Blockchain Papers

Gennadi Androshchuk

The economic and legal problems of the development of innovative technologies of the digital economy (using the example of cryptocurrency and blockchain) are studied: the issue of state regulation of cryptocurrency, the possibilities of its creation, use and limitations, the importance and prospects of their use in the modern world and in Ukraine. Cryptocurrency is one of the most promising technologies of the digital economy, which is actively developing every year, the volume of its circulation is increasing. Ukraine isamong the world leaders in the use of cryptocurrencies. In Ukraine, the Law «On Virtual Assets» was adopted, which regulates the procedure for the emergence, change, and termination of rights to a new object of civil law for Ukrainian legislation — cryptocurrency. It is shown that blockchain technology is the main technology of digitalization of social relations and legal processes in most developed legal systems of the world, which is used in the field of cryptocurrencies, smart contracts, registration of intellectual property (IP), ecommerce, and the Internet things, the economy of joint participation, etc. The connection between patents and cryptocurrency was revealed. The patenting of Blockchain, Crypto and DeFi technologies was analysed. Recently, many IP offices have revised the norms of patent legislation and the rules of examination of patent applications in order to recognize the patentability of these technologies. The best experience of legal regulation, inventive activity and the dynamics of patenting of inventions in this area in different jurisdictions (USA, EPO, China, France, Japan, South Korea), technological trends and regulatory problems are analysed. Recommendations on increasing the effectiveness of activities in this area in Ukraine have been provided. It is necessary to implement the rules of the EPO Guidelines (Guidelines for Examination) on computer-implemented inventions in the Rules for drawing up, submitting and examining an application for an invention and an application for a utility model.Cryptocurrencies and blockchain have significant potential, many companies have invested heavily in these fields, so countries' patent laws must ensure the protection of the respective investments.

Vladyslava Kozenkova, Artem Movsesyants

Methods. The application of the abstraction method allowed for the isolation of volatility characteristics, simplifying the analysis of complex financial data of the cryptocurrency market. Analysis with synthesis facilitated the identification of patterns and the integration of traditional and modern forecasting approaches, providing a comprehensive assessment of methods. Logical and historical approaches enabled evolutionary analysis, while classification methods based on general and specific analysis principles, combined with comparative and abstract-logical analysis, allowed for an objective evaluation of the developed models’ effectiveness and justified the feasibility of developing innovative solutions for optimizing trading strategies and minimizing risks. Results. The study conducted a comparative analysis of cryptocurrency market volatility prediction methods using traditional statistical approaches and modern machine learning algorithms. The results confirm the advantages of integrating classical methods with machine learning algorithms, which allow for more accurate risk assessment and optimization of trading strategies in the highly volatile cryptocurrency markets. The determined volatility can be used in conjunction with Reinforcement Learning (RL) to optimize trading strategies, allowing an agent to learn to make decisions in an environment to maximize cumulative reward. The use of RL in cryptocurrency trading is a promising direction but requires a cautious approach and thorough testing of strategies before their application in real trading.Novelty. The scientific novelty lies in a comprehensive approach to forecasting cryptocurrency market volatility, combining classical statistical methods with modern machine learning algorithms. The advantages of ensemble machine learning methods for analyzing cryptocurrency volatility have been established. The integration of Reinforcement Learning (RL) for optimizing trading strategies based on predicted volatility is proposed, representing a new approach to cryptocurrency trading automation. Practical value. The research results have practical significance for cryptocurrency market participants, including investors, traders, and financial analysts. The integration of machine learning methods with traditional statistical approaches opens new opportunities for developing effective trading strategies, contributing to increased profitability and stability in the cryptocurrency market. The research is also useful for developers of trading platforms and analytical tools, as it provides empirical data for improving prediction algorithms and market data analysis.

