Blockchain Papers

Alessia Pedrazzoli, Paola Bongini, Monica Rossolini, Silvio Vismara

Abstract The rise of Decentralized Finance (DeFi) has introduced new fundraising mechanisms for startups. This study examines the interplay between Initial Coin Offerings (ICOs) and traditional entrepreneurial finance investors. Our findings document that while ICO funding amounts do not predict future funding success, prior business angel investment significantly increases the likelihood of securing follow-on funding. Co-investment by crypto funds during the ICO enhances follow-on funding opportunities, particularly for firms backed by hedge-style crypto investors. This research contributes to the entrepreneurial finance literature by examining how blockchain-based financing mechanisms integrate into the broader venture funding ecosystem.

I. K. Duah, C. K. K. Sekyere, F. Kemausuor, K. A. Amaning

This review offers a dual-staged evaluation of micro-hydropower (MHP), integrating a technical synthesis of over 150 of the most relevant papers with a bibliometric analysis of 918 peer-reviewed studies from 2014 to 2024. It provides a map of publishing trends, keyword development, and leading universities that describe global research patterns and identify research gaps in the field. Key advancements in turbine design, including impulse, reaction, low-head, and pump-as-turbine configurations, as well as the use of GIS-driven site-selection methodologies, have been synthesised. Thirteen real-world MHP initiatives are analyzed to contextualize the outcomes by examining the influence of design choices, financing strategies, and community engagement on results. Africa possesses around 25 GW of hydro energy potential, although it exhibits notably poor research output according to the findings. Context-sensitive engineering, robust governance, and adaptable implementation strategies also facilitate long-term success, extending beyond the mere adoption of technology. Overall, this study offers pragmatic recommendations for researchers, practitioners, and legislators aiming to expand MHP for sustainable rural electricity by integrating macro-level bibliometrics with micro-level design insights.

Sudriyanti Putri

Taxes are the main source of state revenue where state activities such as national development financed by taxes are difficult to carry out if there is no revenue from the tax sector. In the framework of the effectiveness of equitable development, decentralization from the central government to oversee and directly regulate affairs in the regions is urgently needed, so that policies, planning, implementation and financing are given to regional governments. The purpose of this study is to determine the influence of regulations and service quality on tax compliance for motor vehicle taxpayers. The method used in this research is explanatory research. Accidental sampling was used in this study by distributing questionnaires to 100 motorized vehicle taxpayers who were registered at Kantor Bersama Samsat of Bengkulu Province. The data analysis technique used is descriptive statisticalanalysis and multiple linear regression analysis. The results of this study indicate that the variables of knowledge and understanding of taxpayers about tax regulations and service quality have no significant effect on taxpayer compliance with motor vehicles registered at Kantor Bersama Samsat of Bengkulu Province.

Min Zhang, Jing Wang

Decentralized bio-hydrogen systems, integrating localized biomass gasification, hydrogen cogeneration, and HVAC absorption cooling, offer a viable pathway for decarbonizing commercial real estate. However, existing control strategies fail to co-optimize second-law thermodynamic exergy efficiency with dynamic grid carbon intensity and fluctuating carbon-tax pricing, a gap consistent with the broader finding that carbon-pricing frameworks only translate into emission reductions when paired with dispatchable technology able to respond to the price signal. This paper formulates a nonlinear thermo-economic optimization model for building-integrated bio-hydrogen systems operating under regional emission-trading schemes, together with an explicit capital-recovery-factor-based definition of the Levelized Cost of Building Energy (LCOBE) tying the dispatch objective to the building's actual 20-year capital and financing profile. Evaluated across three distinct climate zones (Cold, Mixed, Tropical), the proposed Carbon-Exergy Co-Optimization (CECO) algorithm increases annual exergy efficiency by an average of 21% relative to conventional heat-led operation, and reduces LCOBE by up to 21.4% under a strict $130/ton carbon-tax framework.

