The article is devoted to the current state and prospects of further legislative regulation in Ukraine of the legal status of cryptocurrency (cryptoassets), primarily in terms of the need to clearly define its place in the system of objects of civil rights. The author emphasizes on the current uncertainty at the national and international level about the legal nature of cryptocurrency that causes gaps in the legal regulation of this phenomenon, which on the one hand allows its free and accelerated development, but on the other - creates significant legal risks for participants of the relevant legal relationships. Based on the comparative legal analysis of the approaches of different countries to the qualification of the legal essence of cryptocurrency, as well as the analysis of the Laws of Ukraine "On Prevention of Corruption", "On Prevention and Counteraction to Legalization (Laundering) of Proceeds from Crime, Financing Terrorism and Financing Spread of the Weapon of Mass Destruction”, the draft Law of Ukraine“ On Virtual Assets ”№3637 of 11.06.2020 adopted as a basis and prepared for the second reading by the Parliament and opinions of national regulators of financial market and securities market the author considers as a debatable approach of Ukrainian authorities to regulation circulation of virtual assets and, in particular, such their type as a cryptocurrency, as an intangible asset (other intangible goods). There is a contradiction of such a qualification in terms of traditional features of intangible assets (pronounced personal nature, the impossibility of the existence of such goods in isolation from the subject of law without his consent, lack of property and economic content) and the economic purpose of cryptocurrency as a mean of payment. In this regard, the author concludes that there should be an expediency of classifying this object of civil rights as a special (private) form of money, for which he proposes to carry out a more detailed civil law classification with a division into fiat (cash, non-cash, digital) and private (cryptocurrencies and electronic money).
The paper aims to analyse adoption of cryptocurrencies and blockchain technology in the Baltic States in the context of regional competitiveness. To achieve the aim, the following tasks are set: 1) to investigate crypto activity and crypto regulation, 2) to analyse blockchain applications and policy actions beyond crypto space, 3) to investigate interconnections between blockchain adoption and regional competitiveness. The study employs methods of descriptive statistics and content analysis. The study concludes that Estonia’s leadership in the majority of regional competitiveness indicators correlates with its leading position in blockchain adoption not only in Baltic States, but also worldwide, specifically in the area of e-government. Lithuania shows an overall competitive position in blockchain adoption in fintech area. In contrast, Latvia significantly lags behind Estonia and Lithuania in terms of regional competitiveness and adoption of blockchain technology, which is weakened by the regulatory unclarity for virtual asset service providers and the lack of supportive actions from the government for blockchain innovation and its further adoption within and beyond crypto-space.
The object of research is the socioeconomic model of the country in terms of energy efficiency factors in the process of economic development. The author has adapted the taxonomy of barriers and identified a new group of barriers inherent in the socioeconomic models of countries with economies in transition. Achieving the goals of sustainable development is possible by achieving overall energy efficiency, which is provided by the implemented innovative energy technologies. The ability of the studied subjects to perceive and promote innovative energy technologies is determined by the level of their economic development. When building the concept of energy efficient management, the studied subjects should take into account the exhaustion of primary resources against the background of growing needs. One of Harrington's logical functions was used to determine the level of economic development of the studied subjects. In the indicators of the particular desirability of Harrington's logical function, indicators from 0.37 to 0.8 are the potential for development, currently unrealized in the studied subjects, which is the path to sustainable development. According to certain levels of private preferences, economic agents are given recommendations on the economic feasibility of introducing innovative energy technologies. At the same time, the research process involved the identification and localization of energy efficiency barriers in the studied subjects, which expanded the analytical opportunities in terms of providing practical recommendations. Such recommendations, combined with the private preferences of the studied subjects, allowed to formulate a conceptual scheme to increase the efficiency of energy resources of economic development management. The author proposes measures: scaling of grant financing, decentralization of energy sources, introduction of knowledge, cooperation of communities and in the community, development of entrepreneurship and greening of the environment. Directions strengthen the motivation of management decisions in the context of the effective impact of energy factors on the dynamics of economic development in modern conditions and can be used in the development of current and strategic plans and programs.
