This paper presents a model in which risk-averse individuals can purchase insurance via traditional indemnity contracts or Decentralized Finance (DeFi) smart contract-based instruments. The model incorporates key features of DeFi insurance, including parametric payouts, basis risk arising from imperfect loss verification and pooled collateralization involving the risk of liquidity shortfalls. We characterize optimal insurance choices as a function of pricing, payout correlation and risk preferences. Numerical results show that DeFi insurance can complement or replace traditional coverage, improving welfare when basis and default risks are moderate or pricing advantages are substantial. The analysis reveals how DeFi-specific frictions shape insurance demand and provides insight into how DeFi instruments may shift market structure and expand the set of attainable risk transfer outcomes.
The study is grounded on the significant shifts, central values, and increased influence of Blockchain Technology on the industries. It addresses Blockchain Technology starting theoretically as a cryptographic concept of the beginning through to its contribution as a primarycomponent of decentralized computing (Web3). The discussion begins as the key issues are examined, namely, decentralized agreement, cryptographic hashing, and immutability. Such subjects enable the Blockchain Technology to gain trust in cases where mediators were being used in the past. Moreover, the research considers the impacts of Blockchain Technology on such critical industries as Decentralized Finance (DeFi), supply chain management, and decentralized governance (DAOs).
The article explores international experience in social services management and outlines directions for its adaptation in Ukraine. The key principles of effective management in social services are defined as decentralization, client orientation, system integration, community participation, and digitalization. Three main international approaches to social services are generalized: the Scandinavian (state-centered and socially oriented), the European (partnership-based and decentralized), and the social innovation approach (inclusiveness, collaboration, and technological focus). The Ukrainian context is analyzed in terms of staffing, financing, management culture, and legal framework. The necessity of systematic integration of international practices into Ukrainian realities is substantiated, considering socio-economic factors, societal values, and community potential. A four-level model of adaptation of international experience is proposed - normative, institutional, professional, and technological. It is concluded that modernization of social service management is an essential component of human capital development and the social resilience of Ukraine.
The aim of the study is to focus on the marketing communication strategies in the banking and finance sector from past to present, and to detail the concepts of phygital banking and metaverse banking in terms of both usage and the advantages and disadvantages it brings from the perspective of industry professionals. In-depth interviews were conducted with a total of 6 expert bankers from 3 different banks, which constitute the universe of the research while providing sample criteria. The data transcripts created with participant statements were divided into six themes and forty-three sub-codes and presented to expert opinion to ensure the external control of the research. The data were subjected to content analysis using the MAXQDA 2022 qualitative analysis program. Based on the findings, answers were sought to the following questions: (1) What are the definition, scope, and application areas of digital marketing communication in the banking and finance sector? (2) What are the elements of digital marketing communication used in the banking and finance sector? (3) What are the advantages and disadvantages of the digital marketing communication era in the banking and finance sector compared to the traditional marketing communication era shopping experience? According to the data analysis results, participants define digital marketing as a new marketing strategy that enhances consumer experience by combining traditional financial services with digital technologies. In addition, digital applications in the banking and finance sector are concentrated in areas such as application processes, marketing activities, payment systems, and smart voice systems. While the most commonly used digital elements are artificial intelligence (AI) and QR code, augmented reality (AR), virtual reality (VR), and blockchain are following these digital elements. According to the research results, the prominent advantage of digital marketing is experience-orientedness, while it is observed that digital spaces such as metaverse, with their decentralized and anonymous structure, also bring some privacy and security disadvantages. Concepts such as digital and metaverse are important innovative concepts that shape the future understanding of marketing communication. In the study, focusing on the digital marketing strategies used in the banking and finance sector, their characteristic features and technological components were evaluated from the perspective of industry professionals, and recommendations were made to the banking and finance sector based on the findings.
In the rapidly evolving landscape of cryptocurrency in India, a powerful new contender has emerged—Jaimax Coin, often hailed as the best presale crypto coin in India. As blockchain technology reshapes finance, digital ownership, and decentralized ecosystems, we stand at the forefront of innovation, introducing Jaimax, the next-generation crypto pre-sale coin designed for long-term scalability, high utility, and mass adoption. As a revolutionary new crypto coin India trusts for transparent and secure financial growth, Jaimax is strategically engineered to transform both the DeFi (Decentralized Finance) and NFT (Non-Fungible Token) markets. With advanced tokenomics, unmatched security standards, and a visionary roadmap, Jaimax is positioned to become one of the most influential digital assets in India’s expanding blockchain environment.