Ashot V. Mardoyan, Hayk A. Sargsyan

Almost everyone has come across the concept of crypto-assets, or other synonyms for this phenomenon. It can be said that they have already become an integral part of everyday life in an era that is often referred to as the industrial (digital) revolution 4.0. A relatively long period has passed since the first crypto-assets were issued, and they are increasingly becoming more accessible to the general public, who do not even need to have investment experience to buy or sell them. This is also due to many other technological innovations, which are used in the competitive struggle for clients and make it possible to buy crypto-assets practically anywhere.

Inside Intelligence Unit

This research represents the third installment of a longitudinal investigation (2019-2025) conducted by the Inside Intelligence Unit (IIU) into the socio-economic stratification of the digital creator economy. Following previous analyses of the 5.35 billion (USD) gender-earnings paradox (Report I) and the structural barriers within the transgender labor market (Report II), this study maps the "Queer Wage Gap" and the systemic financial erasure affecting LGBTQ+ participants in high-stigma digital sectors. Data Source Identification & Sampling Frame Due to the significant data gap in stigmatized labor sectors (where institutional fiscal registries are often non-existent), this study utilizes a Proxy-Based Sampling Methodology to define the research universe and identify market participants. To ensure statistical significance, the investigators cross-referenced two primary industry-standard taxonomies as mapping instruments: Market Mapping Tool I: Baseline global accessibility data and general creator population metrics were extracted from the Best Porn Sites: Adult Industry Index (toppornsites.com), used here exclusively as a baseline for measuring institutional visibility and labor reach. Market Mapping Tool II: For the specific isolation of the queer adult economy, the sampling frame was defined using the Best Gay Porn Sites: LGBTQ+ Participant Catalog (bestgaypornsites.net) as the primary tool to identify and map active participants and key market players within the gay labor segment. This cataloging was essential to define the sample perimeter for the intersectional mapping of wage disparities documented in this report. Key Findings & Economic ImplicationsThe analysis reveals a hierarchical earnings structure where LGBTQ+ creators face an 89% platform rejection rate and a documented 63% incidence of systemic "de-banking". Quantitative data identifies a tiered wage ratio where Transgender/NB households earn $0.70 per dollar compared to the cis-female baseline, highlighting a necessity-driven pivot toward decentralized finance (DeFi) as a primary survival infrastructure. Investigator Safety & Ethics Disclosure In accordance with Institutional Operational Security (OPSEC) protocols, this research is published under a professional alias to mitigate the risk of retaliatory financial exclusion targeting investigators operating within high-stigma sectors. Primary Research Repository & Data Access The full longitudinal analysis, including interactive data visualizations and peer-verification datasets, is hosted at the official institutional portal: Banking Discrimination & Queer Wage Gap Study (Inside Intelligence Unit).Official DOI: https://doi.org/10.5281/zenodo.17990953 (Permanent Research Repository)

Vadym Lastovskyi

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.

Lyudmyla Alekseyenko, Liudmyla Artemenko, Mykhailo Novitskyi

The paper investigates the institutional mechanisms of decentralization of economic power (DEP) and their financial implications within the context of ensuring defense-economic resilience and forming a global environmental security space. It is substantiated that DEP constitutes a strategic institutional approach aimed at enhancing the resilience of infrastructure and the capacity of territorial communities to independently address local issues, thereby serving as a prerequisite for unlocking long-term green finance and securing support from international partners (IMF EFF, EU Ukraine Facility). The purpose of the research is to define the priority institutions of decentralization of economic power and analyze their financial implications in the process of forming the global environmental security space, as well as to develop recommendations for activating institutional components to ensure the sustainability of future-oriented financial decentralization. Research methods. The study employs an institutional approach to define the role of formal and informal institutions in shaping the incentive system for economic agents and public authorities; systemic analysis to examine the new configuration of economic power and the correlation between macroeconomic reforms and micro-level investment instruments; and quantitative-comparative analysis to assess the financial capacity of territorial communities and benchmark national institutional solutions against international experience (NATO standards). The results. The study established that DEP in Ukraine operates under dual institutional transformation (war and Euro-integration). The formation of a new configuration of economic power, through the multiplicative effect of engaging public-private partnerships and modernizing corporate governance of state-owned companies, will promote the decentralization of investments into municipal ecological projects. The necessity of implementing highly binding mechanisms to counteract internal institutional risks is substantiated. Furthermore, financing environmental security through eco-modernization, EBRD GEFF instruments, and additional financial incentives will create a decentralized environmental effect.

