Research background and purpose Digital technologies offer tangible economic benefits but are also exposed to the risk of misuse. Crowdfunding is a special support form for business, cultural or social enterprises. Due to anonymity, fragmentation of capital and wide coverage, crowdfunding transactions are particularly vulnerable to the risk of criminal activities related to the concealment of the source of income or illegal changes of the financing objective. This article addresses the risks of money laundering and terrorism financing, particularly on the specifics of crowdfunding. Research has proposed a synthetic risk indicator for AML/CFT, which may measure the level of risk and vulnerability of crowdfunding to money laundering and terrorism financing. Design/methodology/approach The discussion in the article is presented against the background of a comprehensive and integrated review of literature, covering national and foreign sources. The theoretical part of the article utilizes: method of analysis and criticism of literature, analysis and synthesis, and method of analysis and logical construction. In the empirical part, to assess the level of risk and vulnerability of crowdfunding to AML/CFT risk compared to other areas, a research procedure based on the TOPSIS linear ordering method was used. The analysis covers the years 2019 and 2023. Findings The results of the studies show that crowdfunding is one of the most vulnerable areas at risk of money laundering and terrorism financing. The high position in the ranking in 2019 and 2023 resulted mainly from the dynamic development of the crowdfunding market in Poland, its increasing availability, a high degree of decentralization, the occurrence of cross-border transactions and the increasing diversity of platforms in their business model. Maintaining the benefits of crowdfunding requires the simultaneous implementation of effective remedies, increased campaign transparency and close cooperation with supervisory authorities and institutions combating financial crime. Value added and limitations The study makes an important contribution to the literature on the subject, providing information on the criminality of crowdfunding. The results of the study can be used by supervisory and regulatory authorities as a tool for shaping security in innovative segments of the financial system. The main limitation was the relatively small number of variables selected for the synthetic measure.
The accelerating digitalization of the energy sector is redefining how electricity is generated, traded, and consumed. Among emerging innovations, smart contracts being self-executing programs embedded on blockchains have become pivotal to the development of decentralized energy markets. This article reviews the state of knowledge and practical progress in applying smart contracts to energy systems, with particular attention to their potential in Ukraine’s evolving energy and digital infrastructure. Through a systematic analysis of academic studies, pilot projects, and policy frameworks, the article identifies the main opportunities, challenges, and future trajectories of blockchain-based automation in energy markets. The starting sections introduce the conceptual foundations of smart contracts, highlighting their essential properties of transparency, immutability, and autonomy. These characteristics enable direct peer-to-peer transactions without intermediaries, potentially lowering transaction costs and improving market efficiency. The subsequent analysis focuses on how smart contracts can support decentralized energy trading, renewable integration, and dynamic pricing, using examples from Australia’s Power Ledger, Brooklyn Microgrid in the United States, and Europe’s Enerchain, WePower, and Sunchain initiatives. To complement international evidence, the article discusses Ukraine’s readiness for pilot adoption in microgrid environments, given its digital transformation agenda and renewable energy policies. The study further examines technological, regulatory, and security challenges hindering large- scale deployment. Issues such as interoperability, scalability of consensus algorithms, and the legal enforceability of smart contracts remain critical barriers. Nevertheless, emerging frameworks like regulatory sandboxes and advances in IoT and AI integration offer pathways to overcome them. MATLAB-based simulation examples illustrate the potential for dynamic pricing and automated market balancing. The article concludes with strategic recommendations for policymakers, engineers, and researchers by emphasizing the need for hybrid architectures combining blockchain, artificial intelligence, and energy optimization models. Overall, the article underscores that while smart contracts promise to democratize and decarbonize energy systems, their success ultimately depends on coordinated technical innovation and adaptive governance.
Світлана Володимирівна Ковальчук, Віталій Григорович Федоришен
The article explores the fundamental essence and strategic role of investment capital within the context of the dynamic development of the stock market amidst the global digitalization of the economy. The authors conduct a comprehensive analysis of the conceptual apparatus, focusing on refining the definition, classification, and multifaceted functions of investment capital as a core resource for ensuring the financial stability of enterprises and maintaining a high level of liquidity in the securities market. Particular attention is paid to the transformation of capital from traditional forms into digital assets, a process that is fundamentally reshaping the architecture of modern financial relationships and global capital flows. The study demonstrates that the synergy between investment capital and digital technologies critically enhances market transparency, minimizes transaction costs, and accelerates the execution of financial operations. The research details the impact of cutting-edge technologies, such as blockchain-based trading, artificial intelligence for predictive analytics, and decentralized finance (DeFi) protocols, on the efficiency of capital allocation. Based on an empirical analysis of statistical data for the period 2021–2025, the correlation between investment capital inflows and key market capitalization indicators is identified. The paper further examines the influence of digital platforms on asset structures, price dynamics, and the overall resilience of the stock market to extreme volatility and external economic shocks. The authors reveal that digitalization acts as a powerful catalyst for the redistribution of capital i favor of high-tech sectors of the economy, thereby altering traditional investment paradigms. Furthermore, the research substantiates practical recommendations for stimulating the effective use of capital through the development of robust fintech infrastructure, the adaptation of regulatory frameworks to the requirements of the digital era, and the implementation of comprehensive programs to enhance digital financial literacy among market participants. The findings of the study demonstrate that the active involvement of investment capital under the conditions of stock market digitalization enhances the international competitiveness of the national economy and contributes to the sustainable development of the financial system. This article will be of significant value to researchers, financial sector practitioners, and investors interested in modern approaches to capital management and the evolution of the stock market under the ongoing pressure of digital transformation and technological progress.