Eglė Radvilė, Rolandas Urbonas

Digital transformation (DT) in the energy sector is pivotal in meeting energy transformation challenges. DT is reshaping energy production, distribution, and consumption by integrating advanced technologies such as artificial intelligence (AI), the Internet of Things (IoT), blockchain, and digital twins. While existing research has extensively documented individual technological applications, there remains a significant gap in understanding how these technologies interact synergistically in real-world implementations [11]. Comprehensive analyses comparing digital transformation outcomes across different socioeconomic contexts are limited, particularly regarding the scalability of swarm electrification models. These technologies collectively address the ‘three Ds’ – decentralisation, decarbonisation, and digitalisation – essential for the evolution of modern energy systems. By leveraging these innovations, the sector can significantly enhance efficiency, optimise renewable energy integration, and expand access to underserved regions.One of the most impactful applications of DT is in the realm of decentralised energy systems, exemplified by swarm electrification. This concept, pioneered by Groh et al [3], utilises interconnected solar home systems (SHSs) to form scalable microgrids that evolve from standalone setups to full integration with national grids. These systems empower communities by facilitating energy sharing, reducing operational costs, and creating new income streams. Case studies from Kenya, Madagascar, Yemen, Germany, and Bolivia demonstrate the real-world success of swarm electrification in bridging the energy access gap while advancing sustainability goals.AI plays a pivotal role in digital energy systems by enabling predictive maintenance, optimising energy flows, and improving system reliability. Algorithms analyse vast datasets in real time to forecast energy demand, detect anomalies, and automate grid management. IoT further complements AI by providing the physical infrastructure to gather and transmit data, enabling real-time monitoring and control of energy assets. Together, AI and IoT support the development of smart grids and energy communities, fostering greater flexibility and resilience in energy networks.Blockchain technology is emerging as a transformative tool for energy trading and distribution. By enabling peer-to-peer (P2P) energy markets, blockchain enhances transparency and reduces transaction costs. This decentralisation of energy trading allows consumers to become prosumers, actively participating in energy production and exchange. Projects such as Esmat et al. decentralised platforms exemplify how blockchain empowers individuals and communities to take ownership of their energy futures while ensuring security and scalability.Despite these advancements, the implementation of digital technologies in energy systems is facing significant challenges. High initial costs, the complexity of integration, and cybersecurity risks pose barriers to widespread deployment. Furthermore, the digital divide in underserved regions limits equitable access to these transformative solutions. Environmental concerns related to the energy consumption of digital infrastructures, such as data centres and blockchain networks, also require attention. Addressing these issues necessitates a multi-stakeholder approach involving policymakers, industry leaders, and researchers to create enabling environments for innovation.This review provides a comprehensive analysis of the role of DT in advancing energy systems, focusing on AI, IoT, blockchain, and swarm electrification. It synthesises insights from over 100 scholarly sources, including real-world case studies, and evaluates the social, economic and technological impact of digitalisation on energy systems. The study adopts a mixed-method approach, integrating literature analysis, quantitative modelling, and case study evaluations to provide actionable insights for policymakers and industry practitioners.The findings of this review highlight the transformative potential of DT in addressing energy challenges, particularly in achieving the United Nations Sustainable Development Goal 7 [2]: universal access to affordable, reliable, and modern energy. By adopting digital innovations, energy providers can enhance operational efficiency, integrate renewable energy sources, and support community-based energy initiatives. The concept of swarm electrification exemplifies how decentralised approaches can complement centralised grids, ensuring scalability and adaptability to local needs.Policy recommendations emphasise the need for financial incentives, capacity-building programmes, and regulatory frameworks to facilitate digital adoption. Investment in human capital is particularly critical, as skilled personnel are required to implement and manage complex digital systems. International cooperation and knowledge sharing are essential to ensure digital transformation efforts align with global sustainability goals.In conclusion, DT represents a paradigm shift in energy systems, offering solutions to some of the sector’s most pressing challenges. Realising its full potential requires overcoming technical, financial, and institutional barriers. This review underscores the importance of a collaborative, multidisciplinary approach to harnessing the power of digital technologies for sustainable energy transitions.