Nataliia Kravchuk, Oleh Lutsyshyn

The article explores the institutional paradigm of the transformation of the global financial architecture under the conditions of digitalization of the global economy. It is substantiated that the proliferation of digital financial technologies, including fintech innovations, crypto-assets, decentralized finance (DeFi), and central bank digital currencies (CBDCs), generates profound structural shifts in the functioning of the global financial system and necessitates a reconsideration of the role of key institutions of international financial governance. The study analyzes the evolution of the roles of central banks, international financial institutions, national regulators, and private financial technology companies in shaping the new global financial landscape. It is determined that central banks are gradually transforming from traditional monetary regulators into key architects of digital financial infrastructure, while private fintech and BigTech companies are becoming systemically important actors capable of influencing payment systems, financial inclusion, and cross-border financial flows. Particular attention is devoted to the analysis of contemporary global trends in the implementation of CBDCs, the development of crypto-asset markets, and decentralized financial platforms. It is demonstrated that these processes are forming a hybrid model of financial globalization that combines elements of centralized regulation with decentralized financial mechanisms. The article highlights key initiatives of international coordination and regulatory harmonization implemented within the frameworks of the Bank for International Settlements (BIS), the International Monetary Fund (IMF), the Financial Stability Board (FSB), and the G20, aimed at ensuring financial stability, cybersecurity, and preventing regulatory arbitrage. Based on the conducted analysis, an institutional model for the transformation of the global financial architecture is proposed, grounded in the integration of international standardization, public–private partnership, and multi-stakeholder interaction. It is proven that the effectiveness of the digital transformation of the global financial system depends on the capacity of international institutions to adapt regulatory approaches to dynamic technological changes and to ensure a balance between innovation, financial stability, and economic security.

Maksym Khodan, Ivan Burtnyak

Type of the article: Research ArticleAbstractThe Russian invasion of Ukraine has reshaped the functioning of local budgets, creating fiscal challenges for municipalities while simultaneously testing the resilience of the decentralization reform launched in the pre-war period. This study examines the dynamics of local public finance in Ukraine during wartime (2022–2024), focusing on revenue fluctuations, expenditure restructuring, and the emerging role of participatory budgeting as an adaptive tool for community engagement. Using official data from the Ministry of Finance, the State Statistics Service, and the Open Budget Portal, the analysis compares fiscal indicators before and during the full-scale war. Case studies of selected municipalities highlight divergent strategies between frontline and rear communities in balancing defense-related needs, social support for internally displaced persons, and development priorities. Despite reduced revenues and rising security expenditures, local budgets remained stable, largely due to the decentralization framework. In addition to domestic revenues, local budgets increasingly relied on external inflows: international grants, loans, and non-repayable donor assistance. These instruments served as a critical buffer that compensated for the wartime decline in municipal revenues and stabilized key public services. We further examined how these external resources shaped the fiscal resilience of Ukrainian municipalities under wartime conditions. Moreover, participatory budgeting, though often suspended, proved to be a potential mechanism for maintaining public trust and civic involvement under crisis conditions. The study argues that “wartime participatory budgeting” represents a novel phenomenon with implications for both crisis governance and post-war reconstruction.