The digital transformation of the global economy necessitates fundamental changes in traditional mechanisms of scientific financing, particularly in grant funding systems. This study examines priority directions for improving grant financing in the context of accelerating digitalization processes and provides evidence-based recommendations for modernizing existing financial support mechanisms for scientific research and innovation projects. The research employs a comprehensive methodological approach combining systematic analysis, comparative examination of international best practices, and case study methodology. Special attention is devoted to analyzing the European Union’s “Digital Europe” Programme as an innovative model of digital financing, as well as Ukraine’s National Strategy for Digital Development of Innovation Activity for the period until 2030. The study identifies strategic directions for digital transformation of grant systems, including implementation of blockchain technologies for creating decentralized transaction registers, development of AI systems for decision-making support, creation of integrated project lifecycle management systems, and introduction of Industry 4.0 technologies for synergetic enhancement of research ecosystems. Analysis of the “Digital Europe” Programme demonstrates the EU’s strategic orientation toward building a comprehensive digital ecosystem through targeted grant financing. A comprehensive 12-point modernization programme for Ukraine’s grant financing system is proposed, encompassing the creation of a national digital platform integrating all grant programmes, the introduction of digital identification systems for researchers, the development of intelligent expert evaluation systems, the modernization of financial monitoring mechanisms, and integration with international grant platforms. The programme provides a clear roadmap for systematic digital transformation during 2025–2030. The research demonstrates that digitalization of grant financing represents a critical factor for modernizing scientific financing systems and ensuring compliance with post-industrial society requirements. Integration of Ukrainian grant systems with European digital initiatives creates strategic opportunities for accessing international resources, forming international scientific consortia, and strengthening the competitiveness of domestic institutions. The proposed conceptual model establishes methodological foundations for the phased implementation of technological innovations and sustainable development of research activities in conditions of global digitalization and post-war economic recovery.
The article examines financial and investment mechanisms of ensuring sustainable development of enterprises in the context of decentralization reform and change management. It is substantiated that decentralization processes change the configuration of financial flows and powers, strengthen the role of territorial communities and form new conditions for making investment decisions, which requires adapting the financial policy of enterprises and revising investment priorities. It is shown that sustainable development in a decentralized economy acquires a multidimensional nature and requires the integration of economic, social, environmental and management goals into a single strategic model of enterprise development. The research determined that financial and investment mechanisms under decentralization conditions are transformed from instruments for providing resources to levers of strategic transformation aimed at increasing the sustainability, innovation and adaptability of enterprises. The focus is on the growing importance of combined financing models that combine resources from business, local budgets, institutional investors and international programs, as well as on the need to strengthen financial discipline, transparency and control over investment performance.It is proven that change management requires a financial and strategic approach that ensures the coordination of investment projects with organizational transformations and territorial development priorities. It is concluded that the effective combination of financial and investment mechanisms, change management and sustainable development principles creates the basis for the formation of adaptive and competitive enterprises that are able not only to respond to institutional transformations, but also to actively influence the socio-economic development of territorial communities in the long term
The article examines the role of blockchain and financial technologies in ensuring the transparency of operations with virtual assets in the context of the digital transformation of the financial system. It is substantiated that the development of financial technologies is one of the key drivers of the modernization of contemporary financial markets, shaped by global processes of digitalization, innovation, and changes in the economic behavior of market participants. It is determined that financial technologies form a new architecture of the financial system and contribute to increased efficiency, accessibility, and transparency of financial services.The study analyzes global and national factors influencing the development of financial technologies. Among them, particular emphasis is placed on the digitalization of the economy, the advancement of blockchain technologies and decentralized finance, changes in consumer expectations, the globalization of financial markets, as well as institutional, regulatory, and infrastructural challenges at the national level. It is demonstrated that the combination of these factors determines the pace and directions of the implementation of innovative financial solutions, particularly in the sphere of virtual asset circulation.The paper explores the economic essence of virtual assets as digital objects that possess value and operate within a digital environment based on distributed ledger technologies. The main types of virtual assets include cryptocurrencies, tokens, stablecoins, and non-fungible tokens (NFTs). Their economic functions, specific characteristics, and risks associated with high volatility and the cross-border nature of their circulation are systematized.Special attention is paid to the impact of financial technologies on the management of virtual assets. It is substantiated that the use of blockchain platforms, smart contracts, analytical and monitoring financial solutions, digital custodial services, and regulatory instruments contributes to enhancing transparency, accountability, and controllability of operations with virtual assets.The study systematizes practical solutions for ensuring the transparency of operations with virtual assets and identifies their impact on building trust, reducing operational risks, and improving the effectiveness of financial control.It is concluded that the transparency of operations with virtual assets is formed through the comprehensive integration of blockchain and financial technologies into a unified digital financial infrastructure, where the maximum effect is achieved through their combined application. Ensuring transparency in virtual asset operations is systemic in nature and requires the integration of technological, organizational, and regulatory instruments. In this context, blockchain and financial technologies act not only as technical tools for recording transactions but also as key drivers of trust, efficiency, and stability in digital financial markets.The necessity of combining technological, organizational, and regulatory instruments is emphasized, along with maintaining a balance between the transparency of financial operations and the protection of confidential data. Prospects for further research are identified, including the evaluation of the effectiveness of financial technology implementation across different segments of the financial market and the development of regulatory models for the circulation of virtual assets.
