This study examines how fiscal governance structures influence corporate environmental performance by exploiting China’s 2003 tax delegation reform as a quasi-natural experiment. The reform transferred corporate income tax collection authority from locally-governed Local Tax Bureaus (LTBs) to centrally-managed State Tax Bureaus (STBs) based on a firm registration date cutoff of January 1, 2002. Using a Regression Discontinuity Design (RDD) with micro-level panel data from Chinese manufacturing firms (2004-2008), we identify the causal impact of tax administration assignment on firm-level energy efficiency, measured as output per unit of energy consumed. Our findings reveal that firms under LTB administration exhibit 8-12% higher energy efficiency compared to comparable firms under STB administration. This effect persists across multiple robustness checks, including alternative bandwidth specifications, placebo tests using unaffected firms, and alternative energy efficiency measures. Mechanism analysis demonstrates that the energy efficiency gains stem from three primary channels: (1) relaxed financial constraints enabling greater investment capacity, (2) transition toward cleaner energy sources with reduced coal dependency, and (3) increased adoption of energy-saving technologies and green innovation. These effects are particularly pronounced among financially constrained firms, non-exporters, and firms in regions with higher fiscal capacity or stronger environmental pressure. These results contribute to three strands of literature. First, they provide novel evidence that fiscal administrative structures—traditionally viewed as purely revenue instruments—can have substantial unintended environmental consequences. Second, they demonstrate how local fiscal flexibility may create conditions conducive to green technological upgrading by alleviating financial frictions. Third, they extend the Porter Hypothesis to the institutional level, showing that supportive governance arrangements can simultaneously enhance economic efficiency and environmental sustainability. The findings suggest that integrating environmental performance metrics into local tax administration evaluation frameworks could align fiscal incentives with sustainability objectives, offering a promising pathway for emerging economies to achieve coordinated economic and environmental goals. • LTB oversight improves firm energy efficiency by 8–12% over STB control. • Lenient tax enforcement eases financing constraints for cleaner energy adoption. • Environmental benefits are stronger in fiscally surplus or high-pressure cities. • Financing-constrained and non-exporting firms benefit most from LTB regulation. • Study links decentralized tax control to unexpected environmental improvements.
Smart contracts underpin high-value ecosystems such as decentralized finance (DeFi), yet recurring vulnerabilities continue to cause losses worth billions of dollars. Although numerous security analyzers that detect such flaws exist, real-world attacks remain frequent, raising the question of whether these tools are truly effective or simply under-used due to low developer trust. Prior benchmarks have evaluated analyzers on synthetic or vulnerable-only contract datasets, limiting their ability to measure false positives, false negatives, and usability factors that drive adoption. To close this gap, we present a mixed-methods study that combines large-scale benchmarking with practitioner insights. We evaluate six widely used analyzers (i.e., Confuzzius, Dlva, Mythril, Osiris, Oyente, and Slither) on 653 real-world smart contracts that cover three high-impact vulnerability classes from the OWASP Smart Contract Top Ten (i.e., reentrancy, suicidal contract termination, and integer arithmetic errors). Our results show substantial variation in accuracy (F1 = 31.2 to 94.6%), high false-positive rates (up to 32.6%), and runtimes exceeding 700 seconds per contract. We then survey 150 professional developers and auditors to understand how they use and perceive these tools. Our findings reveal that excessive false positives, vague explanations, and long analysis times are the main barriers to trust and adoption in practice. By linking measurable performance gaps to developer perceptions, we provide concrete recommendations for improving the precision, explainability, and usability of smart-contract security analyzers.
Abstract The rapid growth of digital finance—including FinTech platforms, online payment gateways, and e-commerce marketplaces—has revolutionized global financial systems while significantly expanding the cyber-attack surface. Sophisticated attacks such as AI-generated deepfakes, automated malware, ransomware, and synthetic identity fraud now threaten financial transactions. In response, cybersecurity strategies are evolving toward decentralized models, AI-enabled detection systems, Zero Trust architectures, and quantum-safe cryptography. This paper synthesizes recent academic research and industry developments (2025–2026), covering threat taxonomies, defensive strategies, emerging attack vectors, and regulatory enhancements in payment authentication. The integration of these trends underscores the necessity of robust, AI-driven, and compliance-aware security architectures for securing modern financial ecosystems.