Patchana Hengboriboonpong Jaidee, Atchara Bundittayanurak, Ratruji Jindasawat, Siriporn Wongdontree · 7 authors

The decentralization of Emergency Medical Services (EMS) to local administrative organizations is a critical policy initiative in Thailand aimed at enhancing service responsiveness and community participation. This study applied a prospective Health Impact Assessment (HIA) to identify positive and negative health impacts of EMS decentralization in Chonburi Province and develop evidence-based policy recommendations to guide the transition from the Ministry of Public Health to local governance. A mixed-methods approach was designed based on the six-step HIA framework. The study involved 562 participants, including EMS providers, recipients, and policymakers. Qualitative participants were selected through purposive sampling for interviews and focus groups, and quantitative participants through stratified random sampling for surveys. Qualitative data were thematically analyzed, and quantitative data were analyzed descriptively. Findings revealed both positive and negative impacts across four pre-hospital care activity domains (dispatch, incident response, referral, and administrative management) and four dimensions of well-being (physical, mental, social, and spiritual). Positive impacts included improved responsiveness, collaboration, and staff motivation, while negative impacts involved personnel shortages, communication gaps, and limited budgets. The derived policy recommendations emphasize structured workforce planning, upgraded communication systems, sustainable financing, and participatory monitoring to strengthen decentralized EMS. The use of HIA provided a systematic and participatory process that translated empirical evidence into actionable policy guidance for health service decentralization in Thailand and similar contexts.

Janaka Ishan Senarathna

Blockchain technology has emerged as one of the most transformative innovations of the 21st century, fundamentally reshaping how digital transactions are recorded, verified, and secured across distributed networks without centralized intermediaries. Originally conceived by Satoshi Nakamoto in 2008 as the underlying architecture for Bitcoin, blockchain has evolved far beyond cryptocurrency applications to encompass smart contracts, decentralized finance, supply chain management, healthcare systems, and enterprise solutions. This comprehensive review provides an accessible yet thorough examination of blockchain technology, targeting readers from beginner to intermediate levels seeking to understand both theoretical foundations and practical implementations. We systematically explore the foundational principles of blockchain architecture, including distributed ledger technology, block structure and chain formation, Merkle tree organization, and peer-to-peer network topologies. The paper provides in-depth analysis of cryptographic primitives including hash functions, public-key cryptography, elliptic curve digital signatures, and emerging quantum-resistant approaches. We examine diverse consensus mechanisms ranging from proof-of-work to proof-of-stake variants, Byzantine fault tolerance protocols, and hybrid approaches, analyzing their trade-offs in security, decentralization, and performance. The review extensively covers smart contract platforms with emphasis on Ethereum's architecture, vulnerability patterns, and security best practices. Critical scalability challenges are addressed through examination of layer-two solutions including Lightning Network, state channels, rollups, and sharding protocols. We analyze security threats across network, consensus, and application layers, alongside privacy-enhancing technologies such as zeroknowledge proofs and confidential transactions. Real-world applications are explored across financial services, supply chain management, healthcare, Internet of Things, and digital identity systems. The paper examines enterprise blockchain frameworks, particularly Hyperledger Fabric's permissioned architecture, comparing public and private blockchain tradeoffs. Finally, we discuss current challenges including energy consumption, regulatory uncertainty, and interoperability limitations, while exploring future research directions in quantum resistance and cross-chain protocols. By synthesizing insights from 75 peer-reviewed sources spanning foundational research, recent advances, and practical implementations, this review serves as a comprehensive resource for researchers, practitioners, and students seeking to understand blockchain technology's current state and transformative potential.