Larysa Sarkisian

The paper investigates the perspectives on the transition to a green economy in countries with different economic and technological development types. It has been found that government assistance can significantly accelerate the potential of green transition. It has been established that increased risks of environmental, social, political, and economic origin require coherent and coordinated actions. It is argued that the intensification of measures aimed at deepening technological capacity has a significant positive potential in increasing the efficiency of economic systems and accelerating the green transition. The study confirms the usefulness of developing new mechanisms and tools for cooperation among countries, taking into account the characteristics of green economic policies in a transparent and accountable manner. It has been determined that a green economy concept can become an alternative to implementing a new economic policy model or can significantly complement it. It is proposed that local and international stakeholders be worked with to develop a vision and an action plan that considers all interests and provides a sustainable foundation for economic growth. This sustainable foundation can be formed by comprehensive support for the technology sector, including green technologies as its essential element. It was stated that the transition to the next technological level in Ukraine might be the prerequisite for economic change, which will assist in reforming the existing Soviet heritage and established practices that do not promote efficient resource management.The following priority areas for implementing green economy principles were identified for Ukraine: intensification of a public dialogue on the role of green transition in ensuring economic and energy security; revision of the existing centralized energy system and formation of stages of its decentralization; redesigning existing green technology infrastructure and diversifying its financing methods; creating a national plan that will ensure green transition by pan-European legislation; support the participation of Ukrainian producers in green global value chains (GVC) and green exports. Further research should focus on developing practical tools that can stimulate green growth.

Антон Владимирович Петровский

Данная научная статья посвящена исследованию влияния децентрализованных финансовых систем на стабильность традиционных банковских институтов в условиях цифровой трансформации экономики. Во введении описывается актуальность темы, обусловленная быстрым развитием финансовых технологий, ростом популярности криптовалют и смарт-контрактов, а также возрастающей ролью блокчейн-технологий в финансовом секторе. В связи с этим традиционные банки сталкиваются с вызовами, требующими переосмысления бизнес-моделей и адаптации к новым условиям. В разделе методологии подробно изложены используемые исследовательские подходы и методы анализа. Для эмпирической проверки гипотез применялись сравнительный анализ, кейс-стади, а также экономикоматематическое моделирование. Используемые данные включают показатели финансового состояния банков, динамику инвестиций в цифровые активы, а также статистические данные по децентрализованным платформам. Кроме того, в исследовании учитывались нормативно-правовые аспекты, способствующие формированию гибкой регуляторной среды. В разделе результатов представлена совокупность эмпирических находок, показывающих, что интеграция децентрализованных финансовых систем оказывает как положительное, так и отрицательное воздействие на традиционные банковские институты. С одной стороны, банки, активно внедряющие технологические инновации, демонстрируют улучшение операционной эффективности и расширение спектра финансовых услуг. С другой стороны, наблюдается рост рисков, связанных с кибербезопасностью и недооценкой новых технологических угроз, что может негативно сказаться на устойчивости финансовой системы. Заключительный раздел обсуждения акцентирует внимание на необходимости гибкого регулирования и стратегического переосмысления роли банков в условиях цифровой трансформации. Авторы предлагают рекомендации для интеграции традиционных финансовых институтов в экосистемы децентрализованных финансов с целью повышения их устойчивости, конкурентоспособности и адаптивности к быстро меняющимся рыночным условиям. Таким образом, представленное исследование способствует расширению теоретических знаний и практических подходов к управлению рисками и возможностям в новой экономической реальности. This scientific article is devoted to the study of the impact of decentralized financial systems on the stability of traditional banking institutions in the context of the digital transformation of the economy. The introduction describes the relevance of the topic due to the rapid development of financial technologies, the growing popularity of cryptocurrencies and smart contracts, as well as the increasing role of blockchain technologies in the financial sector. In this regard, traditional banks face challenges that require rethinking their business models and adapting to new conditions. The methodology section describes in detail the research approaches and methods of analysis used. Comparative analysis, case studies, and economic and mathematical modeling were used to empirically test hypotheses. The data used includes indicators of the financial condition of banks, the dynamics of investments in digital assets, as well as statistical data on decentralized platforms. In addition, the study took into account regulatory and legal aspects that contribute to the formation of a flexible regulatory environment. The results section presents a set of empirical findings showing that the integration of decentralized financial systems has both positive and negative impacts on traditional banking institutions. On the one hand, banks that actively implement technological innovations demonstrate improved operational efficiency and an expanded range of financial services. On the other hand, there is an increase in risks associated with cybersecurity and underestimation of new technological threats, which can negatively affect the stability of the financial system. The final section of the discussion focuses on the need for flexible regulation and strategic rethinking of the role of banks in the context of digital transformation. The authors propose recommendations for integrating traditional financial institutions into decentralized finance ecosystems in order to increase their resilience, competitiveness, and adaptability to rapidly changing market conditions. Thus, the presented research contributes to the expansion of theoretical knowledge and practical approaches to risk management and opportunities in the new economic reality.