Chukwuebuka Francis Ikenga-Metuh, Abel Yeboah-Ofori
Background: Blockchain technology has emerged as a transformative communication solution for securing distributed systems. However, several vulnerabilities exist during transactions, including latency and network congestion issues during mempool processing, topology weaknesses, cross-chain bridge exploits, and cryptographic weaknesses. These vulnerabilities have led to attacks that have threatened system integrity, including Block Extractable Value (BEV) attacks, Maximal Extractable Value (MEV) attacks, sandwich attacks, liquidation, and Decentralized Finance (DeFi) reordering attacks, among others. Thus, implementing a robust security framework based on the Confidentiality, Integrity, and Availability (CIA) triad remains critical for addressing modern blockchain technology threats. Objective: This paper examines blockchain technology, its various vulnerabilities, and attacks to determine how criminals exploit the system during transactions. Further, it evaluates its impact on users. Then, implement a blockchain attack in a “MasterChain” virtual environment to demonstrate how vulnerable spots can be practically exploited and discuss the application of the CIA security triad through modern cryptographic primitives. Methods: The approach considers Hevner’s design science framework, which emphasizes creating innovative artifacts that address identified problems while contributing to the knowledge base through rigorous evaluation. Furthermore, we developed a MasterChain tool using Python with Flask for distributed node communication, utilizing the Elliptic Curve Digital Signature Algorithm (ECDSA) with the Standards for Efficient Cryptography Prime 256-bit Koblitz curve 1 (secp256k1) for digital signatures and Secure Hash Algorithm 3 (SHA-3) (Keccak-256) hashing for block integrity. Results: show how the CIA has been implemented to provide secure communication through ECDSA-based transactions, SHA-3 chain integrity verification, and a multi-node distributed architecture, respectively. The performance analysis shows that ECDSA provides 256-bit security with 64-byte signatures compared to 2048-bit Rivest–Shamir–Adleman (RSA)’s 256-byte signatures, achieving a 75% reduction in bandwidth overhead. SHA-3 provides immunity to length extension attacks while maintaining equivalent collision resistance to SHA-256. Conclusions: The MasterChain framework provides a practical foundation for implementing blockchain security that addresses both classical and emerging vulnerabilities. The adoption of ECDSA and SHA-3 (Keccak-256) positions the system favourably for modern blockchain applications, while providing insights into the cryptographic trade-offs between performance, security, and compatibility.
Abstract In the decade since the adoption of the United Nations’ 2030 Agenda, India has transitioned from a passive participant to a global architect of sustainable development. This paper explores the intricate mapping of Sustainable Development Goals (SDGs) onto India’s macroeconomic policies. It examines how the "Saptarishi" priorities of the Union Budget and the decentralization of targets through NITI Aayog have created a unique "Indian Model" of development. While progress in clean energy (SDG 7) and digital inclusion (SDG 8) has been exemplary, the paper highlights the persistent challenges of climate-induced agricultural volatility and the financing gap.
Objective: This study aims to evaluate the effectiveness of regulatory models across selected jurisdictions such as the United States, Brazil, China, Thailand, Indonesia, and the European Union and to analyze emerging trends in crypto-related economic crime, particularly in relation to implementation gaps in FATF Recommendation 15, namely the Travel Rule, and the resulting cross-jurisdictional regulatory arbitrage dynamics. Research Design & Methods: This study uses a comparative qualitative approach through document analysis and cross-country case studies. Secondary data comes from FATF, Interpol, UNODC, Chainalysis reports, national regulations, and academic literature, which are analyzed using thematic content analysis and comparative regulatory analysis. Findings: Research findings indicate that regulatory fragmentation and gaps in the implementation of FATF standards create regulatory arbitrage loopholes that are exploited by crypto criminals. Crypto crime in the 2024-2025 period is becoming more professionalized, marked by the dominance of stablecoins, the involvement of state actors, and low asset recovery rates. Network-based international investigative cooperation, has proven to be more adaptive than unilateral repressive approaches. Implications: There is a need for harmonization of cross-border AML policies, acceleration of Travel Rule implementation, and strengthening of informal investigative cooperation mechanisms and public private partnerships with VASPs to improve the effectiveness of asset tracing and recovery. Contribution & Value Added: This study enriches the literature on digital economic crime by linking regulatory arbitrage and FATF networked governance, and provides the latest empirical evidence for the formulation of adaptive AML policies in the era of decentralized finance.