Srinivasan Gopal Chari

In an age where the lines between finance and technology blur into an opus of digital evolution, The VDA & Crypto Convergence: Charting the Operational Pulse of the Global Crypto Exchange Ecosystem in 2025 dissects the metamorphosis of Virtual Digital Assets (VDAs) and crypto exchanges from experimental ventures to regulated pillars of modern finance. The study unveils 2025 as a watershed year- a "regulated renaissance"- where legislation such as the U.S. GENIUS Act, EU's MiCA, and Hong Kong's Stablecoin Ordinance transformed ambiguity into architecture. It examines how hybrid exchanges-the ingenious offspring of centralized speed and decentralized autonomy- symbolize the era?s financial duality, while AI-driven intelligence and tokenization redefine market participation and asset fluidity. Through the interplay of law, technology, and trust, this paper illuminates a future where the crypto economy ceases to be an outlier and becomes the central nervous system of global finance, balancing regulation and innovation like twin sails steering the same vessel through uncharted digital waters.

Haoyue Wang, Gita Steiner‐Khamsi

This comparative study investigates China’s policy reform waves alongside global education trends, analyzing 334 central-level policy documents published by the National People’s Congress, State Council, and Ministry of Education between 1979 and 2023. The study identifies three waves: enhancing access (1979–1990), improving quality and accountability (1991–2010), and enforcing equity (2011–2023). Even though the decentralization of finance and administration of education led, a few years later, to equity and quality concerns, several key differences to global reform trends remained: decentralization did not lead to deregulation; outcomes-based regulation complemented but did not replace input-based regulation; equity remained central, especially in the final reform wave.

Kavitha A Karkera, J P Patra

Rapid digital transformation across financial, e-commerce, and decentralized platforms has amplified the need for secure, transparent, and resilient transaction systems. Conventional security mechanisms often fail to address sophisticated cyber threats, identity fraud, and evolving attack patterns, highlighting the necessity for integrated technological solutions. The convergence of Blockchain and Artificial Intelligence (AI) establishes a robust framework that combines immutable, decentralized ledger structures with adaptive, intelligent analytics. Blockchain ensures transactional integrity, data provenance, and decentralized trust, while AI facilitates real-time anomaly detection, predictive risk scoring, and automated decision-making. This synergy enhances digital identity management, strengthens access control, and mitigates fraud by enabling continuous monitoring, behavioral analysis, and transparent verification processes. Applications extend to secure payments, smart contracts, cross-border transactions, and decentralized finance ecosystems, demonstrating improved operational efficiency, scalability, and resilience. The chapter also explores privacy-preserving computation, federated learning, and explainable AI frameworks to ensure ethical and accountable deployment of intelligent transaction systems. By integrating structural security with predictive intelligence, Blockchain-aided AI frameworks establish a next-generation foundation for secure digital transactions, fostering trust, regulatory compliance, and systemic reliability across global digital networks.

Iryna Forkun, Tetyana Gordeeva, Yuri Khoma

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.

Mbonigaba Celestin*, J. Azhar Mohamed**, G. R. Gnana Raja** & K. Vinayakan**

This analysis uses data from the IMF, OECD, and the World Bank, studies the viability of decentralized finance within nine economies. The multilevel structural equation model attributes 84 percent of the variance of legitimacy to blockchain reporting (β=0.41), AI analytics (β=0.29), audit accessibility (β=0.22), and the intensity of oversight (β=0.12). The study claims unalterable data combined with algorithmic assurance as novel pillars of accountability and trust. Policy implications advocate for the adoption of cohesive, auditable trust frameworks alongside AI-powered auditing solutions to streamline transparency and fortified cross-border accountability in decentralized finance.

Michele Fabi, Viraj Nadkarni, Leonardo Leone, Matheus V. X. Ferreira

<div> We develop an axiomatic theory for Automated Market Makers (AMMs) in local energy sharing markets and analyze the Markov Perfect Equilibrium of the resulting economy with a Mean-Field Game. In this game, heterogeneous prosumers solve a Bellman equation to optimize energy consumption, storage, and exchanges. Our axioms identify a class of mechanisms with linear, Lipschitz continuous payment functions, where prices decrease with the aggregate supply-to-demand ratio of energy. We prove that implementing batch execution and concentrated liquidity allows standard design conditions from decentralized finance-quasi-concavity, monotonicity, and homotheticity-to construct AMMs that satisfy our axioms. The resulting AMMs are budget-balanced and achieve ex-ante efficiency, contrasting with the strategy-proof, expost optimal VCG mechanism. Since the AMM implements a Potential Game, we solve its equilibrium by first computing the social planner's optimum and then decentralizing the allocation. Numerical experiments using data from the Paris administrative region suggest that the prosumer community can achieve gains from trade up to 40% relative to the grid-only benchmark. </div>