Дмитро Люшенко, Нодарі Горгіладзе, Олександр Туголуков, Михайло Шептун · 6 authors
Висока волатильність криптовалют та швидке поширення технологій штучного інтелекту (ШІ) у фінансовому секторі визначають необхідність точного прогнозування ризиків і поведінки інвесторів у процесі цифрової трансформації фінансових ринків. Метою дослідження є розробка системи економетричних моделей для оцінки прибутковості, волатильності, ліквідності та ризику падіння основних криптоактивів із використанням методів на основі ШІ. Методологічна структура включає моделі специфікацій ARDL-MIDAS, GARCH-MIDAS, PMG та logit, які поєднують високочастотні ринкові дані, макроекономічні індикатори, он-чейнгові метрики та індекси настроїв інвесторів. Вибірка охоплює вторинні дані за 2018-2025 роки для п'яти провідних активів — Bitcoin, Ethereum, BNB, XRP та Solana. Результати моделі ARDL-MIDAS показали, що збільшення обсягів торгівлі на 1% збільшує короткострокову прибутковість на 0,012 пункту, водночас зростання індексу VIX зменшує їх на 0,014 пункту. У моделі GARCH-MIDAS коефіцієнти α=0.085 та β=0.900 підтверджували високу інерцію волатильності біткоїна, а компонент MIDAS у VIX мав значний вплив 0.27. Модель панелі PMG виявила негативний довгостроковий вплив волатильності на ліквідність (−0,27) і позитивний ефект надпливу стейблкоїнів (−0,12), що вказує на функцію стабілізації. Логіт-модель довела, що збільшення на стандартне відхилення індексу VIX збільшує ризик краху на 52%. Отримані результати підтверджують ефективність поєднання економетричних методів і ШІ для аналізу цифрових фінансових ринків і технологій ШІ для аналізу цифрових фінансових ринків. Висновки підкреслюють можливість практичного застосування запропонованих моделей у фінансовому прогнозуванні, управлінні ризиками та політиці стабілізації цифрових активів у контексті розробки інтелектуальних фінансових систем на основі ШІ.
This article develops a methodological approach to the digital transformation of public administration for sports infrastructure at the regional level under the systemic challenges of martial law. The relevance of this research is determined by the necessity to transition from universal digitalisation models to targeted technological solutions capable of addressing specific institutional dysfunctions within the management system. The aim of this article is to substantiate the methodology of targeted digitalisation as an alternative to comprehensive automation of management processes in the sphere of sports infrastructure. The research combines empirical analysis of management practices with theoretical modelling of digital transformation mechanisms, employing the concept of ‘digital levers’ for organisational change adapted from Westerman, Bonnet, and McAfee’s framework.The study identifies systemic dysfunctions in public administration, including fragmentation of the management hierarchy, deficiency of control mechanisms, limited regional absorptive capacity, and institutional barriers to innovation implementation. Through triangulation of budgetary reporting data, audit conclusions from the Accounting Chamber of Ukraine, and technical documentation from the DREAM digital platform, the research reveals a fundamental disconnect between technological capabilities and institutional readiness for transformation. The developed targeted digitalisation matrix establishes a methodological connection between the characteristics of management pathologies and the functional capabilities of digital technologies. This approach differentiates technological interventions according to three criteria: the nature of dysfunction (structural, procedural, behavioural), the level of digital maturity amongst management entities, and existing resource constraints.The principle of ‘problem-oriented digitalisation’ is substantiated, whereby technologies are selected not for their innovative qualities but for their capacity to influence the reproduction mechanisms of specific management dysfunctions. Each digital instrument is mapped to particular pathology reproduction mechanisms: automation reduces subjective factor influence, distributed ledger technology ensures data immutability, machine learning algorithms optimise resource allocation, and IoT networks provide objective infrastructure monitoring. The research demonstrates that whilst platform-based solutions like DREAM represent technological advancement, their effectiveness remains limited without addressing underlying institutional incentives that perpetuate dysfunctional practices.Prospects for implementing distributed ledger technologies are identified for ensuring transparency of financial flows and automating resource allocation through smart contracts. The study proposes a three-tier implementation architecture: cloud-based solutions for frontline territories lacking local infrastructure, hybrid platforms for regions with moderate capacity, and comprehensive smart ecosystems for developed urban centres. The conclusion is drawn that targeted digitalisation ensures systemic transformation of public administration through precise impact on the reproduction mechanisms of institutional pathologies, unlike universal solutions that merely digitise existing inefficient practices. This methodological approach offers particular value for post-conflict reconstruction contexts where resource constraints demand maximum efficiency in technological investments.