Abstract The rapid expansion of cryptocurrency markets has significantly transformed global financial systems through the adoption of decentralized, blockchain-based transaction mechanisms. Digital assets such as Bitcoin and Ethereum operate on distributed ledger technology, which enhances transparency, immutability, and peer-to-peer verification without reliance on traditional financial intermediaries. Despite these technological advancements, the cryptocurrency ecosystem faces escalating cybersecurity risks that threaten the integrity of financial data and reporting systems. Cryptocurrency exchanges, digital wallets, custodial services, and decentralized finance (DeFi) platforms are increasingly targeted by cybercriminals through hacking, phishing schemes, ransomware attacks, private key theft, and smart contract vulnerabilities. These cybersecurity incidents have profound implications for financial record integrity, including unauthorized transactions, asset misappropriation, valuation distortions, and inaccuracies in financial statements. Unlike conventional banking systems, cryptocurrency transactions are often irreversible, amplifying the financial and accounting consequences of cyber breaches. Furthermore, the pseudonymous nature of blockchain transactions complicates audit verification, regulatory compliance, and internal control processes. As organizations integrate digital assets into their financial reporting frameworks, weaknesses in cybersecurity governance may undermine stakeholder confidence and market stability. This paper critically examines the major cybersecurity threats present in cryptocurrency markets and evaluates their direct and indirect impact on the reliability, accuracy, and auditability of financial records. It also analyzes existing risk mitigation strategies, including multi-factor authentication, cold storage solutions, encryption protocols, smart contract audits, and regulatory oversight mechanisms. The study concludes that while blockchain technology inherently promotes data immutability and transparency, systemic vulnerabilities at exchange, platform, and user levels continue to pose substantial risks. Strengthened cybersecurity governance frameworks, standardized accounting treatments for digital assets, and coordinated global regulatory efforts are essential to ensuring the long-term integrity and sustainability of cryptocurrency-based financial systems.
The stability of global financial markets is increasingly threatened by rapid liquidity cascades, manifesting empirically as instantaneous "Flash Crashes." Current quantitative risk models, such as Value-at-Risk (VaR) and the Efficient Market Hypothesis (EMH), assume continuous liquidity and treat extreme volatility as probabilistic statistical anomalies based on historical distributions. These models fundamentally lack a deterministic, geometric boundary for limit-order book coherence. This paper introduces a strict topo-dynamical framework for financial network scaling. By modeling the market structure as a spatial competition between the geometric propagation of liquidity and localized volatility shocks, we derive a universal square-root geometric invariant (ℓmarket). We provide an intuitive translation of this threshold, explicitly dissect the failure of VaR during the May 2010 Flash Crash, and map the invariant across both traditional equities and Decentralized Finance (DeFi) Automated Market Makers (AMMs). Finally, we present a hardware-aware (FPGA) blueprint for Active Liquidity Throttling (ALT), acknowledging systemic implementation risks and regulatory hurdles.
This paper examines the critical role of education in fostering decentralized finance (DeFi) and cryptocurrency literacy. Drawing on qualitative interviews with industry professionals and educators, the study explores how formal education, online learning, and peer-to-peer knowledge sharing shape public understanding of DeFi systems. The findings highlight that limited access to structured educational resources hinders the adoption of crypto technologies, especially in emerging economies. Interviewees emphasized the importance of learning environments that not only teach technical concepts but also explain the risks, use cases, and ethical dimensions of decentralized technologies. While online communities and social media platforms offer learning opportunities, they also expose users to misinformation and hype-driven content. The paper advocates for integrating blockchain topics into academic curricula and promoting accessible digital literacy initiatives to support inclusive participation in the evolving financial ecosystem. It also suggests that governments and educational institutions partner with fintech innovators to create standardized, multilingual, and culturally adaptive learning content. By improving blockchain literacy through both formal and informal educational channels, the industry can close the knowledge gap, increase responsible adoption, and reduce the digital divide in the global financial system (Prajapati, 2025). This research contributes to the understanding of how knowledge dissemination strategies influence technology adoption in disruptive finance sectors.
