The article provides a comprehensive comparative analysis of the fiscal decentralizatio mechanism in Ukraine and the European Union countries, with a focus on its impact on the financial capacity of local self-government. It is substantiated that fiscal decentralization is a key instrument for ensuring sustainable socio-economic development of territories, as it determines the level of budgetary autonomy, the stability of local budget revenues, and the ability of territorial communities to perform their own and delegated functions effectively. The current state and dynamics of fiscal decentralization in Ukraine during 2022–2024 are analyzed, taking into account the influence of martial law and war-related challenges on the structure of local budget revenues and the degree of dependence on interbudgetary transfers. The study conducts a comparative assessment of key quantitative indicators of fiscal decentralization in Ukraine and selected EU countries, including the share of local budgets in the consolidated public budget, the proportion of own-source revenues, the role of intergovernmental transfers, and the level of tax autonomy of local authorities. The results demonstrate that EU countries are characterized by higher financial stability of local governments, a greater share of own revenues, and more effective fiscal equalization mechanisms. Based on the analysis, quantitative benchmarks for adapting European fiscal decentralization practices to the Ukrainian context are proposed, aimed at strengthening the financial capacity of territorial communities. The findings may be used in shaping public finance policy, particularly in the context of European integration and post-war recovery of Ukraine.
Water scarcity represents one of the most critical challenges confronting arid and semi-arid regions, particularly under the intensifying pressures of climate change. In desert environments, limited freshwater availability constrains public health, food security, and socio-economic development, while traditional funding mechanisms often prove inadequate for scaling sustainable water infrastructure. This study examines the potential of decentralized finance (DeFi) bonds, combined with desalination and atmospheric water harvesting technologies, as an innovative financing and delivery model for enhancing water resilience in desert regions. The research adopts a qualitative, exploratory case study approach, drawing on a structured review of academic and policy literature, documented blockchain-based water initiatives, and a conceptual financial analysis of DeFi bond mechanisms. The OikosNomos.world (ONW) initiative is examined as the primary case study, with attention to its proposed deployment of solar-powered desalination systems, boreholes, and atmospheric water harvesting infrastructure. The analysis indicates that existing desalination and water harvesting technologies are technically viable in arid environments, particularly when integrated with renewable energy systems. Furthermore, blockchain-enabled DeFi bonds demonstrate potential to enhance transparency, automate fund allocation through smart contracts, and attract global impact-oriented capital beyond traditional grant-based models. However, the study also identifies key challenges, including regulatory uncertainty, governance complexity, infrastructure constraints, and the need for sustained community engagement. The paper concludes that while DeFi-financed water infrastructure is not a standalone solution to water scarcity, its strategic integration with proven water technologies and inclusive governance models offers a scalable and transparent pathway for strengthening desert resilience. Future empirical research and pilot deployments are required to validate financial performance, adoption outcomes, and long-term socio-environmental impacts.
Fintech enterprises operate at the intersection of rapid technological innovation and stringent regulatory oversight, creating a complex organizational challenge. This review systematically examines organizational restructuring strategies that enable fintech firms to balance innovation and compliance. Drawing on the concepts of ambidexterity and contingency theory, the paper analyzes functional, divisional, matrix, and networked structures, highlighting their respective advantages and limitations for fostering innovation and ensuring regulatory adherence. Cross-functional teams, hybrid models, and embedded compliance practices emerge as key enablers for achieving dual objectives. The synthesis provides practical guidance for managers seeking to design adaptable organizational architectures, while also offering theoretical contributions to the literature on innovation management and regulatory alignment. Future research directions include cross-country comparisons, longitudinal studies, and exploration of emerging fintech models such as decentralized finance platforms.
Despite Pakistan's long-enduring chronic energy crisis, a recent surge in solar generation supplied nearly 25 % of the national electricity grid in the first quarter of 2025, broadening access and easing cost pressures. Conversely, IMF conditionality under IMF financing programs, such as tariff rebasing and a 10 % sales tax on solar imports, risk undermining these distributive gains. This study examines the interaction between solar adoption, IMF credit, and household electricity prices in shaping energy justice, using annual data from 2007 to 2024. We capture direct, mediated, and dynamic effects using time-series analysis and causal mediation models, respectively. Results show that a 1 % increase in solar generation reduces injustice by 0.142 points ( p < 0.01), with benefits most substantial in rural areas. Mediation analysis demonstrates that IMF credit alleviates injustice only when channeled through solar adoption ( β = 0.251 → SE; Sobel z = −2.47), while tariff hikes directly worsen inequality ( β = −0.399, p < 0.05) but partially induce adoption. VAR evidence reveals that price shocks immediately intensify injustice, whereas solar shocks reduce disparities gradually. Results conclude that solar energy holds great promise, but cannot single-handedly drive a just transition. Achieving equitable outcomes requires addressing policy barriers by removing regressive fiscal measures, safeguarding net-metering, dedicating IMF resources to decentralized solar projects in marginalized communities, and broadening targeted subsidies for low-income populations. A failure to implement such measures could render Pakistan's solar expansion exclusive, thereby widening inequality. • Solar deployment substantially reduces distributive energy injustice in Pakistan, with a 1 % rise in solar output lowering injustice by 0.142 points. • IMF credit enhances distributive energy justice only when directed toward solar investment. • Household electricity prices drive energy injustice: tariff hikes intensify inequality but spur limited, inequitable solar adoption. • Price shocks incur immediate and enduring distributive costs, whereas the equity benefits of solar adoption accrue gradually. • Achieving an equitable transition requires embedding distributive justice in fiscal and financing frameworks.
