Basic research is the study of how the world works in order to understand it, nothing more. Knowledge for its own sake. Most of this is done within the university environment. Applied Research is the study of things that may be used to better mankind. For instance, how lasers work.
Technology is the application of research for commercial or industrial goals.
In 1985 a new form was found in Texas and in England. The discovery was at first just a novelty but because it is carbon, studies continued. This is an example of basic research. In 1990 chemists in Germany and physicists here at UofA found ways to make large quantities for cheap. This is applied research.