Ganna Bogorodytska, Sergey Zhyr, Katerina Uzhva

The rapid development of FinTech is transforming the modern economic system. Today, there are many areas of FinTech, of which cryptocurrencies deserve special attention. They became part of payment systems in a fairly short period of time, gaining wide popularity around the world. Despite difficulties with the legislative sphere, cryptocurrency is gaining leading positions in the global financial market. But not all countries have recognized it factually and legally, there are many obstacles to the legalization of cryptocurrency. The use of cryptocurrencies for criminal purposes as barter or payment for a service is quite common. It should be noted that the use of cryptocurrencies in personal finance is accompanied by a decrease in financial and investment security and an increase not only in profitability, but also in the risks of using the owner's investment portfolio. Disadvantages of the use of cryptocurrency mostly include: prohibition of the use of cryptocurrency by state institutions; after losing the password from the electronic wallet, the cryptocurrency owner can lose all virtual savings; the more complex the cryptocurrency algorithm, the more difficult it is to mine it at home; insecurity from cyber attacks; cryptocurrencies are not backed by the Deposit Guarantee Fund. The use of cryptocurrencies at the legislative level is just being formed in Ukraine and has a number of contradictions. The article is devoted to the definition of the main trends in the world of crypto currencies. At today's stage, there are many types of cryptocurrencies. Among the largest cryptocurrencies by capitalization are: Bitcoin, Ethereum, Ethereum Classic, Dash, Ripple, Monero, Litecoin, NEM, Augur, MaidSafeCoin and others. Also, the types of cryptocurrencies depend on the features of their mining, there are Bitcoin, Altcoin (Litecoin (LTC); Ethereum (ETH); Ripple (XRP) and Tokens (Ethereum; Omni; NEO; TRON. Today, the legal framework is insufficiently developed in most foreign countries and in Ukraine in particular. Therefore, international practice shows the existence of various options for regulating cryptocurrencies in the world. And it depends on what the legislator of one or another state understands by cryptocurrency: commodity, intangible asset, money, property (property), equivalent of property value, object of money transfers, means of payment or financial instrument, method of payment or exchange. In this state of consideration of the problem, the process of legalization of activity using cryptocurrencies becomes somewhat more complicated, and as a result, controversial issues arise regarding the taxation of operations related to cryptocurrencies.

Maksym Ivasenko

Traditional financial services are characterized by high complexity, multi-level structures, and dependence on intermediaries, which create significant operational costs, lengthy settlement times, and system risks. The article analyzes modern financial systems such as SWIFT, clearinghouses, central securities depositories, and central counter-parties, highlighting the key drawbacks of a centralized approach: data fragmentation, the need for synchronization, failure risks, and high compliance costs. The article also addresses contemporary challenges, including slow settlement times (for example, T+2 for equities), reliance on correspondent banking networks, and costs associated with risk management. The aim of the article is to survey the impact of blockchain technologies on the financial sector, assessing the opportunities and challenges of implementing blockchain to optimize financial processes. The article compares traditional financial systems with innovative approaches based on distributed ledgers, such as blockchain, in terms of performance, transparency, security, regulatory compliance, and cost. The research methodology includes a review of the relevant literature, an overview of existing platforms (Ethereum, Hyperledger Fabric, R3 Corda, Quorum), and their applications in the financial sector. The article examines the technological aspects of blockchain, including distributed ledgers, consensus algorithms, smart contracts, and asset tokenization. The advantages of blockchain technology are identified, particularly the automation of processes, reduction of reliance on intermediaries, increased transparency, and shortened settlement times. The prospects of decentralized finance (DeFi) and corporate blockchain solutions are analyzed, particularly the use of smart contracts and tokenization to enhance liquidity. The research results indicate that the implementation of blockchain can significantly reduce operational costs, enhance transaction transparency, and ensure the speed of financial settlements. In particular, blockchain shortens the T+2 settlement cycle to seconds, improving liquidity and efficiency in financial markets. The conclusion of the article offers recommendations for selecting blockchain platforms based on the needs of financial institutions. Key criteria such as confidentiality, scalability, transaction throughput, and compliance with regulatory requirements are discussed. The necessity of creating a unified regulatory framework to support the implementation of blockchain in finance is particularly emphasized. Future research prospects include the development of interoperability tools, enhancing the security of smart contracts, and long-term evaluation of the efficiency of blockchain solutions in production environments. Thus, blockchain is an important tool for the transformation of financial systems, ensuring a significant increase in their efficiency, resilience, and transparency.