Educational inequality persists across ASEAN despite improvements in enrollment and literacy, reflecting structural rather than merely access-related challenges. This study examines how governance structures, financing mechanisms, institutional capacity, and socio-economic stratification interact to produce disparities in educational access, participation, and progression. Using a qualitative-dominant mixed-methods design with cross-national comparative policy analysis, the research integrates macro-level quantitative indicators with in-depth qualitative evaluation of policy frameworks across ASEAN member states. Findings reveal that while primary enrollment approaches universality, secondary and tertiary education exhibit pronounced attrition, particularly among rural, low-income, and minority populations. Centralized governance, equitable public financing, and targeted support correlate with higher retention and reduced disparities, as evidenced in high-performing systems such as Singapore, whereas decentralized or under-resourced systems exacerbate structural inequities. Moreover, digital access and institutional capacity emerge as critical factors influencing educational trajectories. The study underscores that addressing inequality requires systemic reforms integrating governance coordination, progressive financing, institutional strengthening, and equity-focused interventions. By foregrounding structural determinants and cross-national variation, this research contributes to theoretical and policy debates on educational equity, providing evidence-based guidance for ASEAN strategies aimed at achieving inclusive, high-quality education across diverse socio-economic and geographic contexts.
Blockchain technology has emerged as a foundational digital infrastructure capable of redefining global trade and financial ecosystems through its decentralized, immutable, and trust‐enhancing architecture. By eliminating conventional intermediaries and reducing informational asymmetries, blockchain strengthens transactional transparency, accelerates cross-border settlements, and enhances the authenticity of trade documentation. Its applications including distributed ledgers for supply chain traceability, smart contracts for automated trade finance, and digital identities for customs and compliance are enabling unprecedented operational efficiencies across international logistics and regulatory environments. In the financial domain, blockchain facilitates secure and near-instantaneous value transfers, supports innovative instruments such as asset tokenization, and expands financial accessibility through decentralized finance (DeFi). Central bank digital currencies (CBDCs) further signal a structural transformation in global monetary governance by promoting interoperability and reducing systemic frictions. Despite such transformative potential, significant challenges remain: fragmented regulatory frameworks, scalability constraints, cybersecurity concerns, and the need for harmonized global standards. This study critically evaluates blockchain’s multi-dimensional impact on international trade and financial systems, examining its strategic advantages, evolving use cases, and institutional implications. The analysis underscores that long-term global adoption will require coordinated policy reforms, cross-border regulatory convergence, and robust technological infrastructure. The findings aim to contribute to international scholarly discourse by mapping blockchain’s trajectory as a catalyst for a more transparent, resilient, and integrated global economic order.
Decentralized Finance (DeFi) has become a major component of digital asset markets, yet accurately valuing protocol performance remains difficult due to high volatility, nonlinear pricing dynamics, and persistent disclosure gaps that amplify valuation risk. This study develops an Optuna-tuned Super Learner stacked ensemble to improve risk-aware DeFi valuation, combining Extremely Randomized Trees (ETs), Support Vector Regression (SVR), and Categorical Boosting (CAT) as heterogeneous base learners, with a K-Nearest Neighbors (KNNs) meta-learner integrating their forecasts. Using an expanding-window panel time-series cross-validation design, the framework achieves significantly higher predictive accuracy than individual models, benchmark ensembles, and econometric baselines, obtaining RMSE = 0.085, MAE = 0.065, and R2 = 0.97—representing a 25–36% reduction in valuation error. Wilcoxon tests confirm that these gains are statistically significant (p < 0.01). SHAP-based interpretability analysis identifies Gross Merchandise Volume (GMV) as the primary valuation determinant, followed by Total Value Locked (TVL) and key protocol design features such as Decentralized Exchange (DEX) classification, while revenue variables and inflation contribute secondary effects. The findings demonstrate how explainable ensemble learning can strengthen valuation accuracy, reduce information-driven uncertainty, and support risk-informed decision-making for investors, analysts, developers, and policymakers operating within rapidly evolving blockchain-based digital asset environments.
Shiyu Zhang, Zining Wang, Jin Zheng, John Cartlidge
Systemic risk refers to the overall vulnerability arising from the high degree of interconnectedness and interdependence within the financial system. In the rapidly developing decentralized finance (DeFi) ecosystem, numerous studies have analyzed systemic risk through specific channels such as liquidity pressures, leverage mechanisms, smart contract risks, and historical risk events. However, these studies are mostly event-driven or focused on isolated risk channels, paying limited attention to the structural dimension of systemic risk. Overall, this study provides a unified quantitative framework for ecosystem-level analysis and continuous monitoring of systemic risk in DeFi. From a network-based perspective, this paper proposes the DeFi Correlation Fragility Indicator (CFI), constructed from time-varying correlation networks at the protocol category level. The CFI captures ecosystem-wide structural fragility associated with correlation concentration and increasing synchronicity. Furthermore, we define a Risk Contribution Score (RCS) to quantify the marginal contribution of different protocol types to overall systemic risk. By combining the CFI and RCS, the framework enables both the tracking of time-varying systemic risk and identification of structurally important functional modules in risk accumulation and amplification.