Concentrated-liquidity automated market makers (CLAMMs), as exemplified by Uniswap v3, are now a common primitive in decentralized finance frameworks. Their design combines continuous trading on constant-function curves with discrete tick boundaries at which liquidity positions change and rounding effects accumulate. While there is a body of economic and game-theoretic analysis of CLAMMs, there is negligible work that treats Uniswap v3 at the level of formal state machines amenable to model checking or theorem proving. In this paper we propose a formal modeling approach for Uniswap v3-style CLAMMs using (i) networks of priced timed automata (PTA), and (ii) finite-state transducers (FST) over discrete ticks. Positions are treated as stateful objects that transition only when the pool price crosses the ticks that bound their active range. We show how to encode the piecewise constant-product invariant, fee-growth variables, and tick-crossing rules in a PTA suitable for tools such as UPPAAL, and how to derive a tick-level FST abstraction for specification in TLA+. We define an explicit tick-wise invariant for a discretized, single-tick CLAMM model and prove that it is preserved up to a tight additive rounding bound under fee-free swaps. This provides a formal justification for the "$ε$-slack" used in invariance properties and shows how rounding enters as a controlled perturbation. We then instantiate these models in TLA+ and use TLC to exhaustively check the resulting invariants on structurally faithful instances, including a three-tick concentrated-liquidity configuration and a bounded no-rounding-only-arbitrage property in a bidirectional single-tick model. We discuss how these constructions lift to the tick-wise structure of Uniswap v3 via virtual reserves, and how the resulting properties can be phrased as PTA/TLA+ invariants about cross-tick behaviour and rounding safety.
In India’s rapidly expanding digital finance ecosystem, Jaimax Coin has emerged as one of the most reliable, transparent, and growth-oriented blockchain assets. As the demand for secure crypto coin options increases, Jaimax is positioned as one of the best presale crypto coin in India, offering visionary investors unmatched opportunities in the evolving world of decentralized finance, NFTs, and digital currency innovation. Backed by advanced blockchain architecture, transparent tokenomics, and a strong mission toward accessible financial technology, Jaimax stands apart from the countless new crypto coins in India.
Sarim Zia, Saleha Qureshi, Muhammad Zulfiqar, Arfa Ijaz
The paper discusses the economic and infrastructural challenges preventing the adoption of Electric Vehicles (EVs) in Pakistan.It focuses on key factors such as affordability, consumer preferences, and the overall readiness of the market.Based on a segment-wise comparison, the analysis reveals that four-wheeler EVs carry an initial price premium of 20 to 64 percent over internal combustion engine (ICE) vehicles, with payback periods ranging from 11 to 25 years, placing them out of reach for most middle-income consumers.In contrast, electric two-and three-wheelers-comprising more than 90 percent of registered vehicles-offer a significantly more practical and affordable pathway for mass adoption.These vehicles exhibit minimal upfront cost differences, annual operational savings exceeding PKR 62,000, and short payback periods of just 4 to 6 months, making them highly feasible in the local context.The study adopts a mixed-methods approach using national price data, vehicle registration records, and international case studies from India, Kenya, and Norway.It evaluates financing innovations such as battery leasing, concessional green loans, and carbon-credit-linked microfinance, and outlines a consumer-focused policy framework that emphasizes financial inclusion, decentralized infrastructure development, and phased implementation strategies.By aligning global lessons with Pakistan's socioeconomic and infrastructural realities, the paper offers a scalable and inclusive roadmap for accelerating EV adoption through targeted, consumer-driven solutions.
Decentralization of fiscal policy is a key factor in the formation of financial independence of local governments and strengthening the economic stability of regions in modern democratic states. Its relevance for Ukraine is determined by the need to strengthen the financial basis of territorial communities in the process of implementing administrative-territorial reform. The purpose of the study is to determine the decentralization of fiscal policy as a mandatory condition for obtaining an independent status of local communities; the object is the system of intergovernmental relations in democratic states. The methodological basis is comparative-legal and quantitative-analytical approaches, based on official statistical data Open Budget, World Bank Boost Data, the Ministry of Finance of Ukraine and the State Statistics Service. The results of the study showed that in 2018–2024 the share of income without transfers, tax revenues and own resources of communities increased, which confirms the increase in the level of fiscal autonomy. Legislative amendments to the Budget Code ensured the expansion of local revenue sources, the introduction of basic and reverse subsidy mechanisms and the strengthening of horizontal equalization. It was found that the Ukrainian model of fiscal decentralization is gradually approaching European practices, forming institutional prerequisites for the sustainable development of communities and strengthening their financial independence.
The global Web 3.0 Blockchain Market is projected to grow from USD 4.39 billion in 2023 to USD 64.28 billion by 2030, at a CAGR of 46.7%. The market focuses on decentralized applications, smart contracts, and digital assets, transforming industries such as finance, healthcare, and supply chain. To access the full report, visit - https://www.nextmsc.com/report/web-30-blockchain-market
The global REDD+ framework designed to curb greenhouse gas emissions by reducing deforestation and forest degradation has become a central pillar of international climate mitigation efforts, particularly in tropical forest nations such as Indonesia. Despite its significant potential, the implementation of REDD+ in Indonesia continues to encounter systemic barriers that undermine its effectiveness. Key challenges include fragmented and weak governance systems, inconsistent and unpredictable financial support, unresolved land tenure arrangements, and the persistent exclusion of indigenous and local communities from meaningful participation in forest management. These structural limitations diminish the capacity of REDD+ to generate measurable and sustained climate benefits. This study provides an in depth examination of the institutional, socio-political, and economic obstacles that constrain REDD+ performance in Indonesia. It argues that the current project oriented and carbon-accounting–driven model must evolve into a more integrated governance architecture that aligns environmental conservation with livelihood security and equitable resource distribution. To strengthen REDD+ outcomes, the research advances several policy innovations, including the decentralization of forest governance, diversification of long-term financing pathways, recognition and protection of customary land rights, and systematic incorporation of local ecological knowledge. Enhanced monitoring, reporting, and verification (MRV) systems are also highlighted as essential for ensuring transparency and accountability. Insights from case studies in Central Kalimantan and West Papua further demonstrate that the durability of REDD+ initiatives hinges on community empowerment, clear land tenure arrangements, and reliable funding mechanisms. Together, these findings emphasize the urgent need to redesign REDD+ governance in Indonesia to ensure it functions not only as a climate mitigation instrument but also as a socially just and economically viable conservation strategy.