Frido Rolloos, Frederic Delaroche, Glenden C Khew, Ksenia Ponomareva

No abstract is available for this record.

Arzé Karam

No abstract is available for this record.

Roman Rusyn-Hrynyk, О. Є. Федорчак, Pavlo Kotsaba

The article presents conceptual approaches to the formation of an adaptive and predictive paradigm of enterprise financial management, which is gaining particular relevance under conditions of growing economic turbulence, digital transformation, and geopolitical instability. Traditional financial management models based on fixed budgets, retrospective analysis, and standardized procedures are no longer capable of ensuring flexible responses to dynamic changes in the external environment. In this context, the study aims to justify and structure a new management paradigm that integrates predictive analytics, digital technologies, adaptive strategies, and a systemic approach to enterprise finance. The research outlines five key components of the adaptive-predictive financial system: analytical (collection and processing of big data), predictive (scenario modeling, probabilistic forecasting), adaptive (flexible budgeting, KPI monitoring), integrative-technological (implementation of ERP, BI, cloud platforms), and organizational (coordination, decentralization, information flow management). The tools enabling each component are detailed, including GARCH, ARIMA, machine learning models, neural networks, decision support systems (DSS), and real-time analytics. Special attention is paid to the role of digital technologies in transforming financial functions, particularly the possibilities for automation, complex risk profiling, unstructured data analysis, and the creation of integrated analytical platforms. The article emphasizes the need to develop a new managerial culture focused on rapid response, cross-functional collaboration, development of digital competencies, and data-driven decision-making. A number of unresolved issues are identified, including the lack of unified approaches to evaluating the effectiveness of adaptive-predictive systems, underdeveloped risk management models using AI, and barriers to implementation in organizations with traditional hierarchical structures. The findings of the study may serve as a foundation for developing industry-specific models of adaptive financial management and enterprise digital transformation.

Benjamin Batte

No abstract is available for this record.

М. Л. Дорофеев

An advanced social welfare system in the context of sustainable economic growth is a crucial element of human life in contemporary conditions. It enables the state to go beyond mere economic growth and provide a range of social guarantees for citizens, meeting the principles of sustainable development and socially significant needs of society. The transformation of social welfare systems occurs in parallel with changes in the global economy, making the scientific discourse on future financial models for social welfare increasingly relevant. This article explores conceptual approaches to constructing financial models for social welfare within the framework of global challenges and structural economic transformation. Fundamental principles of such models are examined, including social justice, intergenerational solidarity, the protection of citizens' social rights, system stability and security, as well as economic efficiency. Various theoretical approaches to financing social welfare are analyzed: universalism, selectivism, subsidiarity, and residualism. The study substantiates the need to transition toward mixed financial models for social welfare, which can better adapt to challenges related to digitalization, population aging, climate change, and geopolitical risks. Particular attention is paid to the role of the state in the social welfare system and potential directions for fiscal decentralization to enhance resilience and effectiveness. The conclusions emphasize the importance of adapting social systems to achieve sustainable economic growth and social equity amid global changes. The author declares no conflicts of interests.

Aleksandar Arsov

No abstract is available for this record.