This study reviews the advancements in AI-driven methods for predicting stock prices, tracing their evolution from traditional approaches to modern finance. The role of AI in the market extends beyond predictive systems to encompass the intersection of financial markets with emerging technologies, such as blockchain, and the potential influence of quantum computing on economic modeling. A decentralized finance system examines the application of Reinforcement Learning in financial market prediction, highlighting its potential for continuous learning from dynamic market conditions. The study discusses the development of hybrid prediction models, stock market machine learning systems, and AI-driven investment portfolio management. The potential of quantum computing enhances portfolio analysis, fraud detection, optimization, and asset valuation for complex market predictions, as well as the impact of blockchain technologies on transparency, security, and efficiency. Machine learning techniques can significantly automate data collection and purification. Financial decision-making and the application of time-series analysis techniques can be readily learned through deep reinforcement learning for stock price prediction. Deep Neural Networks and Strategic Asset Allocation can be managed by evaluating performance and portfolio using real-time market insights from AI models. Although there are numerous ethical, sentimental, regulatory, and data quality issues in market prediction, the future job market is heavily dependent on these criteria, particularly through effective risk management and fraud detection.
From July 1, 2025, Vietnam will replace its three-tier local government structure with a two-tier model, raising questions about how far legal decentralization can deliver more inclusive and collaborative governance in key sectors such as education. This article uses doctrinal legal analysis to examine the constitutional, organization- al, and fiscal architecture of the reform, focusing on the education decentralization decrees issued by the government. It asks how the two-tier model reallocates powers across the center, province, and commune, whether finance, performance indicators, and data governance rules are aligned with subsidiarity, fiscal equivalence, and trans- parent multilevel coordination, and which combinations of rules create a real scope for collaboration. The analysis finds that inclusive collaboration is most likely where devolved mandates are matched by predictable, equalized funding, clearly specified Education Management Information System (EMIS)-based information flows, and enforceable participation procedures, while ambiguous oversight clauses and frag- mented data systems risk precautionary recentralization, especially in capacity-con- strained provinces. The article concludes by proposing doctrinal benchmarks and a phased implementation roadmap to help policymakers translate the two-tier reform from formal devolution into operational collaboration in the education sector.
Oral diseases constitute a global public health crisis, affecting nearly 3.5 billion people worldwide [1]. They cause pain, disability, and economic loss, with their highest burden falling on vulnerable and marginalized populations [1,2]. This crisis is exacerbated by a widespread systemic failure: c [3]. This exclusion frames oral health as a discretionary rather than an essential service, rendering cost a primary barrier to access [4]. Africa exemplifies the severe consequences of this global neglect. The continent is projected to experience the largest relative increase in oral diseases by 2030, driven by urbanization, dietary changes, and the persistent low prioritization of oral health [3,5,6]. The prevailing clinic-centric, curative model is not only misaligned with regional demographics, resource constraints, and cultural contexts [7] but also replicates a global paradigm that uses high cost as a rationale for exclusion rather than as an impetus for innovating equitable, preventive solutions. Therefore, the challenge in Africa is a pressing demonstration of the need for a paradigm shift in how oral health is valued and delivered.The persistent inadequacy of oral health care in Africa is a deeply entrenched structural problem, rooted in systemic and self-perpetuating deficiencies that are more than a simple shortfall of resources or logistics. This structural failing is evident in the severe maldistribution and shortage of the oral health workforce, where the low dentist-to-population ratio, frequently reaching 1:100,000, stands in stark contrast to ratios around 1:2,000 in high-income countries [2,6]. This scarcity is exacerbated by a maldistribution of care providers, with most dental facilities concentrated in urban centers [8]. Consequently, rural populations, which constitute the majority in many African countries [9], face geographic barriers to accessing care [10]. Compounding this is the policy and financing neglect, as oral health remains excluded from most UHC schemes and primary care policies [11], resulting in catastrophic out-of-pocket expenditures for many households [12]. In the absence of political will and dedicated preventive funding, the oral health burden is normalized for marginalized populations due to a lack of [11][12][13].In the absence of accessible and affordable professional care, populations often resort to traditional or complementary remedies [14]. While these remedies are often effective for basic hygiene, they lack an evidence base for managing acute conditions, potentially leading to delayed presentation and health complications [15]. Yet, the prevailing clinic-centric model, derived from Western biomedical frameworks, creates a systemic cultural and institutional disconnect by overlooking and not strengthening indigenous health practices and community-based oral health care traditions, thereby widening the access gap [15,16]. The cumulative effect is a situation where a preventable condition like dental caries can progress to a life-threatening infection and chronic oral pain [17]. This disconnect is exacerbated by infrastructural and technological inequities, where limited preventive public health infrastructure and uneven digital access reinforce disparities rather than resolve them [18]. The cycle is perpetuated by dental education curricula that remain focused on curative, clinical care, offering minimal training in community-based prevention, cultural competence, or the integration of traditional knowledge systems [16]. Collectively, these intertwined factors create a system in which oral diseases are treated late [19][20][21], and late access to treatment is systematically sustained by the very structures designed to combat them.While it is known that prevention remains the most viable option to address oral disease [1] and a strategic necessity to achieve health equity, reduce healthcare costs, and improve overall quality of life [22]. The critical question is how to implement it effectively within the African socio-economic and cultural landscape. Mitigating the oral health crisis in Africa requires fundamental structural reorientation toward community-embedded, preventive, and culturally intelligent models of care. The aim of the study is to advocate for