The emergence of “virtual currencies” is extremely recent, with a history of only 13 years. Being an ultra-new economic tool, it arouses interest and effervescent reactions, especially in terms of definition, but also about the cumulative effects it has begun to produce in the economic world. The subject also becomes controversial due to the fact that, being an economic instrument of absolute novelty, it is reflected in the legislation of very few countries in the world. One of the definitions determines as virtual currency – the digital representation of the value that is not issued or guaranteed by a central bank or a public authority, which is not necessarily linked to a legal currency and which does not have the legal status of the currency, but which can be accepted by natural or legal persons as a means of exchange and which may be transferred, stored and traded by electronic means. The evaluation of cryptocurrency publications has shown that most of them are related to attempts to establish legislative agricultural work for the operation of virtual currencies. The functions of the cryptocurrencies that we have defined are: the exchange and payment function, the hoarding function, the investment function and the attraction of funds necessary for the activity. Thus, we established that virtual currencies, as well as fiduciary ones, have the role of: means of payment, means of accumulation, means of capitalization and investments. Likewise, through this research we managed to highlight the main features and peculiarities of cryptocurrencies. Among the basic characteristics of cryptocurrencies we highlight: the high degree of security, maximum speed of transactions, full freedom from financial organizations, irreversibility of operations, full anonymity of transactions, open source, they can be ”mined”. Another approach was to determine the advantages and disadvantages and risks of using cryptocurrencies. The main advantages of using cryptocurrencies are related to its functions an caracteristics, such as: it represents a real alternative to classic banking services, market freedom, privacy of transactions, high speed of trnasactions, alternative payment methos, increasing the customer base etc. On the other hand there are some disatvantages. They are related mosly with the following risks: legal uncertainty, market volatility, low degree of acceptance, unsecured crypto wallets, risks related to use for illegal or criminal purposes, money laundering risks. Taking in consideration the global trend of the digitization of the society, the share and importance of fiat currencies will tend to decrease for the benefit of virtual currencies. Cryptocurrencies are becoming a real alternative to physical currencies, but its main disadvantage is that the public autorities are missing controlling it yet. Even so, in the nearest future the money could become digital figures.
The article reveals the essence of public finance as the main tool of the mechanism of regulating financial stability and achieving optimal efficiency of fulfillment of obligations in the process of providing public goods within the financial capacity of the state. After all, in the context of political and financial crises, the military situation in the east, the COVID-19 pandemic, the inadequacy of social development and economic transformation, the need to ФІНАНСИ, ГРОШІ І КРЕДИТ 124 Випуск IІ (82), 2021 study the effectiveness of such a regulatory mechanism is particularly acute. The main scientific approaches to the formation of public finance, which should be considered as a basis for purposeful public administration and is characterized by a set of measures to influence the socio-economic development of Ukraine. The factors influencing the amount of public finances and the ability of the state to perform its functions of financing various expenditures and development programs are studied. The main factors that caused the negative trends in the formation and use of public finances, as well as the shortage of public financial resources are identified. In order to study the decentralization direction of local self-government development and the participation of state support for regional development, the dynamics of the total amount of public finances as a source of financing capital investments of Chernivtsi region is analyzed. The task of determining the volume of participation of public finances in the financing of capital investments is realized by carrying out a structural analysis of the sources of financing of capital investments in the region. The main problems of public finances are considered and proposals are presented, the implementation of which will balance the market economy, correctly determine the amount of resources needed for the state, improve the efficiency of formation and use of budget funds, overcome corruption, reduce abuse in tax reporting by businesses, optimize social programs and benefits and have their financial support.
