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.
Subject. This article discusses the peculiarities of forming a holistic approach to assessing human capital as an economic resource of regions to improve the efficiency of its use in the context of decentralization. Objectives. The article aims to study human capital as a factor in the economic growth of regions in the context of decentralization, identify interregional disparities in its development, and substantiate strategic areas for intensifying the formation, funding, and effective use of human potential at the territorial level. Methods. For the study, I used analysis and synthesis, induction and deduction, abstraction, comparison, generalization, and systems and dialectical methods. Results. The article proposes strategic areas for intensifying and financing the development of human capital, taking into account modern challenges, and it pays particular attention to the institutional capacities of regions. The article substantiates current approaches to financing human capital in the context of the transition to a decentralization model, as well as in the systematization of data on investments in human resources for 20232025, and it formulates proposals for improving the sustainability of regional development through the optimization of inter-budgetary transfers, taking into account the existing interregional imbalances in the Human Development Index. Relevance. The results obtained have a certain practical value, as they can help regions more effectively utilize their potential, attract investment, create new jobs, and develop their own unique strategies for human capital development based on territorial characteristics.
The article provides a theoretical substantiation of the essence of investment technologies within the system of decentralized finance. Based on a synthesis of existing scientific approaches, the author proposes original definitions for key concepts: "investment technologies", "financial technologies", and "decentralized finance". It is demonstrated that decentralized finance represents an alternative ecosystem built on public blockchains and smart contracts, which ensures the complete elimination of intermediaries. The formulated theoretical propositions establish a foundation for the further development of the organizational and economic framework for managing investment technologies within the DeFi space.
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.
The article examines the economic nature of local finance and determines its social role under the transformation of Ukraine's public finance system. The study analyzes the historical evolution of local finance in foreign and domestic contexts, revealing a transition from viewing it as a simple community expenditure estimate to recognizing it as a complex instrument for territorial viability and financial independence. The research highlights that while foreign models followed a gradual path toward autonomy, the Ukrainian experience was marked by a long period of centralization within an administrative-command system, which is currently being overcome through fiscal decentralization. The paper systematizes academic approaches to defining "local finance" into five categories: system-resource, functional, economic, socio-economic, and legal. This classification demonstrates the multidimensional nature of local finance as both a component of public finance and the foundation of local self-government. The authors propose an updated definition, describing local finance as an institutionally regulated system of economic relations that ensures the implementation of both own and delegated powers, satisfies public needs, and promotes sustainable socio-economic development. Under the conditions of martial law and the challenges of post-war recovery, local finance is shown to transform from a mere budgetary tool into a strategic mechanism for social stability. The study concludes that the modern social role of local finance is centered on supporting internally displaced persons, ensuring security, and facilitating the recovery of territorial communities, thereby serving as a fundamental element of public finance sustainability.
The article is devoted to the study of blockchain technologies as an institutional tool for modernizing public administration in the context of the transition to Democracy 3.0. The relevance of the study is determined by the need to find new mechanisms to improve the efficiency, transparency, and legitimacy of public administration in the context of the digital transformation of society. This issue is of particular importance for Ukraine, which is simultaneously modernizing its state institutions in the context of war and European integration processes. The aim of the study is to provide a theoretical and methodological justification for the role of blockchain technologies as an institutional tool for the transformation of public administration in the context of the emergence of Democracy 3.0 and to determine the prospects for their implementation in the Ukrainian public sector. The methodological basis of the study is a neo-institutional approach, which allows us to consider blockchain not only as a technology, but also as a new type of institutional organization that transforms the rules, norms, and mechanisms of interaction between the state and citizens. The main results of the study include the conceptualization of the phenomenon of Democracy 3.0 as a new paradigm of public administration based on the principles of decentralization, transparency, and continuous citizen participation. It has been proven that blockchain acts as the technological basis for institutional change through three mechanisms: decentralization of trust, automation of execution through smart contracts, and immutability of records. Key institutional transformations influenced by blockchain technologies have been identified: the transition from representative to participatory and “liquid democracy” (a hybrid model of political governance that combines elements of direct and representative democracy, allowing citizens to flexibly choose between personal voting and delegating their vote to trusted representatives with the possibility of revoking this delegation at any time), the replacement of centralized control with decentralized verification, and the transformation of the trust economy from institutional to cryptographic. It is argued that blockchain creates a new architecture of state power, where traditional hierarchical structures are complemented by network forms of organization and decentralized autonomous organizations. The Ukrainian context of digital transformation of public administration is analyzed, including the experience of creating the Ministry of Digital Transformation, implementing the Dія ecosystem, and developing blockchain registries. Specific challenges to the implementation of blockchain technologies in Ukraine have been identified: legal barriers, the digital divide, bureaucratic resistance, and the need to ensure cybersecurity in the context of hybrid warfare. The novelty of the research lies in the development of a conceptual model of blockchain-mediated institutional transformation of public administration, which integrates the theory of neo-institutionalism with the concept of democracy 3.0. The practical value of the results is determined by the possibility of using the proposed approaches to form public policy on the digitalization of the public sector in Ukraine. Prospects for further research include empirical verification of the proposed model, development of metrics for evaluating the effectiveness of blockchain solutions in public administration, and research on the socio-psychological factors of citizens’ acceptance of decentralized forms of participation in public administration.