a shift away from the current prevailing model of oral healthcare in Africa, and to propose a new, community-embedded, home-based primary preventive model.The conventional oral healthcare model, which relies on encouraging clinic attendance for preventive check-ups and education, is rooted in a Western biomedical framework and fails to account for the geographic, financial, and cultural barriers that limit clinic access, thereby exacerbating health inequities. It is ill-suited to the infrastructure, economic realities, and cultural practices of many lowresource settings in Africa as it inherently places the onus of cost, time, and travel on the individual, thereby disproportionately disadvantaging rural and low-income communities. This raises a pivotal question: in settings where transportation costs are significant considerations, and where cultural beliefs often prioritize home-based and community-advocated remedies [15,16], is a clinic-based model for prevention justifiable?For Africa, where a more equitable, efficient, and culturally intelligent model of delivering oral health care is needed, alternative(s) must be explored. A viable path forward is a reorientation towards home-based and community-driven primary prevention. This is a call to re-engineer the ecosystem, positioning the household as the primary locus of prevention, supported by a strengthened public health infrastructure that actively incorporates indigenous knowledge and hands the responsibility of prevention to empowered communities. This model aligns with the WHO's building blocks approach by focusing on community ownership and integrating oral health into broader health initiatives [23].Advocating for a home-based, community-embedded model of oral health prevention does not diminish the fundamental responsibility of governments and health systems to ensure population health. Rather, this paradigm shift represents a strategic reorientation toward primary prevention, anchored by robust public health infrastructure, targeted professional development, and equitable distribution of tools and knowledge. The model's success wholly depends on this systemic support; without it, responsibility is devolved onto individuals and communities, exacerbating the very inequities it seeks to address. The proposed model, therefore, envisions a synergistic partnership, positioning the household and community as the frontline of daily prevention-actively fortified by the state through funded preventive programs, subsidized access to essentials like fluoride toothpaste, and culturally sensitive training curricula [24]. Ultimately, the goal is to avoid making people responsible for outcomes beyond their control due to inadequate support. Instead, the model empowers them within a framework of shared responsibility, where public health infrastructure enables effective self-care and community action, thereby transforming the locus of care without abandoning the population.This proposed model offers several distinct advantages, with an emphasis on cultural leverage. First, a preventive approach is economically prudent. Evidence indicates that population-based preventive programs yield a high return on investment: for every USD invested in community-based oral disease prevention, up to USD 50 in treatment costs can be saved [25]. Empowering individuals, households, and communities with the knowledge and tools for effective self-care, including the use of affordable fluoride toothpaste, sugar consumption limitation, and other dietary strategies, can prevent a significant proportion of oral diseases, thereby alleviating financial pressure on both households and the overstretched public health systems.Second, a key, yet underutilized, strategy is the respectful engagement with and leverage of culturally resonant health promotion, often embodied by community-based actors like traditional healers. As demonstrated in Yorùbá culture, songs, proverbs, and folklore are powerful tools for embedding health messages [15,16]. Public health campaigns can leverage these existing oral traditions to disseminate messages about oral hygiene, reframing modern practices like fluoride toothpaste use within the context of cultural values such as spiritual balance, personal dignity (iyi), and social respectability [16].Although the integration of culturally resonant health promotion is often promoted through the integration of traditional healers into formal health systems [26], this integration approach remains unresolved, facing challenges related to training standardization, regulatory frameworks, and scope of practice [27,28]. Our proposal does not suggest that traditional healers can or should replace absent dentists or solve systemic human resource shortages in isolation. Rather, it advocates for a complementary and collaborative model. Community Health Workers (CHWs) and respected community figures, including some traditional healers who share a language and worldview with the community, can be trained as oral health promoters. Their role would be to champion the complementary use of evidence-based prevention alongside trusted cultural practices, such as the use of chewing sticks with known antimicrobial properties [29,30]. This can bridge the trust gap and transform cultural barriers into facilitators. The proposed model is not an alternative to building a robust health workforce but a necessary, parallel investment to extend its reach and impact sustainably. It seeks to 'task-share' health promotion and simple prevention, not 'task-shift' the full burden of clinical care. This strategy needs to use a dual approach: 1) Strengthening the economic, human, and physician resources of the formal oral health system remains a non-negotiable priority for managing disease and handling referrals. 2) Simultaneously, empowering community-based networks to deliver primary prevention. This decolonizes the approach by valuing indigenous knowledge systems while anchoring them within a strengthened public health infrastructure that can provide oversight, training, and a clear referral pathway.Third, the environmental impact of health care delivery is an emerging concern. Clinic-based models necessitate frequent patient travel, consuming fuel, and generating carbon emissions [31]. Furthermore, complex restorative treatments for advanced disease consume more materials and energy, contributing to medical waste [32]. A home-based prevention model inherently reduces the carbon footprint of oral health care by minimizing unnecessary travel, reducing disease incidence, and diminishing the demand for resource-intensive curative procedures [33].Fourth, digital health technologies present a transformative opportunity to overcome geographic barriers. The proliferation of mobile phone networks enables the use of tele-dentistry, allowing CHWs to perform basic screenings and receive remote guidance from dental professionals [34]. Smartphone penetration in Africa is growing rapidly, increasing from 64% in Sub-Saharan Africa in 2024 to 75% in 2025 [35]. Mobile health (mHealth) applications can deliver standardized oral hygiene instruction, including culturally tailored animations using local music and proverbs, dietary advice, and preventive reminders in local languages. This task-shifting and