We consider Hilsum's notion of bordism as an equivalence relation on
unbounded KK-cycles and study the equivalence classes. Upon fixing two
C∗-algebras, and a ∗-subalgebra dense in the first C∗-algebra, a
Z/2Z-graded abelian group is obtained; it maps to the
Kasparov KK-group of the two C∗-algebras via the bounded transform. We
study properties of this map both in general and in specific examples. In
particular, it is an isomorphism if the first C∗-algebra is the complex
numbers (i.e., for K-theory) and is a split surjection if the first
C∗-algebra is the continuous functions on a compact manifold with boundary
when one uses the Lipschitz functions as the dense ∗-subalgebra.Comment: 38 page