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 digitalization of the economy in the context of the Fourth Industrial Revolution fundamentally changes the logic of the functioning of economic systems. Industry 4.0 encompasses a range of breakthrough technologies, such as artificial intelligence (AI), the Internet of Things (IoT), blockchain, cloud computing, 3D printing, big data, and robotics, which not only modernize production but also transform value creation processes, labor organization, consumption, and governance. This creates a need for scientific reflection on these processes, taking into account economic, social, and institutional aspects. Existing theoretical models do not fully explain the new patterns of economic development under conditions of digital transformation, which necessitates research into the mechanisms of structural change. Aim and tasks. The purpose of the article is to substantiate the mechanisms and forms of structural transformation of the economic system under the influence of the core technologies of Industry 4.0. In particular, the study examines how digital and autonomous solutions change the nature of production, distribution, consumption, and management. Materials and methods. The methodological basis of the study is a set of scientific approaches. The systems approach made it possible to consider digital technologies as a unified architectonics of a transformation model. Structural and logical analysis was used to identify the key directions of change: what is produced, how it is produced, and for whom. Comparative analysis was applied to contrast the classical “push economy” model with the modern “pull economy,” as well as human-centered and automated management solutions. Research results. The study established that the widespread implementation of Industry 4.0 technologies leads to systemic changes in the key parameters of the functioning of the economic system, namely the transformation of the coordinates “what to produce,” “how to produce,” and “for whom to produce.” It is proven that the integration of artificial intelligence, additive technologies (3D printing), and big data forms a model of customized, autonomous, and localized production, which is accompanied by a shortening of value chains and an increase in the flexibility of production processes. It is substantiated that blockchain technologically ensures a reduction in transaction costs and the decentralization of coordination mechanisms, while robotics drives productivity growth, and cloud computing and the Internet of Things ensure the rapid synchronization of production with real demand and enhance the adaptability of economic systems. Conclusion. The generalization of the obtained results allows us to assert that Industry 4.0 technologies form a qualitatively new architecture of the economic system, manifested in the transition from an extensive to an intensive model of economic growth, from a “push” to a “pull” logic of economic functioning, from mass to customized production, and from centralized to decentralized data management models. The identified shifts indicate the transformation not only of individual production or management processes but of the holistic structure of the economic system under the influence of digital technologies.