tele-guidance approach, validated in programs for oral health [36], can expand the reach of oral healthcare systems without requiring more dentists [37].Table I provides a summary of the argument presented in the paper by systematically contrasting the limitations of a clinic-centric model with the proposed household-focused, community-supported alternative preventive model. The paradigm shift is a move from a clinic-centric model to one that relocates the primary locus of preventive oral healthcare by empowering and enhancing self-care at the individual household level, which is reinforced by a network of support within the community. This is achieved through several key changes outlined in the table, including the shift from the professional dental clinic to the household, establishing it as the frontline for daily prevention, while the community becomes the supportive ecosystem. Key actors are expanded beyond oral healthcare professionals to include individuals, caregivers, CHWs, teachers, and traditional healers. This creates a multi-layered support system that guides, educates, and reinforces positive self-care practices within everyday life. The approach becomes culturally intelligent, leveraging indigenous knowledge, oral traditions, and technology to make evidence-based self-care practices more resonant, sustainable, and responsive to local resources. The proposed model transforms prevention from a periodic clinical event focused on managing disease by an external authority (the dentist) into a continuous, community-embedded practice for sustained health and well-being managed by empowered individuals. Implementing this paradigm shift faces significant systemic challenges that demand strategic and context-sensitive solutions to prevent the inadvertent perpetuation of health inequities. First is the need for sustained political will to reorient national health budgets from a curative to a preventive focus, including the integration of oral health into UHC schemes and primary care policies [11].Innovative financing, such as earmarked taxes on sugar-sweetened beverages shown to be effective in Africa [38], alignment of donor investments with frameworks like the African Union's Agenda 2063 through domestication into national development plans, coordinated partnerships, and leveraging various financing mechanisms [39], and the reallocation of funds from high-cost tertiary procedures to community-based prevention can yield a high return on investment for this program.Second, addressing workforce gaps requires scaling training for CHWs and traditional healers without compromising quality. This necessitates a standardized, accredited curriculum focused on core preventive competencies (identifying early signs of caries and gingivitis, delivering motivational interviewing for fluoride toothpaste use and sugar reduction, using a validated mobile app for risk assessment and capturing images for tele-consultation, and applying a simple referral algorithm based on symptoms to designated primary care dental units), supported by ongoing supervision and telementorship from dental professionals [37], alongside continuous professional development and clear scope-of-practice guidelines to ensure safety and clarity [27,28]. The digital divide presents another barrier; although smartphone penetration is rising [35], uneven access and literacy risk widening disparities [18]. A hybrid approach combining mHealth apps for connected users [36] with low-tech solutions like SMS reminders, interactive voice response, and community radio in local languages, shown to be effective [40], is essential for inclusive reach.Furthermore, tele-dentistry and community screening must be formally linked to clinical care through structured referral protocols. Clear guidelines, supported by mobile diagnostic tools for CHWs [34], should define urgent red-flag conditions, establish feedback loops for follow-up, and integrate seamlessly with existing primary care networks to avoid siloed systems. Finally, cultural and logistical sensitivities must be navigated with care. Potential resistance from professional associations can be mitigated through the co-creation of guidelines and evidence-sharing. Respect for the intellectual property of traditional knowledge, credited inclusion of cultural custodians in program design [16], and transparent, long-term community engagement are all vital to building trust and reinforcing the complementary, not replacement, role of cultural practices within an evidencebased prevention framework. The goal is to establish every household as its own first line of defense, supported by the consistent practice of evidence-based prevention, such as twice-daily use of fluoride toothpaste and reduction in sugar consumption, which remains one of the most effective public health interventions for dental caries [41,42], while respecting and incorporating culturally validated selfcare practices.To realize this vision, a phased, adaptive implementation strategy is essential to pilot, refine, and scale the model effectively as outlined in Table 2. By deeply embedding prevention into community and primary care structures, a resilient oral health ecosystem capable of enduring with reduced reliance on external funding can be fostered. Successful implementation requires multisectoral governance, actively involving Ministries of Health, Education, Local Government, and Finance. National Oral Health Prevention Guidelines must be co-developed with communities and strategically aligned with overarching frameworks such as the WHO's Framework for Integrated People-Centred Health Services [43] and the African Union's Health Strategy 2016-2023 [44]. A robust monitoring and evaluation framework is needed to track progress through key indicators like the reduction in early childhood caries incidence, coverage metrics such as the proportion of households with access to affordable fluoride toothpaste, workforce data on the number of trained CHWs and traditional healers per district, and perceived quality measures of patient satisfaction and cultural relevance. Further strengthening resilience would require promoting the local production of affordable fluoride toothpaste to ensure a reliable supply, create economic opportunities, and reduce import dependence [45,46]. It is time to move beyond attempting to retrofit a Western, clinic-centric model onto the complex realities of Africa. The future of oral health in Africa lies in decentralizing prevention, democratizing care, leveraging technology, integrating with primary care, and, most importantly, empowering communities by drawing upon their immense cultural and human capital. This model reimagines health systems as enablers of prevention. It calls for governments, professionals, and communities to co-create a cost-effective, sustainable, and scalable oral health ecosystem where prevention is accessible, culturally resonant, and systematically supported as an ethical and practical imperative to mitigate the growing epidemic of oral disease on the continent. Ultimately, the sustainability of this paradigm shift hinges on parallel reforms in dental education, producing graduates who are as proficient in cultural humility and community partnership as they are in clinical science.