On the way to decentralization in order to achieve the goals of territorial development and local needs, local authorities can not do without having complete and comprehensive information on the full range of local resources and their effective management. Considering the resource potential of the region as a set of the whole range of resources that are formed in a given area and can be used in the process of socio-economic development and characterized by saturation of factors of production (natural resources, labor, fixed assets, infrastructure, etc.) and intangible factors, it is clear that it is a prerequisite for the implementation of development programs in the region. For the most part, the resource provision of the process of implementation of socio-economic development programs of the region is reduced to financial support, but in order to achieve the goals of such development, the use of non-monetary resources is no less important.The article identifies the components of resource provision of social protection at the local level, including: economic resources (financial and logistical); regulatory resources (regulatory framework, methodology); administrative resource; innovation resource; information resource. Problematic aspects of resource provision are outlined, among which: insufficient financing and low efficiency of budget funds use; lack of interest in finding additional sources of income; too extensive system of social benefits and privileges; disunity of institutions providing social services; insufficient integration and decentralization of services; low innovation of the sphere; insufficient use of information resources. Tools for improving the management of social protection resources are proposed.
О. І. Baranovskyi, Мykhailo Kuzheliev, Dmytro Zherlitsyn, Kostyantyn Serdyukov · 5 authors
Abstract. The first cryptocurrency was born in 2008. Already today, virtual financial assets and tokens are a significant part of trading in global financial markets. The cryptocurrency market capitalization currently exceeds 600 billion U.S. dollars. However, there is a lot of discussion about cryptocurrency functions and the correlation between Bitcoin prices and the basic economic indices. Therefore, the purpose of the paper is to define the statistical substantiation of the influence of fundamental economic indicators on the market of virtual financial assets and the possibility of using cryptocurrency as the investment assets. This article is based on the theoretical principles and methods of econometric analysis; the system approach methods to define the main vehicles and trends of the international financial market. The study presents correlation analysis, regression models with paired and multiple variables. For these models, R-Studio instruments are the main tools of quality estimation and results interpretation. The article shows the results of the correlation analysis of Bitcoin’s U.S. dollar price dynamics and changes in the main stock, monetary market indicators, cryptocurrencies market tendency, levels of the United States fundamental economic indicators for the period from 2014 to 2021. Traditional multifactorial regression models are used to determine the level and the impact of individual indicators of the world stock market at the U.S. dollar price of Bitcoin. A comparison of the level of volatility of key investment financial assets in the market of cryptocurrencies and stock markets is carried out. The authors determine the level of correlation dependence and make a regression model of the impact of fundamental economic indicators and stock market trends on the dynamics of U.S. dollar prices for key cryptocurrencies. The article presents conclusions on trends and problems of using cryptocurrencies as an investment asset, considering volatility and profitability. Implementation of the results allows to clarify the economic essence of cryptocurrencies as a specific financial vehicle, as well as improving the existing models of investment management, considering the statistical characteristics of the virtual financial assets. The main direction of further research is to build models of medium-term prediction of prices for the main cryptocurrencies as an investment asset in conditions of changes in global financial markets, which must consider the fundamental economic indicators of the world economy and trends on key stock and commodity markets. Keywords: virtual financial asset, cryptocurrency, bitcoin, econometric model, financial market, economic indicator, investment asset. JEL Classification D53, E44, G15, C58 Formulas: 3; fig.: 3; tabl.: 3; bibl.: 31.
The subject of the research is the sources of financing of secondary schools in Ukraine and the directions of their optimization are determined. The aim is to study the features of financing of secondary schools in the context of reorganization and to determine ways of economic stimulation of their activities on the basis of the principle “money follows the child”. Research methodology. The work was carried out on the basis of Article 53 of the Constitution of Ukraine, normative acts, legislative acts, financial reports, scientific research of domestic and foreign scientists and practitioners. Research methods: statistical, graphic, statistical and economic, methods of comparison, analysis. The results of the study of the current state of financing of secondary school institutions indicate that in order to solve the problems of the industry, it is necessary to develop a coherent system of measures that will be aimed at ensuring its effective development, taking into account the requirements of European standards. The study also indicates the need for a decentralization reform Scope of the study results. In the context of decentralization and administrative reform, investment in human capital is becoming a leading priority aimed at strategic actions aimed at the economic prosperity of the country. The study of the current state of financing of general education institutions proves that improving the material and technical base, decent wages of teachers make it possible to put the student in the center of attention and create conditions for his harmonious development, and this will provide an opportunity to create competitive human capital for the national economy. To achieve world standards in the field of education, it is necessary to carry out reforms that will provide an effective system of financing. Conclusions. Consequently, the budget deficit for secondary schools affects the decline in the quality and efficiency of educational services. The system of management and control over the activities of budgetary institutions should play a special role. To improve the situation in the field of education financing, it is necessary to form the implementation of budgetary expenditures based on a combination of domestic and international experience, partly from the experience of neighboring Poland, for this it is necessary to carry out an education reform.