Introduction. Under current conditions of martial law, economic transformation, and European integration processes, vocational and technical education (VET) plays a key role in the formation of human capital and in meeting labor market needs. The effectiveness of its functioning largely depends on organizational, legal, and financial mechanisms that determine the sources, forms, and performance outcomes of financing vocational education institutions. The relevance of the study is обусловлено by the necessity to reorient the VET financing system from a maintenance-based model toward a results-oriented approach, to expand public–private partnerships, and to adapt national frameworks to European practices in the context of post-war recovery and Ukraine’s integration into the European Union. Purpose. The purpose of the article is to deepen the theoretical foundations and practical approaches to the organizational, legal, and financial support of vocational and technical education in Ukraine under conditions of martial law, post-war recovery, and European integration processes, with the identification of key mechanisms, institutional interconnections, and directions for improving the financing of the VET system. Methods (Methodology). The study employs the dialectical method of cognition, methods of theoretical generalization and systematization, comparative analysis, analysis of regulatory and legal acts, structural-logical modeling, and a comparative analysis of national and European models of vocational education financing. The methodological framework is based on the provisions of public finance theory, institutional economics, and the concept of human capital development. Results. The article systematizes the regulatory and legal framework for financing vocational and technical education in Ukraine, analyzes the evolution of VET financing models, and identifies key challenges in their implementation under decentralization conditions. A comparative analysis of vocational education models in selected European Union countries (Germany, France, Poland, and Finland) and Ukraine is conducted, focusing on funding sources, the level of employer participation, and training outcomes. Directions for improving organizational, legal, and financial mechanisms for VET provision are substantiated through the development of public–private partnerships, enhancement of state and regional procurement systems, introduction of performance-based budgeting, strengthening financial transparency, and intensification of international technical assistance and investment attraction. It is proven that the implementation of a comprehensive approach to financing vocational and technical education will enhance its adaptability to labor market demands and bring the national VET system closer to European standards.
This article examines the theoretical and methodological foundations of local budget management within the public finance system, specifically addressing the complex challenges of wartime and post-war recovery. The research systematizes diverse scientific approaches to positioning local budgets, proposing a refined definition of the local budget as a multi-functional financial instrument essential for regional strategic development and the provision of public services. The study argues that the multifaceted role of the local budget is a prerequisite for ensuring the socio-economic security and stability of territorial communities amidst current military and economic pressures. The authors establish that efficient public finance management is fundamental to national economic growth and financial system stability. A primary contribution of the research is the development of a conceptual model for local budget management, structured as an integrated complex with clearly defined objectives, subjects, and functional principles. This model incorporates regulatory, legal, and informational support mechanisms, allowing for the effective allocation of funds and increased transparency in the context of decentralization. The study emphasizes that both internal and external factors determine the effectiveness of decision-making and the choice of regional management strategies. Ultimately, the proposed model enhances the accountability of local authorities and reduces uncertainty in financial activities. By providing a framework for robust budgetary analysis, this conceptual approach fosters sustainable development and strengthens the financial capacity of Ukrainian regions. The findings provide a theoretical basis for improving the budgetary security of territorial communities during both conflict and reconstruction phases.
The article explores international experience in social services management and outlines directions for its adaptation in Ukraine. The key principles of effective management in social services are defined as decentralization, client orientation, system integration, community participation, and digitalization. Three main international approaches to social services are generalized: the Scandinavian (state-centered and socially oriented), the European (partnership-based and decentralized), and the social innovation approach (inclusiveness, collaboration, and technological focus). The Ukrainian context is analyzed in terms of staffing, financing, management culture, and legal framework. The necessity of systematic integration of international practices into Ukrainian realities is substantiated, considering socio-economic factors, societal values, and community potential. A four-level model of adaptation of international experience is proposed - normative, institutional, professional, and technological. It is concluded that modernization of social service management is an essential component of human capital development and the social resilience of Ukraine.
Adaptive models and mechanisms of project financing, which are becoming critical for ensuring the sustainability of entrepreneurial activity in Ukraine in conditions of unprecedented military uncertainty were explored and analyzed in the article. Particular attention was paid to the need to integrate risk-sharing instruments between the public and private sectors. The study focused on transforming traditional approaches to assessing investments that have proven to be unviable in conditions of systematic military risk and mass destruction of capital assets, and to identify factors that minimize fiscal pressure and facilitate the attraction of private capital to critical recovery sectors. The methodology was based on the analysis of empirical cases (the «5-7-9%» program, grant mechanisms) and their critical comparative analysis using the real options theory (ROT) as a strategic framework for assessing managerial flexibility (relocation, expansion options). Global regulatory requirements (IFRS, RDNA4) and institutional risk transfer mechanisms (MIGA and DFC) were also systematized. The hypothesis of a direct proportional dependence of financing efficiency on the synergy between state compensation for systemic risk and the ability of enterprises to quickly adapt was substantiated. The results confirm that business sustainability was achieved through a two-vector mechanism: centralized risk absorption (MIGA/DFC) provides an «external anchor», and decentralized flexibility mechanisms allow the implementation of managerial options at the enterprise level. Empirical analysis showed the effectiveness of state credit risk subsidy programs and identified key challenges, which allowed formulating recommendations for the transition to mechanisms for subsidizing the cost of insurance premiums. The scientific value of the article lies in the substantiation of an adaptive project financing model that integrates ROT and institutional de-risking, as well as in the systematization of requirements for investors and forecasting possible consequences of modern financing models in Ukraine.