The article presents a comprehensive study of the transformation of intergovernmental fiscal relations in Ukraine under the dual influence of the fiscal decentralization reform of 2014–2020 and the unprecedented wartime shock of 2022–2025, alongside the emergence of a donor-conditional post-war reconstruction architecture. The author delineates the basic categories: intergovernmental fiscal relations, fiscal federalism, fiscal and budgetary decentralization. The author substantiates the thesis that the Ukrainian reform implemented predominantly budgetary rather than fiscal decentralization due to the dominance of shared taxes without local control over the base and rate. The impact of Law No. 3428-IX, which redirected the «military» personal income tax to the state budget from 1 October 2023, and the freezing of the reverse subvention is analyzed as an institutional precedent that distorts horizontal equalization. Growing territorial disparities are identified between the capital (39 % of municipal-level revenues in 2024), western agglomerations, and frontline communities that lost up to 45 % of revenues. The article reveals the risks of a «two-channel» community financing system through the Ukraine Facility of 50 billion euros for 2024–2027, the World Bank SURGE programme, and the European Investment Bank instruments. The author proposes a hybrid model of transformation of intergovernmental fiscal relations involving a differentiated PIT allocation rate depending on the status of the community, the replacement of the reverse subvention with a territorial solidarity fund based on a multifactor distribution formula, and an integrated project cycle with external donor instruments. Six substantive theses concerning the further architecture of the system are formulated with reference to the fiscal rules of the European Union and the subsidiarity principle of the European Charter of Local Self-Government. Particular attention is paid to the institutional strengthening of the meso-level following the Polish experience of establishing regional accounting chambers and associations of self-government.
This study aims to examine the development and structure of global research on Sharia finance through a bibliometric analysis of publications indexed in the Scopus database from 2010 to 2024. Using bibliometric techniques and visualization tools such as VOSviewer, this study analyzes publication trends, collaboration networks among authors, institutions, and countries, as well as the thematic evolution of research topics in the field of Islamic finance. The results indicate that research on Sharia finance has grown significantly during the observed period, reflecting the increasing global importance of Islamic financial systems. The collaboration analysis shows that several key authors and institutions play central roles in connecting different research groups, while countries such as Indonesia, Malaysia, Saudi Arabia, the United Kingdom, and the United States emerge as important contributors to the global research network. Keyword co-occurrence analysis reveals that dominant themes include Islamic banking, Sharia compliance, financial institutions, and Islamic law. At the same time, emerging topics such as financial technology (fintech), blockchain, decentralized finance, and financial inclusion indicate a shift toward digital transformation and innovation in Islamic financial services. Furthermore, themes related to sustainable development, ESG, and waqf highlight the growing integration of Islamic finance with broader sustainability and ethical finance agendas. This study provides a comprehensive overview of the intellectual structure, collaboration patterns, and emerging research trends in Sharia finance, offering valuable insights for future academic research and policy development in the global Islamic financial industry.
