Research Process

A way of thinking about research is introduced by Thomas (2004) -the research cycle, a process which begins and ends with the research problem thus inducing a loop for research. Despite this model Thomas recognises that the stages mentioned may not necessarily follow in a sequential fashion. “In reality any research project is likely to take a less straightforward path”. Constant recycling, revisions and revisiting strategies involving the outcomes of pilot studies or trial runs should be expected. Thomas indicates the scarcity of established research traditions, existing data, problem identification and formulation as “a major problem”. This issue is pertinent when regarding the new problem field and new technology of Bitcoin and other crypto currency and the lack of existing business management literature. The author agrees that data construction can be expected to consume the majority of time.

Figure 5: The research process (Thomas, 2004)

Problem identification-a suitable problem within a subject or topic field is identified before the author evaluates the resources which are available for it to be investigated. The synthesis of problem identification usually occurs concurrently with mulling over the knowledge of a problem field.

Philosophical issues-some problems fields are compounded with certain unique theoretical and philosophical traditions. An understanding of some of the debates surrounding the problem field is required to make appropriate decisions about research strategies and methods.

Ethical implications-just as philosophical issues may structure the approach to research ethical implications need to be considered to ensure a correct research method is applied to the problem.

Strategy formulation-after the prior have been considered the researcher must decide what the general strategy will be used to answer the research problem. In this stage the general style and direction of the project will be set.

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