The article explores the theoretical and methodological principles of integrating the organizational and economic potential of Blockchain technologies into the agribusiness system in the context of increasing demands for transparency and sustainability of value chains. The essence of Blockchain is revealed as a tool for forming a trusted information infrastructure that ensures data immutability, transaction automation and business process optimization based on smart contracts. It is substantiated that the use of distributed ledger technologies contributes to the decentralization of management, reduction of transaction costs, digitalization of product quality control and increase of the export potential of agricultural enterprises. Scientific approaches to the development of Blockchain solutions for agri-food supply chains are analyzed. A mechanism for integrating Blockchain into centralized and decentralized agribusiness platforms is proposed, which involves the development of digital competencies, the creation of support infrastructures and indicators for assessing the readiness of enterprises to implement distributed ledger technologies.
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.
У період суспільних криз та нестабільності стратегічний фандрайзинг стає важливим практичним інструментом забезпечення фінансової стабільності та соціально-економічного розвитку. Метою роботи є аналіз стратегічних підходів до інноваційного потенціалу фандрайзингу, які можуть бути успішно використані для ефективного залучення фінансування. Методологія. У процесі дослідження було застосовано загальні наукові методи: аналіз і синтез, порівняння, структурно-логічний метод, систематизація, узагальнення та абстракція. Наукова новизна. У дослідженні розглянуто проблематику стратегічного фандрайзингу у контексті інструментарію фінансової підтримки в умовах обмеженого ресурсного забезпечення. Розглянуто різні підходи до фандрайзингу, в тому числі – цифрового, традиційного, інноваційного та партнерського. Проаналізовано особливості конкретних стратегій та інструментів, таких, як краудфандинг, онлайн-платформи, технології non-fungible tokens (NFT). Встановлено, що комплексний підхід до фандрайзингу, який асимілює сучасні та традиційні методи, дозволяє забезпечити максимальну ефективність у досягненні фінансової стабільності. Висновки. У дослідженні обґрунтовано, що краудфандинг, онлайн-платформи та NFT позиціонуються надійними інструментами фандрайзингу, зокрема, на етапі формування стратегії діяльності компанії. Запропоновано ключові підходи до врегулювання ринку краудфандингових інвестицій. Доведено, що розглянуті види альтернативного фінансування та підтримки вбачаються дієвим засобом трансформації підходів до фінансування інноваційних проєктів. Проведена у статті аналітика дозволяє ідентифікувати переваги моделей фандрайзингу, а також виділити дотичні ризики та виклики, що дозволить розробляти та впроваджувати ефективні стратегії їх нівелювання.
In today’s digital economy, traditional forms of ownership are undergoing significant changes due to the rise of new technologies, including the spread of Non-Fungible Tokens (NFTs). "Non-fungible" in this context means that each token is unique and cannot be easily exchanged for a similar item, as is the case with conventional digital or physical currencies. A token itself is a digital unit that can represent a digital asset, a piece of art or a unique item, or the granting of a service and so on. This study aims to analyze the role of NFTs as a tool that transforms ownership within the digital space and fosters new economic relationships. The research is grounded in the fundamentals of blockchain technology and integrates economic theories, specifically value theory and contemporary models of capital, in the context of NFTs. The article employs an interdisciplinary approach and examines the mechanisms of uniqueness and decentralized ownership inherent to NFTs, which are reshaping the structure and efficiency of the intangible assets market. Special emphasis is placed on the impact of NFTs on the monetization of digital assets, value formation, and the dynamics of the creative industry. Particular attention is also given to the speculative nature of the market, regulatory challenges, and the prospects for economic sustainability. The findings confirm that NFTs represent not only an economic innovation that transforms ownership mechanisms, but also pose complex challenges related to the legal protection of assets and market stability. The conclusions indicate that NFTs are not merely tools for transforming digital ownership but also play a significant role in shaping new models of the digital economy—models that require further research and regulatory attention. Keywords: NFT, digital economy, ownership transformation, intangible assets, blockchain, economic innovation, monetization, legal regulation.