<p style="text-align: justify;">Changes in the payment systems of some countries, initiated by the use of cryptocurrencies, have opened up many dilemmas in the economic literature. Although knowledge of this phenomenon has not been yet sufficiently crystallized, some states managed to regulate its use. In this paper, we investigate whether cryptocurrencies can be considered аs а currency, which has drawn increasing attention from regulators who are concerned about tax, insurance and other consequences related to the legal treatment of cryptocurrencies. The subject of the paper is to analyze the history, characteristics and level of cryptocurrency regulation in the world. The aim of the paper is to analyze the possibilities for regulating cryptocurrencies in the Republic of Serbia through the analysis of countries where the use of cryptocurrencies is legal.</p>
Introduction. The active development of the international economy leads to the emergence of new financial instruments, which expands the capabilities of economic entities in carrying out efficient economic activities. However, cryptocurrency coins have become a relatively new, widely used financial instrument used by economic entities to increase the efficiency of payments and investments. The cryptocurrency market is growing rapidly and its capitalization is estimated at trillions of dollars. The main purpose of the article is to study the impact of cryptocurrencies on the international and national micro- and macroeconomics in the third decade of the XXI century. Methods. The theoretical and methodological basis of the article is the fundamental provisions of modern economics, the work of scientists. In the process of research, in particular, the following methods were used: analysis - to study the object and subject of research; abstract and logical (theoretical generalizations and formulation of conclusions on the impact of cryptocurrencies on national and international micro- and macroeconomics). Results. It has been established that cryptocurrency mining and trading has become an objective reality in the second decade of the XXI century, and at the beginning of the third decade already has a significant impact on the national and international economy, competing significantly with fiat money and, as far as possible, filling niches, filled fiat money. It has been proven that mining and trading of cryptocurrencies causes both positive and negative effects at both micro and macro levels, both in the international and national markets. It is noted that the circulation of cryptocurrencies is carried out mainly without legislative regulation (except for El Salvador, the United States and several other countries); however, self-regulation through the “invisible hand of the market” is quite effective. As long as there is no significant regulation of the cryptocurrency market, in our opinion, the cryptocurrency market will develop extremely actively, and its regulation by government agencies may hinder its development. Discussion. The obtained results can be used to expand knowledge about certain aspects of the impact of “mining” and circulation of cryptocurrencies on the activities of economic entities at the micro and macro levels. Keywords: mining, cryptocurrency, Monero cryptocurrency (XMR).
Introduction. Differences in the understanding of the main management and information and security approaches to the formation of an innovative cluster group of SME with large industrial enterprises indicate the ambiguity of ways to measure and evaluate such interaction and its scope, which in Covid-19 on the basis of sustainability, decentralization and European integration requires further study. Methods. The historical and logical method is used in the article; the method of systematization, classification and theoretical generalization; the method of institutional analysis; the method of system analysis; the method of logical analysis and synthesis; the method of graphical analysis. Results. It is proved that the cooperation of industrial SME with large industrial enterprises makes certain demands on them. Before attempting to cooperate with large and medium-sized industrial enterprises, manufacturing SME must have a clear idea of the state of their activities, their own potential and its use, the market position of goods and services relative to competitors. Therefore, the procedure of diagnostics of the state of activity of industrial SME is developed in the work, the leading one in which is the assessment of its solvency. The competitiveness of a production SME, its potential and sustainability are assessed using available methods. Production SME differ in scale and types of activity, policy of its financing, degree of integration into the economy of the region or production cluster, which determines the multiplicity of areas of their support. Discussion. Market support for manufacturing SME should be directed to intensify their activities - assistance in finding markets, customers and business partners, the use of mechanisms for adaptation of enterprises using the full range of opportunities for administrative support. Cooperation of manufacturing SME with large industrial enterprises as a kind of business partnership can take place not only in traditional forms, but also using its most common organizational and economic models - subcontracting, franchising, leasing and venture business. The use of such a range of organizational and economic models of cooperation will help meet the interests of each of its participants and strengthen the economy of the region. Keywords: modern management, information and security approaches, innovative cluster group, COVID-19, sustainability, decentralization, European integration.