The rapid penetration of decentralized financial mechanisms into the structure of Ukraine's cryptocurrency market, where the volume of DeFi transactions consistently exceeds that of centralized platforms, highlights the need for effective tools to maintain the instant solvency of lending protocols during periods of sharp price fluctuations in digital assets. The purpose of this article is to systematize liquidity risks in decentralized financial systems, conduct a comparative assessment of algorithmic strategies for their minimization, and identify ways to enhance the stress resilience of protocols. The methodological basis of the study consists of a taxonomic analysis for classifying types of risks, a comparative analysis of the effectiveness of key liquidity management strategies, economic-mathematical modeling of cascading liquidation processes, and a correlation analysis of the relationship between the magnitude of cryptoasset price declines and the frequency of protocol failures. The empirical basis consists of on-chain data on the transaction activity of leading DeFi protocols for the period 2024–2026. The results show that hybrid configurations–which combine dynamic interest rate regulation with overcollateralization and decentralized oracle networks–demonstrate the highest resilience to extreme volatility. It was found that increasing collateral requirements proportionally reduces the probability of cascading liquidations, but simultaneously limits the protocol's capital efficiency, highlighting the need to optimize these parameters. It has been established that compositional links between protocols create a domino effect: a local liquidity shortage in one pool can trigger a chain of forced liquidations in adjacent systems within a critically short time frame. The scientific novelty lies in the development of a typologized scheme for neutralizing liquidity threats, which, unlike existing ones, integrates sentinel oracle, execution liquidation, and reserve insurance instruments into a unified protocol risk management system. The method for estimating margin call thresholds has been improved to account for the historical volatility of specific cryptoassets. The practical significance of the obtained results lies in their potential use by DeFi protocol architects and smart contract developers when designing risk management systems, configuring liquidation auction parameters, and selecting the optimal configuration of oracle networks for the Ukrainian crypto market.
The paper’s subject is examining decentralized autonomous organizations (DAOs) governance models during the digital economic shift. This study aims to deeply analyze DAOs to find governance aspects, and to develop a model to help integrate them into global finance and public administration. To achieve this goal, the study addressed the following tasks: analyzing existing methods to DAO governance; identifying key risks and opportunities; modeling a hybrid organizational structure; and assessing the role of stablecoins as a stabilizing element. The study’s novelty comes from the creation of a unique adaptive DAO governance model that combines elements of centralization and decentralization to enhance efficiency and legitimacy. The author used methods of comparative and systemic analysis, modeling, and real-world solutions and regulations. The results prove DAOs can complement traditional governance by making economic interactions more transparent and efficient. The study’s main takeaway is that DAOs need a balanced regulatory framework and better governance. Government agencies, blockchain developers, and specialists in public and corporate governance can use the work results.
Open access
Blockchain Technology Applications and Security
Digitalization and Economic Development in Agriculture
Decentralized finance (DeFi) has emerged as a transformative paradigm, leveraging programmable blockchains to innovate upon traditional financial services without centralized intermediaries. However, DeFi introduces a unique and highly adversarial security landscape characterized by immutable transactions, complex protocol composability, and transparent execution environments. This survey provides a comprehensive systematization of DeFi security, categorizing vulnerabilities across three distinct layers: technical and code layer, economic and protocol layer, and infrastructure and cross-chain layer. Furthermore, we structure the defense mechanisms according to the protocol lifecycle, including pre-deployment prevention strategies, runtime mitigation techniques, and post-incident response and recovery mechanisms. We also delve into specific phenomena such as maximal extractable value, analyzing its dual role as both a market efficiency tool and a security vector. By synthesizing existing literature and incident reports, this survey establishes a holistic framework for understanding the interplay between code and finance. Finally, we identify critical open challenges and propose future research directions aimed at maturing the discipline of DeFi security and mitigating systemic risks.
Open access
Infrastructure Resilience and Vulnerability Analysis
Penelitian ini bertujuan untuk memetakan perkembangan dan arah evolusi riset mengenai perilaku investor di era digital melalui pendekatan bibliometrik. Data dikumpulkan dari basis data Scopus dan dianalisis menggunakan perangkat VOSviewer untuk mengidentifikasi pola publikasi, jaringan kolaborasi, serta struktur konseptual berdasarkan ko-occurence kata kunci. Hasil analisis menunjukkan bahwa tema investasi dan pasar keuangan tetap menjadi fondasi utama literatur, namun dalam beberapa tahun terakhir terjadi pergeseran signifikan menuju integrasi teknologi digital seperti machine learning, artificial intelligence, cryptocurrency, dan decentralized finance. Visualisasi overlay memperlihatkan bahwa topik berbasis algoritma dan sistem keuangan terdesentralisasi merupakan tema yang relatif lebih mutakhir. Analisis jaringan kolaborasi mengindikasikan bahwa produksi ilmiah masih terpusat pada beberapa negara dan institusi tertentu, dengan keterlibatan terbatas dari negara berkembang. Secara konseptual, studi ini menunjukkan bahwa perilaku investor di era digital berkembang dari pendekatan psikologis tradisional menuju kerangka yang lebih terintegrasi dengan transformasi teknologi dan analitik berbasis data. Temuan ini memberikan arah penelitian lanjutan terkait bias perilaku dalam lingkungan investasi yang semakin terdigitalisasi dan dimediasi algoritma.