In modern conditions of functioning, healthcare institutions in Ukraine are undergoing a period of profound transformations, which are associated with the activation of the European vector of state development, military aggression from Russia, the challenges of the pandemic, migration mines and changes in state policy priorities. Based on this, it can be argued that the functioning of the healthcare sector takes place in a period of dynamic changes and variability of the external and internal environment. A feature of the organizational support of the functioning of healthcare institutions is the change in the management model - from centralized and inertial to autonomous, which is aimed at results. In accordance with the implemented medical reforms, some healthcare institutions have acquired the status of municipal non-profit enterprises, which has expanded the scope of independence in making management decisions in matters of organization and financing of institutions [1, 2]. However, the implementation of such changes requires time and appropriate organizational support, which in the conditions of the security and economic situation is a difficult task. From the point of view of financial support, the changes made according to the principle of "money follows the patient" should stimulate the competitiveness of healthcare institutions within the framework of cooperation with the National Health Service of Ukraine, but led to uneven conditions for the functioning of institutions in regional distribution, especially in rural areas. The reform of decentralization of power, which aimed to optimize the healthcare sector, which in practice was implemented in the reduction of healthcare institutions in rural areas and impaired the ability to receive medical services among the population of such territories, also made its corresponding adjustments. Therefore, the issue of organizational and economic support for the effective functioning of healthcare institutions in the context of transformational challenges is an urgent task for the authorities today. The greatest destruction and losses for the sphere of functioning of healthcare institutions were caused by the full-scale invasion, which led to significant destruction of facilities throughout the country, especially in border areas and zones of active hostilities. At the same time, part of the health facilities was destroyed by the war, part suffered significant damage and losses, which affected the ability of thousands of citizens to receive the necessary medical care. In addition to the physical losses of facilities, the challenge was the relocation of part of the health facilities from the territories of temporary occupation to safer regions, which affected the preservation of the material and technical base.
Topicality. The current stage of economic development is characterized by rapid changes occurring under the influence of digitalization. One of the most characteristic phenomena of the digital economy is the proliferation of cryptocurrencies. This trend opens up new opportunities for financial transactions, but at the same time creates significant challenges for legal regulation, accounting standards and tax policy. Aim and tasks. The purpose of this study is a comprehensive analysis of the theoretical foundations, the regulatory framework, and the existing practical approaches to accounting and taxation of cryptocurrency in conditions of legislative uncertainty in Ukraine. Materials and methods. The study is based on existing works by authors that cover the issues of accounting and taxation of cryptocurrency, which allows us to study the development of this problem in the economic sphere. The methods of the system approach, general scientific methods of analysis and synthesis, comparison, classification, induction and deduction were used. Research results. The theoretical and methodological foundations of accounting and taxation of cryptocurrency were studied, in particular, an analysis of approaches to defining the concept of «cryptocurrency» was conducted, global trends in the regulation of transactions with crypto assets were studied, and the views of domestic scientists on this issue were summarized. The application of international accounting standards is justified and relevant recommendations for accounting for cryptocurrency are developed, which depend on the purpose of its holding. Conclusion. The urgent need for a comprehensive modernization of the national regulatory framework is substantiated. This includes legislative regulation of the legal status of cryptocurrency, the introduction of relevant provisions on accounting for digital assets into the NAS (National Accounting Standards), the formation of a clear mechanism for taxation of transactions with virtual assets, and harmonization of national approaches to financial reporting with IFRS (International Financial Reporting Standards).