Здійснено спробу розв'язати проблему визнання, бухгалтерської класифікації та подальшого обліку криптовалют. У межах цього дослідження побудовано логічну схему класифікації криптовалют як активу для цілей бухгалтерського обліку. Така схема охоплює питання, що є основою для прийняття рішень (професійного судження бухгалтера). Також проведено порівняння можливих моделей оцінки криптовалют на основі традиційних підходів до оцінки активів з МСФЗ/НП(С)БО. У результаті запропонована мультикласова модель обліку змін у ринковій вартості криптовалют, яка передбачає можливість багатоваріантного визнання криптовалют у бухгалтерському обліку в залежності від мети їх утримання: у складі еквівалентів грошових коштів, запасів (товарів або готової продукції) або нематеріальних активів. Така модель розв'язує проблему не тільки класифікації криптовалют, але й містить рішення щодо облікової оцінки криптовалют.
The author of the article studies specific features of the legal status of a amalgamated territorial community as a subject of fiscal legal relations. The author has a;so studied the reasons that led to the need of implementing administrative reform in Ukraine to decentralize power and to form amalgamated territorial communities. A parallel with the administrative reform of the Republic of Poland is drawn. The author has emphasized the main purpose of the decentralization reform: structural reorganization of local government with a clear definition of the competence of self-government units and financial reorganization to enable the provision of quality public services to the community. The points of view of scholars, representatives of economic and legal sciences on the formulation of the concept of “amalgamated territorial community” have been analyzed. Particular attention has been paid to the fact that scholars working in different fields of knowledge study certain aspects of the formation of an amalgamated territorial community. The emphasis has been made on the need to unite the efforts of scholars to formulate the most clear and complete concept of “amalgamated territorial community” in the legal norm in order to qualitatively regulate social relations. The author has offered to define the concept of “amalgamated territorial community” taking into account two key features – it is the association of two or more primary subjects of self-government and the financial solvency to provide services to their members. The place of the concept of “amalgamated territorial community” has been defined within one conceptual series with the categories of “primary subject of local self-government”, “territorial community”, “village territorial community”, “settlement territorial community”, “city territorial community” within local self-government institution, as well as the relationship with the categories of “local self-government budget”, “local finance”, “fiscal legal relations”. The author has analyzed the discussion of scholars on the features of an amalgamated territorial community as a subject of financial legal relations. The existence of differences of the amalgamated territorial community from other territorial communities that are subjects of fiscall legal relations has been established. It has been determined that the very subjective right to receive subventions from the state budget for the formation of appropriate infrastructure in accordance with the plan of socio-economic development of the territorial community, makes it a unique subject of fiscal legal relations.
Abstract Subject and purpose of work: The aim of this work is to present the application possibilities of ECONOMIC AND REGIONAL STUDIES STUDIA EKONOMICZNE I REGIONALNE ISSN 2083-3725 Volume 14, No. 2, 2021 ECREG STUDIES Vol. 14, No. 2, 2021 the weights of criteria is proposed, which maximizes the similarity of the final ranking to the other ones. Materials and methods: PROMETHEE II method and taxonomic measure were used to create rankings of exchanges. Hierarchical clustering combined with the k-means algorithm www.ers.edu.pl PDF OPEN ACCESS eISSN 2451-182X available data published on the Internet were analysed. Results: There was a high consistency in the ordering of exchanges when a multi-criteria and a multi-dimensional approach were used. Four groups of exchanges with a similar level of the values of net flows were identified. Exchanges in group one were characterized by the highest average net flows. Conclusions: The multi-criteria approach can be used as an alternative to the multi-dimensional assessment of cryptocurrency exchanges. The proposed simulation method for determining the weights of criteria can be helpful in case the researcher has no information about the importance of the criteria.