Results-Based Financing (RBF) has been promoted as an innovative health financing mechanism to improve service delivery and health outcomes in low-resource settings. However, evidence on its impact within devolved health systems remains limited. This study examines how RBF influences key performance indicators (KPIs) in Zambia's devolved district health services. An embedded multiple-case study was conducted across 12 districts in Northern Province, Zambia. Mixed methods were employed, combining qualitative interviews with 44 stakeholders and quantitative analysis of health facility data. The study focused on maternal and child health indicators, service utilization patterns, and health worker motivation following RBF implementation. RBF implementation was associated with improvements in several KPIs: maternal health outcomes (100% of facilities reported improvements), medicine availability (91%), and the quality of primary healthcare services (67%). Health worker motivation increased, with 42% agreeing and 24% strongly agreeing that RBF positively affected service delivery. Community-based volunteers responded positively to incentive structures. However, challenges included delayed fund disbursement (91.7% reported), inadequate funding (83.3%), and monitoring gaps (50%). RBF can enhance key health indicators in devolved systems when properly designed and implemented. Success depends on timely incentive disbursement, robust monitoring systems, and integration with existing community health structures. The study provides evidence for policymakers considering RBF scale-up in decentralized health systems.
Open access
Global Maternal and Child Health
Health Systems, Economic Evaluations, Quality of Life
Zambia has implemented significant health-sector decentralization since 1992, culminating in the devolution of district health services to local authorities under the 2016 Constitutional Amendment. Results-Based Financing (RBF) has been piloted as a performance incentive mechanism, but its institutionalization within devolved structures remains largely unexplored. This study explores the opportunities and challenges of embedding RBF within Zambia's devolved health system, with a focus on Northern Province. A qualitative case study design was used, involving forty-four participants from twelve districts. Purposive sampling selected health workers from provincial and district health offices, local authority representatives, and national stakeholders. Data collection included semi-structured interviews, document reviews, and observations, with thematic analysis conducted using NVivo 9. Most respondents (82%) reported involvement in RBF implementation, and fifty-three% believed that increased Constituency Development Fund (CDF) allocations improved district health services. Key benefits cited were increased accountability (81.8%) and greater community participation (77.3%). Challenges included insufficient funding (83.3%), delays in disbursing funds (91.7%), and limited understanding among local authority implementers. Infrastructure development and procurement of medical equipment were identified as primary areas for CDF improvements (56%). Respondents also agreed (53%) that the Ministry of Health and the Ministry of Local Government would support the institutionalization of RBF. Effective integration of RBF into devolved systems requires harmonizing policies between health and local government ministries, building capacity within local authorities, and aligning RBF with other domestic financing mechanisms, such as CDFs. A phased approach to integration, with clearly defined governance structures, is recommended to ensure sustainable scaling.
Open access
Global Maternal and Child Health
Primary Care and Health Outcomes
Health Systems, Economic Evaluations, Quality of Life
This study aims to map the intellectual structure and research trends in MSME financing through a bibliometric analysis of scientific publications indexed in the Scopus database. Using VOSviewer as the primary analytical tool, this research examines keyword co-occurrence, overlay visualization, density mapping, co-authorship networks, institutional collaboration, and country collaboration patterns to identify dominant themes and emerging research directions. The findings indicate that MSMEs remain the central focus within the financing literature, closely associated with financial inclusion, financial literacy, digital transformation, and entrepreneurial finance. The evolution of research shows a transition from traditional microfinance and banking perspectives toward digitally enabled and innovation-driven financing ecosystems. Density analysis highlights financial inclusion as a highly concentrated research area, while themes such as decentralized finance and risk management appear as emerging opportunities for future studies. Collaboration patterns reveal strong interconnectedness among authors and institutions, with significant contributions from Asian countries, particularly India, China, and the Philippines, reflecting the importance of MSMEs in developing economies. This study provides a comprehensive overview of the development, structure, and future research agenda of MSME financing literature, offering valuable insights for scholars, policymakers, and practitioners seeking to strengthen inclusive and sustainable financial systems for MSMEs.