David Hope Kanu

The Great Recession of 2007-2009 was preceded by decades of deregulation, reduced supervision, and growing belief in self-regulation. Today, the cryptocurrency markets operate in a similar fragmented and unregulated environment. An unbacked cryptocurrency market with 6.8% global ownership carried a familiar, dangerous optimism for financial stability. Therefore, this study through a qualitative approach explores the regulation of cryptocurrency and its implications for financial stability. The study proved that there are several weaknesses in the current regulatory framework for the cryptocurrency ecosystem, namely, (1) Regulatory fragmentation, (2) Absence of the integration of security and consumer protection issues, (3) Used of existing traditional financial institutions' regulations to regulate the cryptocurrency market; (4) Flaws in the European Union Market in Crypto-Asset (MICA) regulations (5) Lack of a comprehensive uniform global regulatory and supervisory framework for cryptocurrency. Hence, the study findings further shows that the identified weaknesses in current regulatory framework for the cryptocurrency market could amplify financial vulnerabilities in the cryptocurrency ecosystem that could hamper the resilience of the global financial system to cryptocurrency market-based shocks through an increased contagion risk that has significant implication for financial stability. The paper concluded that while a fragmented and unregulated global cryptocurrency market may not currently pose a risk to financial stability in the global economy, an extensive adoption of cryptocurrency without a comprehensive uniform global, regional and national regulatory framework will amplify their vulnerabilities, exacerbate contagion, and generate systematic risk, which will have significant implication for financial stability- Minsky moment. The research recommends that national, regional, and international regulators, and policymakers, must engage in constructive dialogue to develop a risk-based global regulatory and supervisory framework for the cryptocurrency ecosystem, with greater requirements on cryptocurrency issuers, cryptocurrency backed stablecoins, DeFi smart contract, non-fungible tokens (NTF), cryptocurrency exchanges, holding reserves and blockchains operation that generate significant risk for financial stability.

Ableeva A.M., Garifullin R.F.

The complex interplay between the field of decentralized finance (DeFi) and the established realm of traditional banking presents a fascinating tale of convergence, divergence, and potential collaboration. This article takes a comprehensive look at the multifaceted interactions between these two financial landscapes to explore whether they are destined to merge or whether their collision is inevitable. Decentralized finance, or DeFi, represents a paradigm shift in the financial sector. Based on blockchain technology and smart contracts, DeFi platforms offer innovative solutions for lending, borrowing, trading and more. Meanwhile, traditional banking, with its long-standing institutional foundation, served as the cornerstone of financial services. However, the emergence of DeFi has challenged established norms, questioning the need for intermediaries and centralization.

Maksym Bespalov, Solodchenko Sergii, Anastasiia Matvieieva, Hryhorii Hrytsenko

The article examines the use of blockchain distributed ledger technology in various sectors of the economy. It was found that since 2008, blockchain has developed as a tool for cryptocurrency transactions and was later adopted by major transport companies for cargo transportation management, proving its efficiency. The study is based on general scientific methods of cognition, including the dialectical method for understanding phenomena and the comparative legal method for analyzing approaches to the legal nature of distributed ledger technology. Using a systemic-structural approach, the author examined the benefits and risks of digitalization and blockchain application, leading to the article's conclusions. Blockchain is applied in IT, energy, finance, agriculture, logistics, and other sectors, improving efficiency and transparency in business processes. However, Ukraine lacks legislative regulation of this technology. If implemented, blockchain could become a tool for promoting transparent business practices, reducing risks, and minimizing interference from government authorities.

Сергей Андреевич Вертепов

В статье рассматривается проблема системного разрыва в экосистеме Web3, проявившегося на фоне стремительного роста DeFi и числа пользователей: масштабирование выявило низкое качество пользовательского опыта, выражающееся в высоком оттоке новичков после первой транзакции и связанное с когнитивной перегрузкой интерфейсов, непрозрачностью комиссий и дефицитом персонализированных сценариев. В качестве решения предлагается концепция и архитектура интеллектуального слоя-посредника (AI Middleware), интегрируемого между пользовательским контуром и блокчейн-инфраструктурой. Его ключевая функция – автоматизированная реконструкция и формализация пользовательских намерений в парадигме intent-centric, где управляемым объектом выступает цель операции, а не набор низкоуровневых действий. Для интерпретации намерений предполагается применение методов машинного обучения, включая кластеризацию поведенческих паттернов и графовые нейронные сети для моделирования связей между адресами, протоколами и последовательностями операций. На основе исторических данных, а также результатов исследований российских научных центров (ИТМО, ВШЭ) обосновывается, что внедрение AI Middleware повышает удержание за счет снижения порога входа и неопределенности, и сокращает транзакционные издержки благодаря более точному выбору маршрутов и параметров исполнения с учетом контекста, и типологии намерений.