The purpose of this article is to study the peculiarities of the functioning of Ukraine's public finance system under martial law, identify key challenges associated with high levels of economic and social uncertainty, and justify possible ways of adapting budgetary and financial policy to ensure the sustainability, balance, and efficiency of public resource management. The article analyzes the current state of public finances in Ukraine under martial law, describes the main trends in the formation of revenues and expenditures of the state budget, the impact of military actions on the tax system, interbudgetary relations, and financial decentralization. It identifies the main challenges facing the state's financial system, including a sharp increase in military and social spending, a reduction in budget revenues due to a decline in economic activity, a growing budget deficit, and the need for external financing. Particular attention is paid to the role of international financial assistance in maintaining macroeconomic stability, ensuring the solvency of the state, and financing critically important sectors of the economy. The problems of effective public finance management during wartime are highlighted, in particular the issues of transparency of budgetary processes, targeted use of funds, risks of corruption, and restrictions in the area of financial control. Directions for improving public finance management mechanisms in conditions of uncertainty are substantiated, including the digitization of financial processes, strengthening anti-crisis planning, optimizing budget expenditures, improving the effectiveness of financial control, and developing strategic forecasting. Recommendations are proposed to improve the country's financial stability in the medium and long term, which include aligning domestic financial capabilities with external support, improving the efficiency of budget resource use, developing effective public debt management mechanisms, and enhancing financial security as a component of national stability.
The article is devoted to the theoretical and methodological justification of the impact of decentralization reform on the financial capacity of rural communities using the example of Zakarpattia Oblast in the context of martial law and profound socio-economic transformations. The content of decentralization as a key element of multi-level public administration is revealed, and its role in redistributing powers, resources, and responsibilities between the central government and local self-government, as well as in the formation of capable territorial communities, is clarified. Based on the Constitution of Ukraine, the fundamental laws on local self-government, and strategic documents of state regional policy, the institutional foundations of financial decentralization and the formation of local budgets’ revenue base are analyzed. A methodological approach to assessing the financial capacity of communities is proposed, based on the use of an integral index and a system of eleven indicators (revenues, expenditures, budget structure, share of transfers, capital investments, etc.), considering data from the ULEAD with Europe program and the specifics of the war period. Based on empirical data from 2023–2024, differences in financial capacity across rural, settlement, and urban communities were revealed. Trends in the share of communities with high, optimal, satisfactory, low, and critical levels of capacity were outlined, including a decrease in the share of critically weak communities and a gradual strengthening of individual rural communities. Specific attention is paid to the analysis of the financial situation in the communities of Zakarpattia Oblast, where both deterioration in indicators for individual territories and positive examples of capacity growth through intermunicipal cooperation, participation in international projects, and the intensification of local economic development have been recorded. The expediency of using an integrated financial capacity index as a tool for monitoring and justifying targeted state and regional policy measures to support rural communities is demonstrated. Keywords: decentralization, capacity, socio-economic development, finance, rural areas, territorial communities, competitiveness.
Оксана Гладченко, T. V. Ratushnyak, І. Д. Погорєловська, А. Р. Коротун · 5 authors
У статті розглянуто вплив комп’ютерних технологій, зокрема блокчейн-рішень, ІТ-інфраструктури та суміжних цифрових інструментів, на формування й розвиток криптовалют. Висвітлено історичну еволюцію ІТ-технологій у контексті ключових етапів розвитку криптовалютного середовища – від перших концепцій цифрових гро- шей у 1970-х роках до сучасної високотехнологічної екосистеми. Окреслено, як розвиток персональних комп’ютерів, глобального інтернету, криптографії, peer-to-peer мереж, хмарних обчислень, смартконтрактів і Web3-платформ сприяв можливості створення, функціонування та масштабування цифрових активів. На основі історичного та статистичного аналізу показано, що зростання інвестицій у блокчейн-технології тісно пов’язане з динамікою капіталізації криптовалютного ринку. Проведений регресійний аналіз продемонстрував високий рівень кореляції між ринками блокчейну та криптовалют, а також між ІТ-сектором і криптовалютами, що вказує на їхнє визначальне значення у цифровій економіці. У статті схарактеризовано модель формування криптовалюти, починаючи з концептуального етапу та завершуючи її інтеграцією в платформи обміну, зберігання та реального використання. Особливу увагу приділено ролі смартконтрактів, мережевих архітектур, тестових середовищ, безпекових протоколів та адаптації до регуляторних вимог. Зазначено, що комп’ютерні технології є системоутворюючим елементом сучасної криптовалютної економіки, а блокчейн відіграє роль ядра довіри, прозорості та безпеки в цифровому середовищі. У результаті визначено, що комп’ютерні технології є базовим структурним елементом у побудові функціональної криптовалютної екосистеми, а блокчейн виступає не просто інструментом обліку, а технологічним ядром для забезпечення довіри, децентралізації та безпеки. Таким чином, криптовалюта не є ізольованим цифровим активом, а є результатом системної взаємодії програмного забезпечення, мережевих інфраструктур, безпеки, ринкового середовища та технологічної інноваційності.