The article examines local budgets as an important tool for implementing the financial policy of the state in the context of decentralization, transformation of the budget system and military challenges. The economic essence of local budgets, their functional purpose and role in ensuring the financial viability of territorial communities and the implementation of socio-economic development at the local level are revealed. The scientific approaches to determining the place of local finance in the system of public finance are generalized and their importance as a tool for redistributing financial resources between the levels of the budget system is substantiated The study analyzes the dynamics of redistribution of gross domestic product through budget revenues, including transfers, in 2020-2024, determines the share of local budget revenues and expenditures in Ukraine's GDP, and assesses the level of dependence of local budgets on intergovernmental transfers. It is established that under martial law, the centralization of financial resources has increased, while local budgets retain a significant role in financing public services and maintaining the socio-economic stability of the territories. The key problems of the functioning of local budgets are identified, in particular, the limited own revenue base, uneven financial capacity of communities and dependence on state support. The author substantiates the directions of improving the efficiency of budget management, which include expanding the tax potential of communities, improving the mechanisms of interbudgetary regulation, digitalizing revenue administration and applying incentive tools for the development of the local economy. It is proved that strengthening the financial autonomy of the local level is a prerequisite for improving the effectiveness of the state financial policy and ensuring sustainable development of territories
Decentralized Finance (DeFi) has successfully rebuilt the plumbing of Wall Street (Trading, Lending, Derivatives) but has failed to replicate its engine: Credit. Currently, all DeFi lending is Over-Collateralized. To borrow $1.00, a user must deposit $1.50 in assets. This is not "Credit"; it is merely "Liquidity Swapping." It restricts DeFi to wealthy speculators and excludes 99% of global borrowers who need capital precisely because they do not have assets to pledge. The Klyrox Sovereign Credit Protocol introduces the first scalable framework for Under-Collateralized Lending on-chain. By transforming the Klyrox Identity Token (Epistemic Capital) into a programmable "Credit Score," we allow users to pledge their History instead of their Assets. This paper outlines the mathematical risk models that allow lenders to safely issue loans with 50% or even 0% collateral, unlocking a trillion-dollar market for on-chain personal finance.
Bayan Arab, Maizaitulaidawati Md Husin, Suzilawati Kamarudin
HRMARS - Blockchain is a promising, unique technology that enables decentralized, secure, and tamper-proof transactions. Blockchain technology is rapidly growing and being applied across various fields. Supply chain finance is an emerging financing model that optimizes financial flows between enterprises, as banks connect upstream and downstream entities. Traditional supply chain finance faces numerous challenges, such as double financing fraud and information asymmetry. Blockchain technology enhances the performance of conventional supply chain finance by improving the transparency and security of all financial transactions, thus elevating the quality of supply chain information. This improvement can lead to better overall supply chain performance and sustainability. Scholars have not thoroughly investigated the unique role of Blockchain technology in sustainable supply chain finance practices. This paper examines the effect of Blockchain-based supply chain finance systems on sustainable supply chain performance. The conceptual framework was developed based on the Resource-Based View theory (RBV) to underpin the role of Blockchain technology application in the supply chain finance to improve the supply chain performance. In addition, this paper investigates how Blockchain technology's trust and security features can enhance traditional supply chain finance practices, address challenges, and improve capital flow, ultimately contributing positively to overall supply chain performance. Finally, it emphasizes that the area of research on blockchain-based supply chain finance has potential for exploration.