J. V. Mickiewicz

This article examines the theoretical foundations and conceptual specifics of the mechanism for adopting cryptocurrencies as a payment method in business. It discusses the definition and key features of this mechanism, along with summarizing essential recommendations for the use of cryptocurrencies and crypto assets in business payments. The cryptocurrency adoption framework is analyzed through the organizational–economic mechanism, aiming to achieve practical objectives such as cost reduction, improved access to cross–border payments, and transaction security with crypto assets. The article stresses the importance of risk analysis related to cryptocurrency use and the development of risk mitigation methods through proactive management and the application of appropriate tools. The conclusions highlight the feasibility and benefits of using an organizational–economic mechanism to incorporate crypto assets into business payment processes, ensuring efficiency and adaptability of crypto assets or other alternative payment instruments. The study’s novelty lies in its contribution to the development of a mechanism for integrating cryptocurrencies into business operations, while its theoretical value is in the synthesis and clarification of key issues related to cryptocurrency acceptance in business. The proposed concept and vision of the organizational–economic mechanism to enhance the efficiency of cryptocurrency use in business payments offer valuable insights for future research and practical implementation.

Anniina Saari, Seppo Junnila, Jussi Vimpari

Purpose The real estate industry is often highlighted as a significant beneficiary of blockchain-driven digital transformation (DT). This paper unravels blockchain’s role in driving rapid DT in the Finnish housing sector and its removal after market entry. Design/methodology/approach This four-year longitudinal study used 35 semi-structured interviews. Findings Blockchain was crucial in the early industry-wide DT, fostering innovation through shared value creation, delivery and capture while supporting collaboration and enhancing processes. The findings largely support blockchain’s theoretical benefits in reducing intermediaries, automating processes, minimizing errors, enhancing transparency and addressing data silos in real estate transactions. However, limitations – like the need for specialised expertise, scalability issues and centralisation tendencies emerged – ultimately outweighed the benefits, leading to blockchain abandonment. Regulatory commitment, contrary to expectations about regulatory barriers, regulatory commitment substantially boosted industry activities. While blockchain can spark transformation, maintaining momentum amid evolving market and regulatory developments may require more than blockchain alone can offer. Practical implications Blockchain can drive early-stage DT even in traditional industries like real estate, addressing issues like intermediary reliance, manual processes, inefficiencies and errors. However, it does not guarantee long-term decentralisation as initially promised and depends on off-chain governance. Originality/value This is the first empirical study on blockchain in real estate examining the drivers of a full-scale DT. It is also amongst the first to explore blockchain’s evolving role in successful industry-wide transformation based on a rare four-year study, extending insights into blockchain’s initial impact and subsequent limitations beyond the firm level.

Ulysse Pavloff

Blockchains have sparked global interest in recent years, gaining importance as they increasingly influence technology and finance.This thesis investigates the robustness of blockchain protocols, specifically focusing on Ethereum Proof-of-Stake. We define robustness in terms of two critical properties: Safety, which ensures that the blockchain will not have permanent conflicting blocks, and Liveness, which guarantees the continuous addition of new reliable blocks.Our research addresses the gap between traditional distributed systems approaches, which classify agents as honest or Byzantine (i.e., malicious or faulty), and game-theoretic models that consider rational agents driven by incentives. We explore how incentives impact the robustness with both approaches.The thesis comprises three distinct analyses. First, we formalize the Ethereum PoS protocol, defining its properties and examining potential vulnerabilities through a distributed systems perspective. We identify that certain attacks can undermine the system's robustness. Second, we analyze the inactivity leak mechanism, a critical feature of Ethereum PoS, highlighting its role in maintaining system liveness during network disruptions but at the cost of safety. Finally, we employ game-theoretic models to study the strategies of rational validators within Ethereum PoS, identifying conditions under which these agents might deviate from the prescribed protocol to maximize their rewards.Our findings contribute to a deeper understanding of the importance of incentive mechanisms for blockchain robustness and provide insights into designing more resilient blockchain protocols.