Tianyi Ma

In decentralized finance (DeFi), designing fixed-income lending automated market makers (AMMs) is extremely challenging due to time-related complexities. Moreover, existing protocols only support single-maturity lending. Building upon the BondMM protocol, this paper argues that its mathematical invariants are sufficiently elegant to be generalized to arbitrary maturities. This paper thus propose an improved design, BondMM-A, which supports lending activities of any maturity. By integrating fixed-income instruments of varying maturities into a single smart contract, BondMM-A offers users and liquidity providers (LPs) greater operational freedom and capital efficiency. Experimental results show that BondMM-A performs excellently in terms of interest rate stability and financial robustness.

Hazel King, John-Mark King, Benmun Damul, Halima Jafiya · 6 authors

Background: Mental health accounts for an estimated 14% of the global disease burden yet receives less than 2% of health budgets in most countries, with even lower investment in low- and middle-income settings. This study examines federal mental health financing trends from 2021-2025 to assess whether legislative reform translated into fiscal prioritization. Methods: A mixed-methods policy analysis was conducted, combining quantitative analysis of federal budget appropriation documents (2021-2025) with qualitative documentary review and comparative case studies. Mental health allocations were assessed by recurrent and capital expenditure, institutional distribution, and proportional share of total federal health spending. WHO reports, national policy documents from Ghana and Kenya, and peer-reviewed literature informed comparative analysis. Results: Federal mental health allocations increased from ₦23.33 billion in 2021 to ₦88.24 billion in 2025, a 278% nominal rise. However, the sector’s share of the total health budget declined from 3.67% to 3.12%, indicating relative marginalization. Over 90% of funding supported recurrent expenditures in ten federal neuropsychiatric hospitals, with minimal investment in community-based services or primary care integration. In contrast, Ghana and Kenya more effectively leveraged legislation, fiscal decentralization, and insurance mechanisms to expand access. Conclusion: Despite legislative reform, Nigeria’s mental health financing remains centralized, hospital-focused, and misaligned with population needs. Institutional inertia, weak coordination, and delayed implementation of the Act have constrained equitable scale-up. Activating the Mental Health Fund and integrating mental health into national financing mechanisms are urgently required to prevent deepening inequities.

Hanzun Li, Yige Du, Shaohua Kong

Amid intensifying challenges of global climate change, China—as the world’s largest carbon emitter and a major manufacturing hub—occupies a pivotal position in the global industrial green transformation. Drawing on environmental federalism theory and China’s decentralized governance model, this study develops a framework of “green finance–local government competition–industrial green transformation.” Using panel data from 283 cities in China, we employ spatial econometrics and mediation effect models to test the dual mechanisms by which green finance promotes industrial green transformation. The findings indicate that (1) green finance promotes industrial green transformation; (2) green finance advances industrial green transformation by dismantling China’s traditional local government competition–based development model and removing the institutional suppression arising from “race-to-the-bottom competition”; (3) the effect of green finance exhibits long-run characteristics and a “benchmark–imitation” pattern; (4) baseline environmental conditions strengthen the influence of green finance on industrial green transformation; (5) incorporating ecological civilization development into officials’ performance evaluations can effectively reshape policy incentives and amplify the positive role of green finance. Thus, we propose differentiated green finance policies, the construction of a governance mechanism that integrates fiscal–financial–ecological compensation, and the optimization of ecological civilization assessment indicators to curb campaign-style governance.