The sphere of social protection of the population occupies an important place in the socio-political life of the country. For the qualitative development of the social protection system, it is necessary to ensure the priority flow of funds in this area. Budgetary funds, which are the main source of financing, are a financial guarantee for the citizens of the country to receive the necessary level of social services. The study analyzes the dynamics of financing social protection from budget funds. The problems of financial support in this area have been identified. The peculiarity of financing the system of social protection of the population in Ukraine is that it was conceptually and practically formed on the basis of a significant role of the state, thereby directing a significant part of the expenditures of budgets of all levels to this industry. The dynamics of changes in financing of social expenditures from all types of budgets of Ukraine and their structure has been investigated. Part of budget expenditures on social protection in the structure of total budget expenditures is growing much more slowly than total budget expenditures due to the stagnation of almost all of its components. In monetary terms, the gap between deductions for social protection of the population becomes even more noticeable. And although in recent years in Ukraine the size of public expenditures directed to social protection of the population has increased, many types of social benefits and allowances have turned out to be insufficiently ineffective. This increases the unproductive burden on public finances and creates significant distortions in social protection. The main directions for the further development of the sphere of social protection should be the optimization of powers for the implementation of expenditures between the authorities of all levels. Endowing local and regional authorities with revenues sufficient to finance the assigned powers through decentralization of budgetary funds will help to achieve a balance between regional and local budgets. This will help optimize the social security system and improve the quality of life of the Ukrainian population.
The subject of the article is a study of the formation, development and implementation of Fintech technologies in the context of ideologies of sustainable development and innovation DeFi (Decentralized Finance) [6], caused by the intensification of large-scale digital economy and global digitalization of all spheres of production and services. blockchain and prospects for the spread of the Internet of Things (IoT) in combination with artificial intelligence (AI). Results of work. Features of chronology and joint course of epochs of industrial evolution together with stages of development of the financial technologies based on a combination and integration of so-called, drivers of "Fintech for sustainable development" (FT4SD) are designated and characterized. The toolbox of FT4SD is shown to be a triad of blockchain, AI and IoT, which together provide a synergistic effect of "decentralized finance", creating a virtually unlimited investment resource for technological innovation in the digital economy within the processes of sustainable development. Conclusions. Despite the difficult economic and epidemiological situation in the world in general and in Ukraine in particular, it has been shown that the ideology of "decentralized finance" has had and will have a positive result.
The study objectives implementation of smart
contract technology and its impact on individual,
environmental and organizational factors, particularly
considering the moderating effect of organizational culture.
Consequently, to fill this research gap, this study extends the
concepts of implementation of smart contract technology by
investigating an original conceptual framework. This
conceptual framework is subjected to empirical testing,
implemented through 361 employees who met the population
inclusion criteria set forth in this study in gas and oil companies
in Iraq. Data is collected through a self-administration
questionnaire and analyzed through structural equation
modeling (PLS). The results suggest that: (1) sustainable
performance by developing a smart contract and secure
contracts; (2) organizational culture has a partially significant
positive moderating effect; (3)the country achieves economic
profits and companies can achieve long-term goals and a
competitive advantage in the business environment and achieve
sustainability.