Ishkuvatov Elyor Eldarovich

This article examines cryptocurrency as the newest form of money, analyzing the main risks, trends, and prospects for its development. The advantages of cryptocurrency, such as decentralization, anonymity, and security, are also analyzed. However, serious risks related to price volatility and the lack of government regulation are also addressed. We analyze the main development trends in the cryptocurrency market, including the growth in the number of users and the increase in transaction volumes.

М. М. Бабенко, К. Л. Косяченко

The aim: to develop a typology of the current management systems for health technology assessment (HTA) based on the identification of typological features in order to scientifically and practically substantiate a typological model that combines the most stable properties and can be implemented in a variety of modifications, taking into account the dynamic development of the health care system (HCS). Materials and methods: The study used scientific publications, official information from the websites of national or regional bodies/agencies, international organizations on HTA, reports, databases and official documents of the World Health Organization (WHO). The research used the following methods: the system analysis, content analysis, institutional analysis, structural-functional analysis, generalization, comparison, systematization, classification, synthesis, typology, and modeling. To conduct a typological analysis, 34 countries were selected in which the HTA has been implemented in the decision-making process for the use and financing of medical technologies (MTs). Research results. An institutional analysis of national HTA systems was conducted. The status of HTA in the national health care systems of the selected countries and, in particular, the role of HTA in the decision-making process regarding the use of certain MTs were studied. The author analyzes the institutional capacity of the HTA system (availability of a special authorized body, level of centralization/decentralization, financing, regulatory framework and human resources). The functionality and areas of activity of HTA bodies (organizations), the level of accountability, openness and interaction with various stakeholders are analyzed. The systematization and generalization of foreign experience made it possible to conduct a typological analysis by characteristic features). Four types of HTA management systems are identified (starting, centralized, decentralized, and balanced). Conclusions: The study identifies and analyzes the areas of activity of the bodies/organizations in most countries of the world that carry out HTA in terms of their mission, vision and functionality, as well as assesses the level of their openness and interaction with various stakeholders. The scientific generalization and systematization of modern approaches and models of HTA systems made it possible to typologize them on the basis of certain characteristic classification features

Murali Krishna Pasupuleti

Abstract: This chapter explores the transformative role of artificial intelligence (AI) in driving economic growth and innovation across critical sectors, including cryptocurrency, circular economy, manufacturing, small and medium-sized enterprises (SMEs), and infrastructure development. AI is revolutionizing cryptocurrency systems by enhancing security, optimizing mining processes, and supporting decentralized finance (DeFi). In the circular economy, AI enables resource optimization, waste reduction, and sustainable supply chain practices. In manufacturing, AI improves automation, predictive maintenance, and quality control, leading to more efficient and sustainable production processes. For SMEs, AI democratizes access to advanced tools, enhancing competitiveness, operational efficiency, and financial management. Additionally, AI is shaping the future of infrastructure development by promoting smart cities, sustainable urban planning, and resilient infrastructure. The chapter discusses the challenges and opportunities AI presents for global economic transformation, highlighting the need for collaboration, innovation, and sustainability. Keywords: AI, economic transformation, cryptocurrency, blockchain, circular economy, manufacturing, SMEs, infrastructure development, decentralized finance, resource optimization, sustainability, smart cities, automation, financial management, predictive maintenance.

Marija Iljinaitė, Nijolė Maknickienė

The financial markets are undergoing rapid transformations that raise fundamental questions about the effectiveness of traditional investment models and strategies. Nowadays, investment options are incomparably wider than ever before, and one of the areas of this global financial transformation is alternative investments, so the question is what might be the trends of one of these alternative investments, non-fungible tokens (NFT). The object of the study is alternative investments, such as NFTs. The article intends to reveal how NFTs might impact the valuation and trade of digital assets, as well as to identify the key advantages and risks associated with NFTs for investors and creators. The research will carry out cluster analysis of NFTs, which will help to better understand the NFT market, learn about possible prospects and developments, possible advantages and disadvantages, as well as the level of risk.