Financial identity systems were built for humans. Know-Your-Customer (KYC), Anti-Money Laundering (AML), and beneficial ownership frameworks assume that economic actors are natural persons or legally incorporated entities. That assumption no longer holds. Autonomous artificial intelligence agents now negotiate contracts, execute procurement, trade digital assets, allocate treasury capital, and conduct cross-border transactions without real-time human intervention. Yet these agents possess no formal financial identity. This article introduces Know-Your-Agent (KYA)—a governance framework that extends financial identity infrastructure beyond humans to autonomous systems. Article argue that AI agents operating in financial contexts must be identifiable, accountable, auditable, and risk-classified. We develop a layered identity architecture, outline an agent risk scoring model, explore behavioral drift monitoring, analyze legal liability structures, and examine regulatory implications across jurisdictions. Through detailed use cases in retail procurement, decentralized finance (DeFi), enterprise treasury management, and IoT payment ecosystems, we demonstrate why KYA is not optional but foundational for the next generation of digital trust infrastructure. The article concludes with a strong future research agenda spanning explainability standards, cross-jurisdictional identity portability, agent-to-agent contract governance, systemic risk modeling, and the emergence of AI insurance markets.
In this work, we utilize the blockchain transactions and financial instruments to pre-dict the Bitcoin price using machine learning. We use three models: Light Gradient Boosting Machine (LightGBM), Decision Tree Regressor and Random Forest Regressor applied on a feature set which includes lagged close prices, 14-day Simple Moving Av-erage (SMA), Relative Strength Index (RSI) and daily confirmed Bitcoin transactions. The data is temporally aligned and pre-processed to maintain temporal coherence, as well as for conversational fluency. Through the results assessment by means of RMSE MAE, MAPE and R², we can found that Random Forest model has results closer to best performance with values of: 264.81 (RMSE); 175.41(MAE); for MAPE is 0.27% and; R² equals to 0.9958. Our findings also lend strong support for the effectiveness of simul-taneously considering not only blockchain-specific market variables but also tradi-tional financial predictors towards improved model performance and generalization. Our findings underscore the importance of raw blockchain transaction data for pre-dicting cryptocurrency prices, and present a new tool for data-based decision making in decentralized finance.
Anthony Chidi Nzomiwu, Scholastica Chidkodilri Uzondu
Decentralized Finance (DeFi) signifies not just a technological advancement but a profound transformation in financial governance, shifting power from traditional hierarchical intermediaries to autonomous, self-executing code. This article, grounded in institutional economics and legal theory, posits that DeFi introduces a novel governance framework in which trust is embedded in deterministic protocols rather than vested in individuals or institutions. By examining the four fundamental DeFi primitives—decentralized exchanges, lending platforms, programmable derivatives, and automated financial operations—we illustrate how programmable rules disintermediate conventional fiduciary responsibilities and enforcement mechanisms. A detailed case study of Compound’s governance evolution highlights both the potential for increased efficiency and the rise of new accountability challenges. We identify a critical tension: while automated rule enforcement minimizes transaction costs and mitigates principal-agent issues, it concurrently diminishes contestability, adaptability, and avenues for redress—elements vital for robust financial systems. The article concludes by proposing a hybrid governance framework that retains the efficiency of code while reintroducing deliberative safeguards, providing pathways for regulators, protocol developers, and scholars to navigate the re-integration of finance in a post-intermediary landscape.
The digital transformation of the global economy necessitates fundamental changes in traditional mechanisms of scientific financing, particularly in grant funding systems. This study examines priority directions for improving grant financing in the context of accelerating digitalization processes and provides evidence-based recommendations for modernizing existing financial support mechanisms for scientific research and innovation projects. The research employs a comprehensive methodological approach combining systematic analysis, comparative examination of international best practices, and case study methodology. Special attention is devoted to analyzing the European Union’s “Digital Europe” Programme as an innovative model of digital financing, as well as Ukraine’s National Strategy for Digital Development of Innovation Activity for the period until 2030. The study identifies strategic directions for digital transformation of grant systems, including implementation of blockchain technologies for creating decentralized transaction registers, development of AI systems for decision-making support, creation of integrated project lifecycle management systems, and introduction of Industry 4.0 technologies for synergetic enhancement of research ecosystems. Analysis of the “Digital Europe” Programme demonstrates the EU’s strategic orientation toward building a comprehensive digital ecosystem through targeted grant financing. A comprehensive 12-point modernization programme for Ukraine’s grant financing system is proposed, encompassing the creation of a national digital platform integrating all grant programmes, the introduction of digital identification systems for researchers, the development of intelligent expert evaluation systems, the modernization of financial monitoring mechanisms, and integration with international grant platforms. The programme provides a clear roadmap for systematic digital transformation during 2025–2030. The research demonstrates that digitalization of grant financing represents a critical factor for modernizing scientific financing systems and ensuring compliance with post-industrial society requirements. Integration of Ukrainian grant systems with European digital initiatives creates strategic opportunities for accessing international resources, forming international scientific consortia, and strengthening the competitiveness of domestic institutions. The proposed conceptual model establishes methodological foundations for the phased implementation of technological innovations and sustainable development of research activities in conditions of global digitalization and post-war economic recovery.