Ivan Makarchuk, Оксана Перчук, L. Yaremenko, A. Stratan
У статті розкрито економічну природу криптовалюти як інформаційно-технологічної інновації. На основі технічних, технологічних та організаційних аспектів використання криптовалют дано порівняльну характеристику електронних грошей і криптовалюти. Визначено, що криптовалюта — це швидка і надійна система платежів та грошових переказів, заснована на новітніх інноваційних технологіях, непідконтрольна жодному уряду, не залежна від банківських систем та захищена криптографією. Проведено аналіз ринків і видів криптовалюти, що дало змогу сформувати рейтинг криптовалют по рівню капіталізації. Показано динаміку зростання капіталізації ринку криптовалют із домінуючою часткою Біткойна. Визначено сильні сторони Біткойна, які зробили цю криптовалюту зручним міжнародним платіжним засобом з високим інвестиційним потенціалом. Досліджено недоліки обігу криптовалюти як для пересічних споживачів, так і держави загалом. Доведено, що для ефективного функціонування криптовалюти необхідна їх інституалізація, яка здійснюється завдяки формальному і неформальному встановленню правил щодо функціонування криптовалюти. Обгрунтовано три позиції інституційного забезпечення по відношенню країн до функціонування ринку криптовалюти: лояльна, категорична та позиція очікування. Розроблений організаційно-економічний механізм формування ринку криптовалюти, в основу якого закладено функції, методи та інструменти управління, а також запропоновані напрями реалізації політики в сфері функціонування ринку криптовалюти для країн з позицією очікування.
The article considers the concept of cryptocurrency, its history, features, pros and cons, ways of distribution of cryptocurrency in the world and in Ukraine. The problematic issues of making virtual currencies are considered, in particular, why this issue is relevant today. Cryptocurrency is an opportunity to look at economic issues from a new angle. Its emergence is due to the needs of the time. Undoubtedly, this is an actual technical achievement. Opportunities and popularity are currently growing at a rapid pace. It is similar in characteristics to ordinary money but has a number of features that are becoming increasingly popular today. There are many ways to earn cryptocurrency and make a profit from it. Сryptocurrency is a new word in money circulation. We can assume that cryptocurrency may soon become an alternative to traditional means of payment.
The purpose of the article is to analyze the current state of foreign trade in the industrial blockchain of the steel industry, the existing digital platform has gradually formed a large-scale heterogeneous distributed environment. The problems of further development of the metallurgical complex of Ukraine in the world electronic system of international cooperation are determined. Methodology. The survey is based on a blockchain technology is an interlinked systematic chain of blocks that contains transaction history and other user data. It works under the principle of decentralized distributed digital ledger. Results. Experimental tests prove that production companies, logistics, international payments and consumers can participate in the information certification of steel products via the modern information system. Consumers can understand the real product manufacturing process, effectively avoiding of the incomplete information and low transparency in the traditional information traceability process, and effectively trace the quality of steel products. The system provides an effective payments scheme for promoting the transformation and upgrading of the modern technology steel industry. Practical implications. In view of the low transparency of information traceability of current steel products and the defects of information islands, in this article the blockchain-based steel smart contract payment technology quality traceability system is developed and adopted the alliance chain mode and the new digital blockchain platform. The article describes the use of smart payment technology in a full-fledged financial transaction as a transfer funds in cryptocurrency to electronic bank accounts, as well as the transfer of commercial information, including contracts. To do this, the assets and terms of the contract are encoded and placed in the block chain, then the contract is distributed is saved on a set of network nodes and is executed after the condition is triggered. The fulfillment of the obligations of the parties is checked automatically. It is worth noting that the fact that smart contracts only react to transactions. If the asset or the currency is transferred to the program, it starts monitor compliance with the terms of the contract. How as soon as they are fulfilled, the seller receives money, and the buyer is a shipment goods. Value/originality. Blockchain technologies enable the use of business information systems that are highly resistant to technical failures and malicious attacks. Costs and time of carrying out business operations are significant.