The paper investigates the institutional mechanisms of decentralization of economic power (DEP) and their financial implications within the context of ensuring defense-economic resilience and forming a global environmental security space. It is substantiated that DEP constitutes a strategic institutional approach aimed at enhancing the resilience of infrastructure and the capacity of territorial communities to independently address local issues, thereby serving as a prerequisite for unlocking long-term green finance and securing support from international partners (IMF EFF, EU Ukraine Facility). The purpose of the research is to define the priority institutions of decentralization of economic power and analyze their financial implications in the process of forming the global environmental security space, as well as to develop recommendations for activating institutional components to ensure the sustainability of future-oriented financial decentralization. Research methods. The study employs an institutional approach to define the role of formal and informal institutions in shaping the incentive system for economic agents and public authorities; systemic analysis to examine the new configuration of economic power and the correlation between macroeconomic reforms and micro-level investment instruments; and quantitative-comparative analysis to assess the financial capacity of territorial communities and benchmark national institutional solutions against international experience (NATO standards). The results. The study established that DEP in Ukraine operates under dual institutional transformation (war and Euro-integration). The formation of a new configuration of economic power, through the multiplicative effect of engaging public-private partnerships and modernizing corporate governance of state-owned companies, will promote the decentralization of investments into municipal ecological projects. The necessity of implementing highly binding mechanisms to counteract internal institutional risks is substantiated. Furthermore, financing environmental security through eco-modernization, EBRD GEFF instruments, and additional financial incentives will create a decentralized environmental effect.
Theoretical background: In general, authors claim that the business model for any human-beings organisation defines who and how creates values in a socio-economic context. Taking into account the organisational theories presented in literature, authors notice a variety of definitions and components of business models. In addition, values in the business models have different interpretations. By definition, decentralised autonomous organisation (DAO) is using the Blockchain 2.0 technology, which strongly supports its internal operational management, change of attitude towards organisation members’ identification, and controlling internal activities. Purpose of the article: Construction of the Decentralised Autonomous Organisation (DAO) business model for determining DAO strategic development is the main purpose of this study. The authors aim to provide their own proposal of business model, as well as the identification of DAO business model components. The authors expand the DAO business model canvas, and beyond variables included in Osterwalder’s model, and consider some other important DAO features by example of TalentDAO case study. Research methods: The authors have focused on surveys of the management science literature in some popular repositories. Beyond that, they have added a DAO case study. They have done descriptive analysis of publications on business models and DAO business models. The authors applied the case study approach, because they argue that each DAO is different and taking into account suggestions provided by practitioners, the exploratory case study method is the best method to reveal idiosyncrasy of business organisation as well as applicability of theoretical business models for practice of DAO management. Main findings: Through the literature surveys, authors concluded that selected theories in science of management are fundamental for DAO construction and applicable for development of business models. Although the reviewed models are various, they have many common features and allow constructing the authors’ model of DAO business, which is an extension of Osterwalder Business Model Canvas. The authors characterised DAO partners, customers, values, resources, and activities. The authors discussed constraints and risks of DAO activities as well as the applied methods of coordination and control. The authors claim that DAO supports decentralized decision-making and intra-organizational trust intensification. They argue that the case study on DAO business model is an exemplification, which can be useful for development of other similar DAOs.
The research explores the features of administrative-territorial reform in Ukraine within the context of European integration and active decentralization processes. The author examines the legislative framework for local self-government reform, including the Concept of Local Self-Government Reform and the Implementation Plan, as well as practical measures aimed at territorial consolidation and strengthening the financial capacity of newly established territorial communities. Special attention is given to improving resource management efficiency, developing municipal services, enhancing the organizational and institutional capacity of local government bodies, and ensuring citizen participation in decision-making at the local level, including expanding practices of direct democracy. The research analyzes the dynamics of local budgets, the growth of capital expenditures, and the level of public support for the reform, demonstrating the effectiveness of the implemented measures. The role of international assistance and inter-municipal cooperation in enhancing community capacity is highlighted, along with the importance of professional training and development of local officials. The research emphasizes the relevance of a comprehensive approach to creating financially autonomous and effective territorial communities, including the development of methodological foundations for assessing their capacity to manage local finances and socio-economic development. This research is valuable for scholars, local government practitioners, and international experts interested in decentralization, administrative-territorial reform, and the improvement of municipal financial sustainability.