Old economy banking infrastructure systematically bars billions of people across the globe from fundamental financial services by way of insurmountable documentation barriers, exorbitant fee systems, and geographic reach that disproportionately affect developing economy populations. Local currency instability and hyperinflation further enhance these problems by decimating savings and buying capacity, locking communities in vicious cycles of economic instability. Blockchain and decentralized financial protocols appear as revolutionary solutions that democratize access to finance using only internet connectivity, removing intermediaries and institutional gatekeeping systems. Dollar-pegged stablecoins bring much-needed stability to volatility in currencies without sacrificing the accessibility advantages of distributed ledger infrastructure. Decentralized lending protocols produce legitimate returns by linking borrowers and lenders via algorithmic interest rate models, which are transparently operated without central decision-making power. Self-custody wallets function as complete pseudo-bank debts supplying global attain and continuous accessibility, allowing customers to keep, transmit, and hold digital property without requiring institutional approval or extensive documentation. Clever contracts execute mechanically primarily based on predetermined conditions, disposing of human intermediaries at the same time as ensuring transparency via immutable public blockchain information. Revolutionary regulatory frameworks establish sandbox environments that facilitate controlled experimentation with blockchain-based economic services, enabling innovation even as preserving customer protection requirements. Mobile-first user experience design with support for local languages answers the specific needs of developing market populations relying solely on internet access via mobile devices. Intersecting these technological advancements makes financially independent ecosystems possible for serving previously excluded communities through yield-producing instruments and barrier-free cross-border payment capabilities.
Guma Ali, Otim Emmanuel, Maad M. Mijwil, Bosco Apparatus Buruga · 6 authors
The rapid digitalization of financial services has given rise to smart finance ecosystems that integrate FinTech platforms, Internet of Things (IoT) devices, cloud infrastructures, and decentralized applications. While these systems enhance automation, operational efficiency, and financial inclusion, their highly distributed, data-intensive architectures introduce critical security, privacy, and trust challenges. In this context, artificial intelligence (AI) and blockchain have emerged as complementary technologies capable of addressing these challenges through intelligent decision-making, advanced threat detection, data integrity, and transparent operations. This survey provides a comprehensive review of recent research on securing smart finance systems using AI- and blockchain-based approaches. The survey comprehensively analyzed research published between 2023 and 2026 using the Scopus database, focusing on the keywords “AI,” “blockchain,” and “smart finance.” The analysis reveals extensive use of AI-driven security mechanisms, including credit scoring and risk assessment, transaction monitoring and fraud detection, anti-money laundering (AML) and know-your-customer compliance, identity verification, cyber threat detection, smart contract security analysis, behavioral biometrics, insurance fraud detection, and market risk prediction. In parallel, the survey examines blockchain-enabled security solutions, including secure payment and settlement systems, cross-border remittances, AML and counter-terrorism financing frameworks, digital identity management, smart contracts, asset tokenization, decentralized finance, auditability, and secure interbank communication. The integration of AI and blockchain offers significant advantages, including improved fraud detection accuracy, enhanced transparency and traceability, stronger data integrity, automated compliance, real-time threat response, and increased system resilience. Despite these benefits, key challenges persist, particularly in scalability, privacy preservation, interoperability, regulatory and ethical compliance, energy efficiency, explainability, and post-quantum security. The survey concludes by outlining future research directions and design guidelines for developing secure, scalable, and trustworthy smart finance systems that effectively leverage the integration between AI and blockchain.
The article substantiates the critical inadequacy of traditional static risk assessment methods (specifically, VaR and standard deviation) for analyzing the effectiveness of integrating Decentralized Finance (DeFi) assets into investment portfolios. It is proven that the returns of DeFi assets are characterized by a non-normal distribution with pronounced «fat tails», which creates a significant risk of underestimating catastrophic losses. The purpose of the study is to develop and theoretically substantiate a methodology for evaluating the effectiveness of DeFi platforms in diversifying investment portfolios. The methodological gap between the requirements of the volatile DeFi market and the limitations of classical financial models is investigated, particularly in the areas of controlling Tail Risk and the dynamic nature of correlational dependence, which critically increases during market shocks (the «correlation-to-one» effect). A four-stage methodology is proposed, which includes the theoretical integration of Conditional Value-at-Risk (CVaR) as a basic coherent measure of extreme risk and a developed algorithm for proactive diversification management based on the DCC-GARCH model. This made it possible to calculate the Optimal Dynamic Hedging Weight, necessary for the daily adjustment of the portfolio structure to prevent the loss of the diversification effect. The comprehensive methodology developed provides a complete cycle of proactive risk management and offers a clear algorithm for making decisions about the structure of an investment portfolio. The scientific and practical significance of the research lies in formulating methodological recommendations and evaluation criteria that ensure a transition from static analysis to proactive risk management in investment activities. The developed methodology provides a toolkit for making informed decisions regarding the optimal share of DeFi assets in a portfolio, combining return maximization with extreme risk minimization. The application of this methodology is beneficial for investors, financial analysts, quantitative strategists, and hedge fund managers working with high-risk and innovative asset classes that require advanced risk control tools.