Maryna BILINETS, Андрій Буряченко, Tetiana Paientko
The development of higher education is characterized by new priorities, which necessitates the adjustment of higher education funding mechanisms in response to new challenges. The purpose of this article is to identify these key challenges in Ukraine and justify the possibilities to face them. The analysis of funding of higher education was conducted based on macroeconomic indicators for 2005 to 2020. It is also reviewed that financing of higher education in Ukraine is characterized by decentralization and diversification, which are characterized by an increase in the share of local budgets in the structure of higher education funding in Ukraine and the use of extra-budgetary sources of funding, in the form of tuition fees. The analysis has revealed the following key challenges of financing higher education: massification of higher education, which is characterized by the triad of "high availability - low price - low quality"; change in approaches to educational activities and decrease in the number of students as a result of the COVID-19 pandemic; inefficient model of financing higher education, which results in producing specialists with higher education that do not meet the needs and demands of the labor market. Overcoming the identified challenges can be achieved through reforming higher education models by aligning the structure, scope and quality of training with the needs of the economy and labour market, and its financing, through changing the cost-based approach to financing by results. This, in turn, would help align budget funding with institutional efficiency and curriculum effectiveness, and reduce the number of unclaimed specialists with higher education.
In the 21st century, it is becoming increasingly clear that human activities and the activities of enterprises affect the environment. Therefore, it is important to learn about the methods in which companies minimize the negative effects of their activities. The article presents the steps taken and innovative actions carried out by enterprises in the energy sector. The article analyzes innovative activities undertaken and implemented by enterprises from the energy sector. The relationships between innovative strategies, including, inter alia, digitization, and Industry 4.0 solutions, in the development of companies and the achieved results concerning sustainable development and environmental impact. Digitization has far exceeded traditional productivity improvement ranges of 3–5% per year, with a clear cost improvement potential of well above 25%. Enterprises on a large scale make attempts to increase energy efficiency by implementing the state-of-the-art innovative technical and technological solutions, which increase reliability and durability (material and mechanical engineering). Digitization of energy companies allows them to reduce operating costs and increases efficiency. With digital advances, the useful life of an energy plant can be increased up to 30%. Advanced technologies, blockchain, and the use of intelligent networks enables the activation of prosumers in the electricity market. Reducing energy consumption in industry and at the same time increasing energy efficiency for which the European Union is fighting in the clean air package for all Europeans have a positive impact on environmental protection, sustainable development, and the implementation of the decarbonization program.
Currently, there are a great number of platform-projects and frameworks based on blockchain technology. Consequently, it is necessary to define the most relevant blockchain platforms and analyze them taking into consideration a variety of features. Also, there is a need to investigate the logistics growth and the price of Bitcoin on the Binance cryptocurrency exchange. The authors have examined modern technologies used by manufacturing companies in the field of fintech in the context of the 2019-2024 period. The results show that sensors and automatic identification take the leading position both at present and in 2024. Aartificial intelligence and blockchain are also in demand by manufacturers today, however in the nearest future their ranking positions will increase sixfold from 10% to 60%. In the current paper the authors review the largest companies that effectively use blockchain technology in their businesses. The conducted survey shows that 18% of companies use blockchain technology based on Bitcoin. The authors have analysed a number of Bitcoin transactions for the period from January 2017 to February 2021 and concluded that the COVID-19 pandemic has had a favourable effect on the indicator data. A maximum number of transactions equal to 10.15 million was carried out in July 2020. Using the method of the Ordinary Least Squares (OLS) and statistical estimation methods the authors have revealed an underestimation of the equilibrium state of the empirical distribution of price data and the volume of daily trading of Bitcoin on the Binance cryptocurrency exchange through the channel of the right-hand confidence interval. The blockchain technology based on Bitcoin has positively reacted to the macroeconomic factors such as the COVID-19 pandemics and further growth in Bitcoin transactions is expected. With the help of economic modelling, the authors have defined the predictable volume and the price of Bitcoin on the Binance cryptocurrency exchange.
On the basis of a systematic approach, a meaningful analysis of the volume of capital investments in the context of the regions of Ukraine was carried out and the importance of increasing investment support for the territories that underwent decentralization changes was determined. The analysis of the sources of financial support for capital investments in the regions of Ukraine is carried out and it is shown that their overwhelming share is the own funds of enterprises and organizations, and in second place in terms of their share in the sources of financing of real investments are funds from local budgets. The analysis of own funds of enterprises and organizations in the sources of financing of capital investments in the regions of Ukraine was carried out. As a result of diagnostics of investment support of development of regions of Ukraine, the main factors of influence on this process are revealed.