The article explores the potential of blockchain technology and smart contracts in the field of public administration. The emphasis is on the legal challenges that arise in the process of implementing relevant innovations, as well as on the opportunities they open up for increasing transparency, efficiency, and trust in state institutions. The relevance of the topic is due to global digitalization processes, the need to modernize public administration, and the growing demand from society for openness and public control over the work of state authorities. The novelty of the study lies in the study of the legal aspect of integrating decentralized technologies into the public sphere, which has not yet been sufficiently developed in the Ukrainian legal community. The international experience of regulating smart contracts is analyzed, legal gaps in Ukrainian legislation are identified, and proposals for its improvement are formulated. The results obtained may be useful for legislators, representatives of state bodies, and researchers in the field of digitalization of processes in public administration. Furthermore, the research highlights practical applications of blockchain and smart contracts in various public administration sectors, including digital identity management, tax collection, social welfare distribution, and property registration. By examining pilot projects and international case studies, the study demonstrates how these technologies can streamline administrative processes, reduce bureaucracy, and minimize the risk of corruption. The findings suggest that a gradual, regulated integration of blockchain solutions could significantly enhance operational efficiency and citizen satisfaction. Finally, the study addresses the potential risks and limitations associated with blockchain adoption in the public sector, including high implementation costs, technological challenges, and legal uncertainty. It emphasizes the importance of developing comprehensive regulatory frameworks, establishing clear standards for smart contract usage, and ensuring that public sector employees are equipped with the necessary technical skills. The paper concludes that while blockchain offers transformative opportunities, its successful adoption in public administration depends on a balanced approach that combines technological innovation with legal and institutional preparedness.
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Legal, Health, Environmental and COVID-19 Challenges
The relevance of the study is determined by the need for in-depth study and systematization of innovative decision-making methods that Web3 technologies offer to the modern business environment. In the context of global digital transformation, traditional approaches to management and finance are proving insufficient to ensure the competitiveness and sustainable development of organizations. The purpose of this article is to analyze Web3 tools, in particular blockchain, asset tokenization, decentralized finance (DeFi), and decentralized autonomous organizations (DAOs), as a basis for forming new, more transparent, secure, and effective methods and models for management decision-making. The paper applies a comprehensive methodology that includes a systematic analysis of the functional capabilities of Web3 technologies and a structural-logical approach to classifying their impact on corporate governance and financial management. The use of case studies has made it possible to illustrate the practical aspects of integrating these tools into the activities of large companies. The results confirm that Web3 is not only a technological trend but also a new paradigm that provides managers with qualitatively different tools. It has been established that blockchain creates a foundation for trust and data security; tokenization and DeFi radically increase the flexibility and liquidity of financial management; and DAOs transform corporate governance into a collective and inclusive process. In addition, the integration of AI agents into routine operations allows managers to effectively refocus their attention on strategic planning. The practical value of the article lies in providing organizations with clear recommendations for implementing Web3 technologies: from the need to start with pilot projects to test systems and processes to the mandatory investment in the development of internal competencies. The materials in the article can serve as a basis for developing innovative strategies that will help business organizations minimize technical and regulatory risks and secure leadership in today's digital market.
The Buru Regency Government, as the party tasked with administering government, development, and public services, is required to report on regional financial accountability as the basis for assessing its financial performance. The purpose of this study is to assess regional financial performance using ratios from 2020 to 2024, consisting of: Regional Fiscal Independence; Effectiveness of PAD Management; Effectiveness of Regional Taxes; Degree of Fiscal Decentralization; Fiscal Dependency; and Growth of Regional Government Finance in Buru Regency. Using secondary data sourced from the Ministry of Finance website, this study concludes that the financial performance of the Buru Regency Government consists of: 1) the regional fiscal autonomy ratio is still very low with an instructive relationship pattern, indicating that the local government is not yet capable of financing its own government activities, development, and services to the community, and the local government still needs intervention from the central government; 2) the fiscal decentralization ratio indicates that the local government's ability to increase its own revenue (PAD) to finance its own development is still very limited; 3) the local tax effectiveness ratio and local revenue (PAD) indicate that the local government is less effective in realizing tax revenue and local revenue (PAD) from the set targets and real potential; 4) The fiscal dependency ratio shows that the Buru Regency local government is still highly dependent on assistance from the central and provincial governments compared to its own regional revenue; 5) The PAD growth ratio shows that the local government is poor/negative in maintaining and increasing PAD.
Marta Spyra, Rafał Balina, Marta Idasz-Balina, Adam Zając · 5 authors
As the global economy undergoes rapid digital transformation, cryptocurrencies have emerged as a prominent alternative class of financial assets. Their decentralized nature, pseudonymity, and lack of centralized oversight have attracted considerable interest among investors while simultaneously raising significant concerns among regulators and compliance professionals. While cryptocurrencies offer benefits such as enhanced accessibility and transactional privacy, they also pose notable risks, particularly their potential misuse in financial crimes, including money laundering. This study explores the perceived risks associated with cryptocurrencies in the context of money laundering, drawing on insights from a survey conducted among 50 financial sector professionals. A quantitative research design was employed, using a structured online questionnaire to assess participants’ awareness, investment behavior, and perceptions of the role of cryptocurrencies in illicit finance and financial system security. The results reveal a complex perspective: while 70% of respondents acknowledged the potential for cryptocurrencies to facilitate money laundering, 60% expressed support for their wider adoption. Notably, statistically significant correlations emerged between active investment in cryptocurrencies and the belief that they could enhance financial market security and reduce laundering risks. However, self-reported knowledge levels and general awareness did not show a significant relationship with perceived risk. The findings underscore the importance of a balanced approach to regulation, one that fosters innovation while mitigating illicit finance risks. The study recommends increased investment in user education, the development of blockchain analytics, the adoption of global regulatory standards and enhanced international cooperation to ensure the responsible evolution of the cryptocurrency ecosystem.