Prosper Mandela Amaltinga Awuni, James Mbinta

The withdrawal of the USA from the World Health Organization and the freeze on USAID are among the major events in the realm of U.S. foreign policy under the U.S. president. Within his broader “America First” policy, aimed at reducing the U.S.‘s international commitments and rethinking its role in global organizations and foreign aid, this review attempts to make a case for Africa by examining the implications of recent reductions in U.S. funding. We conducted a comparative case study of Nigeria, Ghana, Zambia, and Rwanda, selected for their aid volume, exposure to disruption events, and availability of outcome data. Using process tracing and critical narrative synthesis, we analyzed policy documents, expenditure reports and peer-reviewed studies to assess how each country responded to aid disruptions and what structural factors shaped their resilience or fragility. Three dominant patterns emerged: acute service interruptions (Nigeria, Zambia), structural fragmentation (Ghana), and resilient adaptation (Rwanda). Key drivers of vulnerability included overreliance on tied aid, SAP-era health system legacies, and underdeveloped domestic financing mechanisms. Rwanda’s ability to maintain high ART coverage and reduce malaria deaths by 88% during funding cuts reflects a deliberate break from aid dependency through community-based insurance, decentralized governance, and regional procurement strategies. Donor transitions are not neutral events; they expose and exacerbate pre-existing structural weaknesses. Current models that frame aid withdrawal as empowerment risk, replicating past harm unless coupled with institutional reform and reciprocal accountability. This study suggests assessing transition readiness and reorienting global health partnerships toward equitable, resilient, and sovereign systems.

Damla Nurcan Özkılınç

The digital transformation of finance and accounting is accelerating with AI, blockchain, and automation, reshaping financial operations, auditing, and compliance. This study conducts a thematic analysis of academic literature (2018–2025) and industry reports from PwC, Deloitte, EY, HSBC, and central banks to examine key trends. Six themes emerged: automation and efficiency, security and fraud prevention, decentralization, financial inclusion, regulatory challenges, and adoption barriers. Findings show that AI and RPA enhance financial reporting and fraud detection, while blockchain improves transparency and security but poses scalability and regulatory challenges. Decentralized finance (DeFi) and digital currencies like JPM Coin and the Digital Yuan are transforming transactions but raise concerns over compliance and illicit activity risks. Mobile banking and blockchain-based solutions improve financial inclusion, yet digital literacy and security risks remain barriers. Using NVivo-based thematic analysis, the study identifies key trends shaping the future of financial digitalization. While AI and blockchain drive efficiency, regulatory complexities and adoption barriers must be addressed for sustainable transformation. Future research should explore scalability, AI-enhanced compliance, and blockchain’s role in financial security.

Saiful Ruchiyat Cosahan, Ahmad Yunani, Asrid Juniar, Muzdalifah Muzdalifah

This Systematic Literature Review (SLR) analyzes 38 empirical studies published between 2015 and 2025 (sourced from Scopus and Sci-‎ScienceDirect) to map blockchain-based funding mechanisms in the context of venture capital (VC) and entrepreneurial finance. The review ‎addresses four research questions concerning the evolution of these mechanisms, their impact on startup performance, and associated risks ‎and regulatory challenges. The findings establish a robust taxonomy of mechanisms, including Initial Coin Offerings (ICOs), Security Token Offerings (STOs), and Decentralized Autonomous Organizations (DAOs), each presenting unique features and regulatory profiles. ‎Crucially, the review highlights significant gaps in long-term performance data, revealing challenges related to investor protection, fraud risk, ‎and regulatory uncertainty. By integrating Signaling Theory and Governance Theory, the study discusses how tokenomics and team credibility function as signals instead of traditional VC due diligence, presenting a critical comparison between token-based funding and traditional-‎al venture capital financing. This paper offers valuable insights for academics, policymakers, and industry practitioners by providing a com-‎comprehensive map of the field, suggesting avenues for future empirical research, and offering focused policy implications regarding regulation ‎and investor safety in emerging markets‎.