back to Windows CE in 1996, though Windows Mobile itself first appeared in 2000 as Pocket PC 2000 which ran on Pocket PC PDAs. It was renamed "Windows Mobile" in 2003, at which point it came in several versions (similar to the desktop versions of Windows) and was aimed at business and enterprise consumers.
Cost accountingCost accounting is defined by the Institute of Management Accountants as "a systematic set of procedures for recording and reporting measurements of the cost of manufacturing goods and performing services in the aggregate and in detail. It includes methods for recognizing, classifying, allocating, aggregating and reporting such costs and comparing them with standard costs". Often considered a subset of managerial accounting, its end goal is to advise the management on how to optimize business practices and processes based on cost efficiency and capability.
Smart contractA smart contract is a computer program or a transaction protocol that is intended to automatically execute, control or document events and actions according to the terms of a contract or an agreement. The objectives of smart contracts are the reduction of need for trusted intermediators, arbitration costs, and fraud losses, as well as the reduction of malicious and accidental exceptions. Smart contracts are commonly associated with cryptocurrencies, and the smart contracts introduced by Ethereum are generally considered a fundamental building block for decentralized finance (DeFi) and NFT applications.
Privacy by designPrivacy by design is an approach to systems engineering initially developed by Ann Cavoukian and formalized in a joint report on privacy-enhancing technologies by a joint team of the Information and Privacy Commissioner of Ontario (Canada), the Dutch Data Protection Authority, and the Netherlands Organisation for Applied Scientific Research in 1995. The privacy by design framework was published in 2009 and adopted by the International Assembly of Privacy Commissioners and Data Protection Authorities in 2010.
Privacy-enhancing technologiesPrivacy-enhancing technologies (PET) are technologies that embody fundamental data protection principles by minimizing personal data use, maximizing data security, and empowering individuals. PETs allow online users to protect the privacy of their personally identifiable information (PII), which is often provided to and handled by services or applications. PETs use techniques to minimize an information system's possession of personal data without losing functionality.
Fork (blockchain)In blockchain, a fork is defined variously as: "what happens when a blockchain diverges into two potential paths forward" "a change in protocol", or a situation that "occurs when two or more blocks have the same block height" Forks are related to the fact that different parties need to use common rules to maintain the history of the blockchain. When parties are not in agreement, alternative chains may emerge. While most forks are short-lived some are permanent.