The aim of the study was to conduct a comprehensive comparison of selected popular cryptocurrencies, such as Bitcoin, Ethereum, XRP, Cardano, and Litecoin. The analysis was carried out in terms of technological categories, scalability, as well as security and privacy. In addition, the development prospects of selected cryptocurrencies were assessed.The research showed that despite its slow transaction speed and scalability issues, Bitcoin is the most widely accepted cryptocurrency as a form of payment, while XRP, which has the fastest transaction speed, is not as widely chosen and supported as a payment method. In terms of everyday applications, Ethereum is the best choice due to its ability to automate many business processes. Most cryptocurrencies are decentralized, which is the foundation of their existence and functioning. Bitcoin, Litecoin, and Cardano place considerable emphasis on this, while there is much debate about the actual decentralization of XRP due to their affiliation with Ripple Labs. An analysis of price stability and volatility has shown that a large proportion of cryptocurrencies are dependent on Bitcoin's market position, which gives an idea of how important it is as a resource. In terms of potential future applications, each of the cryptocurrencies studied can be used as a means of payment, but Bitcoin and Ethereum have the potential to find general use. In addition, they are seen by investors as the safest investment option due to the constant improvements and updates.Analysis in terms of selected factors, including technology, privacy, stability, and price volatility, allowed us to determine the relationship between these factors and the development prospects of the given cryptocurrencies. Bitcoin and Ethereum are the most popular currencies due to their price, and investors often treat them as long-term investments with high growth potential. XRP, Cardano, and Litecoin are less commonly used due to their high dependence on Bitcoin and low growth potential compared to other cryptocurrencies.
This research investigates how inclusive digital finance affects corporate green technological innovation, environmental decentralization, and how green transformational leadership moderates these relationships. As finance becomes more digitalized, especially in an inclusive manner, it encourages corporations to adopt sustainable practices, such as green technology integration, and to further decentralize their adaptive environmental strategies. This research applies the Resource-Based View (RBV) theory to explore the role of digital finance in promoting organizational green innovations, and the Ability-Motivation-Opportunity (AMO) leadership framework regarding the innovation mediating role of leadership. This study seeks to its address empirical research gaps regarding the role of inclusive digital finance in fostering environmentally sustainable corporate practices from an environmental and financial inclusivity perspective. The anticipated results would inform policy and practice in digital finance as a driver for sustainable corporate green innovations.
The article examines the legal mechanism for regulating the circulation of virtual assets in Ukraine and the regulatory and legal support for countering illegal activities with various types of cryptocurrencies. The provisions of the Law of Ukraine “On Virtual Assets”, amendments and additions to civil legislation in terms of introducing the concept of “digital thing” are analyzed. It is proven that the provisions of the European Regulation “Markets in Crypto-Assets” (“MiCA”) are essential for the legal regulation of the circulation of virtual assets and countering illegal activities with them. The classification of virtual assets contained in the European Regulation “MiCA” is disclosed in order to understand the essence of various types of cryptocurrencies. The peculiarities of the circulation of such crypto-assets as Bitcoin, Ethereum are disclosed and noted; the concepts of “blockchain”, “validator”, “service token”, “crypto-asset issuer”, etc. are investigated. The role of a number of state bodies in countering the illegal circulation of virtual assets in Ukraine is highlighted. It is argued that the coordination of analytical work and the detection of risky transactions is provided by the State Financial Monitoring Service of Ukraine. It is substantiated that the detection of criminal schemes and ensuring the prosecution of those guilty of offenses with virtual assets is entrusted to the National Police, the Security Service of Ukraine, the State Bureau of Investigation, the Bureau of Economic Security, and the Prosecutor’s Office. Such bodies as the National Bank of Ukraine, the National Securities and Stock Market Commission, and the Ministry of Digital Transformation of Ukraine form a regulatory framework that should prevent the use of crypto-assets for illegal purposes. It is established that countering the illegal circulation of virtual assets in Ukraine is carried out both through preventive measures, analytical work and improvement of the regulatory and legal framework, and through operational-search and criminal-law jurisdiction. This comprehensive model allows responding to the latest challenges, in particular, the use of decentralized finance, anonymous technologies, and cross-border schemes for the illegal circulation of virtual assets.