The article substantiates the critical inadequacy of traditional static risk assessment methods (specifically, VaR and standard deviation) for analyzing the effectiveness of integrating Decentralized Finance (DeFi) assets into investment portfolios. It is proven that the returns of DeFi assets are characterized by a non-normal distribution with pronounced «fat tails», which creates a significant risk of underestimating catastrophic losses. The purpose of the study is to develop and theoretically substantiate a methodology for evaluating the effectiveness of DeFi platforms in diversifying investment portfolios. The methodological gap between the requirements of the volatile DeFi market and the limitations of classical financial models is investigated, particularly in the areas of controlling Tail Risk and the dynamic nature of correlational dependence, which critically increases during market shocks (the «correlation-to-one» effect). A four-stage methodology is proposed, which includes the theoretical integration of Conditional Value-at-Risk (CVaR) as a basic coherent measure of extreme risk and a developed algorithm for proactive diversification management based on the DCC-GARCH model. This made it possible to calculate the Optimal Dynamic Hedging Weight, necessary for the daily adjustment of the portfolio structure to prevent the loss of the diversification effect. The comprehensive methodology developed provides a complete cycle of proactive risk management and offers a clear algorithm for making decisions about the structure of an investment portfolio. The scientific and practical significance of the research lies in formulating methodological recommendations and evaluation criteria that ensure a transition from static analysis to proactive risk management in investment activities. The developed methodology provides a toolkit for making informed decisions regarding the optimal share of DeFi assets in a portfolio, combining return maximization with extreme risk minimization. The application of this methodology is beneficial for investors, financial analysts, quantitative strategists, and hedge fund managers working with high-risk and innovative asset classes that require advanced risk control tools.
This paper examines the potential transformation of Venezuela into a significant IT offshore hub in the context of anticipated political regime change. Using a multi-dimensional analytical framework that integrates labor economics, financial technology adoption, enterprise software markets, and critical infrastructure security, we investigate how Venezuela's prolonged isolation has paradoxically produced unique conditions for technology sector growth. We identify four critical impact vectors shaping this potential transition: Remote labor arbitrage normalization — Venezuela's highly educated yet underemployed workforce, coupled with global remote work trends, creates a compelling labor cost advantage in international IT services markets. Cryptocurrency-native population as a fintech catalyst — Years of hyperinflation and sanctions have driven widespread adoption of cryptocurrencies and stablecoins as alternative financial infrastructure, positioning Venezuelans to lead in fintech innovation and digital payments integration. Technology infrastructure deficit as a SaaS expansion opportunity — Although national telecommunications and digital infrastructure lag regional peers, planned post-transition investment in fiber optics, 5G, and connectivity could accelerate Software-as-a-Service (SaaS) consumption and development. Cybersecurity challenges in legacy system modernization — Legacy systems and weak institutional cybersecurity create both risks and service demand, underscoring the need for secure IT modernization strategies in public and private sectors alike. We argue that Venezuela's forced technological experimentation during economic collapse — including informal digital payment systems and decentralized finance adoption — has unintentionally cultivated technological resilience and local digital proficiency unprecedented in Latin America. By situating Venezuela's tech transition within broader geopolitical disruption and global technology labor markets, this research contributes new frameworks for analyzing emerging offshore IT markets in post-crisis economies and highlights actionable pathways for stakeholders targeting digital services growth in transitional states.
The financial services sector is experiencing unprecedented transformation through the adoption of virtualization technologies, encompassing cloud computing and edge computing digitalization initiatives that fundamentally alter operational paradigms and competitive dynamics within the industry. This systematic literature review employed a comprehensive methodology, analyzing peer-reviewed articles, systematic reviews, and industry reports published between 2016 and 2025 across three primary technological domains, utilizing thematic content analysis to synthesize findings and identify key implementation patterns, performance outcomes, and emerging challenges. The analysis reveals consistent evidence of positive long-term performance outcomes from virtualization technology adoption, including average transaction processing time reductions of 69% through edge computing implementations, substantial operational cost savings and efficiency improvements through cloud computing adoption, while simultaneously identifying critical challenges related to regulatory compliance, security management, and organizational transformation requirements. Virtualization technology offers transformative potential for financial services through improved operational efficiency, enhanced customer experience, and competitive advantage creation, though successful implementation requires sophisticated approaches to standardization, regulatory compliance, and change management, with future research needed to develop integrative frameworks addressing technology convergence and emerging applications in decentralized finance and digital currency systems.
Illegal, Unreported, and Unregulated (IUU) fishing remains a major threat to marine ecosystems and coastal livelihoods, yet existing enforcement mechanisms rely on periodic inspections, manual reporting, or static financial incentives. We propose a novel closed-loop compliance-to-finance system in which multi-sensor vessel data are transformed into real-time financial signals that directly govern access to capital. In the proposed architecture, heterogeneous onboard and port-side sensors feed into an off-chain AI compliance model whose outputs are transmitted on-chain via decentralized oracle services. These compliance attestations programmatically adjust lending terms in Decentralized Finance (DeFi) protocols, dynamically reducing interest rates and increasing liquidity for compliant operators while restricting capital access for non-compliance. Loans are issued in USD-pegged stablecoins and overcollateralized using real-world fishing assets, including vessels, licenses, quotas, and contracts. Unlike prior approaches that treat sustainability incentives as external subsidies or reputational mechanisms, this system embeds regulatory compliance directly into the cost of capital, creating continuous, automated enforcement with minimum centralized intermediaries. We illustrate the feasibility of this architecture using existing low-cost sensing technologies, oracle infrastructure, and DeFi lending primitives, and discuss its potential to expand sustainable financing in small-scale and low-income fisheries where IUU fishing is most prevalent.
This dissertation explores how entrepreneurial and policy decisions shape the performance of decentralized digital platforms (DDPs). It shows that token governance affects fundraising success, public listings catalyze user growth and engagement by amplifying network effects, and global regulations shape token risk-return profiles. The findings highlight the need for regulatory clarity and careful market entry strategies by entrepreneurs.