The article studies the theoretical and methodological foundations of the functioning of cryptocurrency as an innovative financial instrument in the system of economic potential of an enterprise. The essence of cryptocurrency is revealed from the point of view of its role in the formation of financial resources, ensuring solvency and increasing the competitiveness of business entities. The author's definition of the term "cryptocurrency" is provided. The criteria for classifying cryptocurrencies have been expanded. The expediency of using cryptocurrencies in entrepreneurial activities in the context of digitalization of the economy has been substantiated. The analysis of the advantages and risks of integrating cryptocurrencies into the financial strategy of the enterprise is carried out, as well as methodological approaches to assessing their impact on the overall economic potential are proposed. The authors offer practical recommendations for effective management of cryptocurrency assets, taking into account the current regulatory framework and technological changes.
The article analyzes the foundations of Ukraine's state regional policy for digital transformation, including the regulatory framework, strategic documents, and regional informatization programs. It is determined that implementing digital technologies is a key direction of state policy aimed at creating conditions for the development of an information society, integrating modern technologies into public administration, and ensuring the competitiveness of regions. Considering the decentralization of power, conditions are being created to align regional development policies with key areas of digital transformation, including the digitalization of regional governance, the development of the digital economy, the implementation of innovative technologies, process automation, the expansion of e-government, and the formation of e-democracy tools, among others. The study found that the primary tool for ensuring digital transformation at the regional level is regional informatization programs developed by the standard project for such programs approved by the Ministry of Digital Transformation of Ukraine. As of January 1, 2025, 16 regions of Ukraine have adopted these programs, which cover the implementation of e-government, digital infrastructure, cybersecurity, digital literacy, and more. Disparities in financing and levels of digital maturity among regions have been identified, requiring improved coordination mechanisms and ensuring the balanced development of digital infrastructure at the regional level. The study's results emphasize the need to synchronize regional programs with national priorities, integrate European digitalization standards, and implement a monitoring system to assess program effectiveness. These aspects are crucial for the harmonious development of a digital state, ensuring equal access to modern technologies and improving the efficiency of public administration.
М. А. Абрамова, С. В. Криворучко, Oleg V. Lunyakov, Алим Борисович Фиапшев
Existing studies of the problem of the emergence and development of decentralized finance (DeFi) are largely limited to non-principled clarification of certain positions and formulations, with emphasis on technical and technological innovations, far from the level of fundamental research. The authors set the task of theoretical understanding of the ongoing transformation processes in the financial sphere. The purpose of the study was to identify the conditions, driving forces and nature of the process of development of decentralized finance; to define DeFi and identify its sustainable features; and to substantiate the possibilities of considering DeFi as a separate economic category and institution. Setting the goal determined the sequence of its solution in two stages. The first stage implied a higher level of abstraction, an appeal to the theory of money and its modern achievements. The second stage —“movement to the surface”, inclusion in the analysis of specifications accompanying the development of DeFi. The authors used systematic and logical methods , induction and deduction as the main methods, which allowed them to generalize and systematize the ideas about the essence of decentralized finance, identify problems in the modern scientific discourse. As a result, the causes are revealed, and the nature of the process of emergence and development of the sphere of decentralized finance is substantiated, the definition of DeFi is given, the principles of their functioning are highlighted and recommendations on structuring the conceptual apparatus of DeFi are developed. It is concluded that the process of formation and development of decentralized finance is objective and driven by changes in the monetary sphere, technological advances, and problems of traditional finance. At the same time, the stable features of DeFi determine the potential of reproduction of financial relations on a decentralized basis, but at the same time do not allow us to qualify DeFi as an independent category and institution. The results of the study can be used both in elaborating the concept of DeFi development and taken into account as part of the regulatory response to DeFi.