This study examined the role of blockchain technology and decentralized finance (DeFi) in the growth of fintech startups within emerging markets, while also exploring challenges hindering blockchain adoption. Guided by two objectives, to assess blockchain and DeFi’s contributions to fintech development and to identify adoption barriers, the research employed a systematic literature review of 46 peer-reviewed articles published in English within the last decade. Sources were drawn from reputable databases. A quality assessment checklist ensured the validity and relevance of selected studies, and thematic analysis aligned findings with the research questions. Results revealed five key benefits of blockchain and DeFi for fintech startups: fostering innovative business models, reducing transaction costs, and expanding access to capital through tokenization. However, several challenges persist, including regulatory uncertainty, technological and cost barriers, privacy and data security concerns, limited inter-organizational trust, resistance to change, and scalability issues. This study contributes to the finance and banking literature by synthesizing evidence on blockchain’s potential to transform fintech ecosystems in emerging markets. The findings suggest that clear regulatory frameworks and strengthened technological infrastructure are critical to facilitating blockchain adoption. Limitations include the study’s cross-sectional design and focus on emerging markets, indicating the need for further empirical research. JEL classification numbers: G20, G23, O16, O33. Keywords: Blockchain technology, decentralized finance (DeFi), fintech startups, emerging markets, adoption challenges, tokenization, transaction costs, transparency, innovation.
Daniel Rabitha, Novi Dwi Nugroho, Ismail, Marpuah · 10 authors
This study explores the strategic shift in terrorist financing methods employed by the Mujahidin Indonesia Timur (MIT) network, specifically the transition from decentralized crowdfunding to centralized single-donor mechanisms. Using a qualitative case study grounded in Fraud Diamond Theory, this research investigates how foreign philanthropic channels are manipulated to support militant operations. The findings reveal that single donors possess the technical sophistication to exploit transnational financial systems, specifically through the manipulation of Non-Profit Organizations (NPOs) and informal charity networks. Consequently, this study proposes an enhanced risk-profiling framework for Financial Intelligence Units (FIUs) that prioritizes individual behavioral patterns and ideological alignments over mere transactional volumes, offering critical insights for anticipatory counter-terrorism financing measures
Open access
Crime, Illicit Activities, and Governance
Terrorism, Counterterrorism, and Political Violence
Inna P. Chaika, Oleksandr V. Khursa, Ivan O. Kaspir
The article examines the transformation of the paradigm of social and environmental responsibility in Ukraine’s energy sector amid the unprecedented challenges of martial law and the need to align with European standards of sustainable development. The relevance of the study is driven by the critical need to combine energy security with corporate social responsibility, urgent decarbonization, and the transition to a decentralized generation model. The aim of the article is to theoretically substantiate strategic directions and develop a practical set of tools for improving the management of environmental logistics in an energy holding (using the example of DTEK Group) through the integration of best European practices and the adaptation of logistical processes to the unique challenges of martial law. Special attention is given to the analysis of the company’s social initiatives, such as support for veterans, internally displaced persons, and local communities, as well as the formation of a corporate culture of sustainable development. The methodological basis of the research is a system approach to managing the environmental and social footprint of the enterprise. The study employs: the comparative analysis method – to examine the experience of European energy leaders; the systematization and classification method – in developing the strategic architecture of social and environmental management; the logical generalization method – to form a strategy for optimizing logistics flows. As a result of the study, a «resilience paradox» was identified, where military threats become a catalyst for the accelerated transition to renewable energy sources. A comprehensive benchmarking of the strategies of global energy companies was conducted, allowing for the adaptation of European experience to domestic realities. The authors have developed and structured an applied system of key performance indicators (KPI) for green logistics, covering three strategic areas: decarbonization of supply chains, operational energy efficiency of infrastructure, and social responsibility within the circular economy. The feasibility of implementing the Green Supply Chain Management (GSCM) conception has been substantiated, which involves integrating social and environmental criteria into supplier selection, inventory management, and the disposal of renewable energy components. It has been demonstrated that the implementation of GSCM is an indispensable condition for compliance with modern international standards, enhancing social trust, and attracting green financing. Prospects for further research have been identified in the area of digital integration of Ukrainian and European energy hubs, taking into account the social aspects of sustainable development.