Purpose. The aim of the study is to develop a detailed role model for the implementation of smart contracts in the logistics processes of freight transportation, which will enable the automation of interaction between participants and increase the transparency of operations. Methodology. To achieve the stated goal, a systemic approach using context-role analysis was applied. The study involves a detailed decomposition of the stages of the logistics chain when applying smart contracts, identification of key participants, and definition of their functions, rights, and responsibilities. This approach makes it possible to clearly delineate areas of responsibility, reduce the risk of conflicts, and ensure the transparency of each participant’s actions. The developed UML diagram demonstrates the sequence of interactions between subjects, and the integration of smart contracts ensures the automation and immutability of operations. Findings. A comprehensive analysis of logistics processes using smart contracts was carried out, which made it possible to define the rights and responsibilities for seven basic roles of logistics operation participants. This approach provides a holistic view of the system and makes it possible to describe the logic of interactions between subjects. The developed model demonstrates the automation of contract conclusion and execution, which contributes to the reduction of document processing time, optimization of operations, and ensuring a high level of data security in the distributed ledger. Originality. An approach is proposed that enables the integration of formalized roles of freight transportation participants with smart contract technology. The detailed structuring of the functional responsibilities of each role makes it possible to implement the program logic of a decentralized system, which significantly expands the possibilities of automated logistics process management. The approach is universal and can be adapted to different types of logistics scenarios. Practical value. The developed role model creates favorable conditions for the implementation of blockchain solutions in the field of freight transportation, which makes it possible to digitalize logistics processes, increase trust between supply chain participants, and reduce operational costs. The obtained results have practical application for logistics operators, software developers, and consulting companies that seek to modernize existing transportation management systems. The model can also be useful for educational purposes in the fields of logistics, computer science, and management.
The full-scale war in Ukraine has exposed critical vulnerabilities in centralized energy grids, driving the urgent need for decentralized renewable energy solutions. This study investigates the economic efficiency of state financial and investment support for the advancement of distributed green energy systems in Ukraine, particularly through concessional financing initiatives such as the "5-7-9" program. The decision-making analysis focuses on small and medium-sized enterprises investing in 10-, 20-, and 30-kW hybrid wind-solar photovoltaic systems accompanied by storage facilities. Financial viability was assessed using key indicators, including Levelized Cost of Energy, Net Present Value, Internal Rate of Return, Profitability Index, and Discounted Payback Period. Results indicate that with preferential financing, the considered projects achieved strong economic performance, while traditional commercial loans offered by commercial banks rendered small-scale decentralized renewable energy solutions financially unfeasible. Based on this, it has been demonstrated that strategic public-private collaboration and effective financial policy frameworks are critical for scaling renewable energy adoption and accelerating Ukraine’s green and digital transition. The article presents developed strategies and a roadmap for integrating decentralized power systems into Ukraine’s digital economy, which, during and after the war, will help strengthen energy resilience, reduce operational risks, and foster the country’s sustainable growth. However, limitations include assumptions of stable macroeconomic conditions and a focus solely on internal energy consumption. Future research should investigate tailored financial mechanisms for different business types and explore the broader socio-economic impacts of investments in decentralized green power systems, as well as the sensitivity of projects’ economic indicators for optimal decision-making.
Blockchain technology has rapidly emerged as a transformative force across sectors such as healthcare, supply chains, energy, and voting systems. Its decentralized, transparent, and secure architecture improves efficiency, enhances trust, and reduces costs. Among these domains, finance has experienced the greatest disruption, with blockchain reshaping banking by fostering transparency, security, and efficiency. This study presents a bibliometric analysis of blockchain in finance, mapping trends, patterns, and intellectual trajectories. The analysis explores publication growth, document types, and leading contributors, while identifying the most cited works shaping the field. Using VOSviewer, keyword co-occurrence and bibliographic coupling visualize thematic clusters and intellectual linkages. By synthesizing these findings, the study highlights blockchain’s current research landscape, identifies gaps, and proposes future directions.
Blockchain has matured from being mainly linked with cryptocurrencies to being a central technology with revolutionary potential for financial systems globally. By allowing safe, decentralized, and tamper-resistant ledgers, blockchain can cut down on the cost of transactions, enhance transparency, and raise efficiency in many areas of finance. This paper discusses the applications of blockchain in payments, cross-border remittances, capital markets, trade finance, and compliance. It includes fresh data from international organizations, central banks, and private industry reports to note both Indian and global developments. For example, close to 91% of the central banks surveyed are now investigating central bank digital currencies (CBDCs), and India's pilot retail digital rupee has already signed up millions of customers. Concurrently, the World Bank also points out that the global remittance average cost still exceeds 4%, a far cry from policy levels, indicating that blockchain is able to bridge this gap. While the technology has potential for efficiency and financial inclusion, there are issues around interoperability, privacy, cyber threats, and regulatory clarity. The report concludes that the contribution of blockchain to finance will most likely be characterized not by substituting current systems, but by integrating programmability and transparency into the mainstream financial infrastructure.