The article considers financial literacy as an important factor of sustainable socio-economic development in the context of global digital transformation. The rapid development of financial technologies, platform economy, artificial intelligence, blockchain technologies, and decentralized finance (DeFi) has significantly changed the architecture of financial markets and consumer financial behavior models. In these circumstances, the ability of the population to effectively and safely use digital financial instruments is becoming a key condition for the financial stability of households and the stability of the financial system. According to the OECD/INFE (2023), only about 29% of the adult population achieve a minimum level of digital financial literacy, which indicates that there is a significant gap between the technological development of the financial sector and the level of financial competence of users. The study systematizes modern theoretical approaches to understanding financial literacy and analyzes its evolution under the influence of fintech innovations, artificial intelligence technologies and digital assets. Special attention is paid to new competencies necessary for secure interaction with cryptocurrencies, robo-consultants, embedded finance systems and open banking tools. It is proved that the development of digital financial literacy helps to reduce the financial vulnerability of the population, expand access to financial services and form an inclusive digital economy. The results of the study show that investments in the development of digital financial competencies of the population form a multiplier effect for economic growth and improving the financial well-being of society.
Nianko L.Yu., Dovbush A.V. DEVELOPMENT OF BANKING SERVICES IN THE CONDITIONS OF DIGITALIZATION: CHALLENGES, TRENDS AND PROSPECTS Purpose. The aim of the study is to conduct a comprehensive analysis of the transformation processes of banking services in the context of digitalization, in particular to identify key trends and outline the prospects for further development of the banking sector based on the implementation of digital technologies and FinTech solutions. Methodology of research. The methodological basis of the study is the dialectical method of scientific knowledge and a systematic approach. In the course of the study, a set of scientific methods was used to analyse the development of the banking system and its digitalization, in particular: analysis and synthesis, analytical – when processing literature sources; statistical analysis – to assess the dynamics of the banking system's development and its digitalization, evaluate global trends, and identify key areas for digitalization implementation. The use of trend analysis made it possible to identify the main factors influencing the development of the banking system and its digitalization. The graphical method was used to visualize statistical data and trends, which provides a more visual representation of the dynamics of the banking system and simplifies the interpretation of the obtained results. Findings. The issues of digitalization of the banking system are studied. The level of penetration of online banking, the dynamics of launching new banks in the world, the number of digital banks in the world, and the number of clients of the world's leading digital banks are determined and estimated. The list of promising and newest financial technologies in the banking sector is specified. Originality. The study proves that the prospects for the introduction of such digital financial technologies as artificial intelligence (AI), open banking, central bank digital currencies (CBDCs), biometric identification services, and green banking are directly related not only to their technological convenience but also to the level of government support and promotion of financial inclusion. This, unlike existing approaches, makes it possible to comprehensively assess not only the innovative potential of technologies but also their systemic integration into the banking model. It is established that DeFi (decentralized finance), despite the limited regulatory environment and high risk, can be further developed through gradual integration with traditional banking instruments, in particular through models of sharing APIs and smart contracts within hybrid financial systems. The study also improves the classification of the main risks that accompany the implementation of FinTech solutions in the banking sector by identifying strategic, technical, regulatory, organizational, and infrastructure threats. This allows for a more effective risk management model for the digital transformation of the bank. Practical value. The substantiated results of the study can be used to assess the trends in the implementation of FinTech solutions in the banking sector, to understand the role of FinTech in the strategic management of the bank, which allows considering digital innovations not only as tools for improving efficiency, but also as factors in the formation of long-term competitiveness. The study also improved the classification of the main risks accompanying the implementation of FinTech solutions in the banking sector by identifying strategic, technical, regulatory, organizational, and This allows for a more effective risk management model for the digital transformation of the bank. Key words: bank, banking services, digitalization, online banking, blockchain, Open Banking, digital transformation, FinTech.