Open access
Conservation, Biodiversity, and Resource Management
Background: Yemen is facing one of the most severe energy crises in the world, exacerbated by decades of conflict. In this context, sustainable energy solutions, particularly renewable energy technologies, have emerged as a critical pathway to addressing Yemen’s energy deficit while reducing environmental impact. The country possesses significant potential for renewable energy exploitation, especially solar and wind resources, due to its geographic location and climatic conditions. Scholars, policymakers, and development agencies have examined the challenges and opportunities facing Yemen's transition to a sustainable energy future. Objectives: This review paper aims to synthesize current knowledge on sustainable energy development in Yemen, exploring the potential of solar, wind, and other renewable resources, evaluating ongoing projects and policies, and identifying barriers and opportunities for future growth. By providing a comprehensive overview, this paper seeks to contribute to the understanding of how sustainable energy can support Yemen's recovery, economic development, and long-term resilience. Methods: The current review have been studied and analysed key studies and technical reports from 2010 to 2025, including contributions from the United Nations Development Programme (UNDP), the International Renewable Energy Agency (IRENA), the World Bank, and regional academic institutions. The analysis categorizes existing literature into five thematic areas: (i) renewable energy potential assessment, (ii) energy policy and governance, (iii) investment and financing mechanisms, (iv) environmental and social impacts, and (v) capacity development and institutional strengthening. Results: Recent policy reforms, scheduled for 2024, aim to establish the Authority for Renewable Energy and Energy Efficiency. The evolution of renewable energy policy in Yemen from 2010 to 2024 shows steady growth. Financing is a key challenge in Yemen's renewable energy transformation, although limited access to international financing, coupled with political risks, has limited private sector engagement. Renewable energy brings numerous environmental and social benefits to Yemen. Research shows that solar microgrids increase household incomes by 15 – 20%. Environmental goals include reducing CO2 emissions by 40% by 2050, increasing green space, and ensuring sustainable land-use planning for solar and wind farms. Furthermore, regional comparative studies show that the cost of solar photovoltaic (PV) systems in Yemen is competitive with fossil fuel-based generation, especially when long-term maintenance and fuel import costs are taken into account. Overall, Yemen's renewable energy potential is quite promising, with solar energy leading the way due to its volume, cost-effectiveness, and ease of deployment. Wind, biomass, and geothermal resources offer additional opportunities that can diversify Yemen's energy mix, increase resilience, and promote sustainable development. Conclusion: Ambitious targets have been set to diversify Yemen's energy mix and improve efficiency, including a 15% share of renewable energy by 2025, rural solar electrification, and improved energy sector efficiency. However, achieving success in this area still requires concessional and blended financing to reduce investment risks, the promotion of modular and decentralized deployment models (mini-grids, rooftop solar panels), and the integration of renewable energy expansion into resilience and recovery planning.
This study offers an in-depth examination of the transformative influence of cryptocurrencies on global economic and financial systems, emphasizing their interplay with financial inclusion, regulatory evolution, and decentralized economic frameworks. Employing a mixed methods design that combines quantitative regression modeling with qualitative analysis, the research uncovers new insights into cryptocurrency adoption, particularly within emerging economies and financially marginalized populations. Unlike previous studies that focus primarily on technological or speculative dimensions, this paper critically investigates cryptocurrencies as both catalysts for financial democratization and potential sources of systemic risk. It develops a balanced framework for understanding how decentralized finance (DeFi) can coexist with regulatory oversight, proposing evidence-based policy recommendations that promote innovation while safeguarding market integrity and consumer protection. Empirical findings demonstrate that cryptocurrencies facilitate broader access to financial services due to their decentralized structure and cost-efficient transactions. However, they also expose users to challenges such as extreme price volatility, cybersecurity risks, and inconsistent regulatory environments. Moreover, socio-economic analysis reveals that individuals with prior exposure to cryptocurrencies exhibit more favorable perceptions of their societal and economic impact. The research concludes that sustainable cryptocurrency integration requires adaptive regulatory models, cross-border collaboration, and continuous monitoring of technological evolution. Future studies should expand on longitudinal and comparative analyses to evaluate how evolving governance and education strategies influence adoption and trust. By situating cryptocurrencies within the broader discourse of digital transformation and economic sustainability, this paper contributes to shaping policy and industry practices that support an inclusive, resilient, and transparent financial ecosystem.
Xiang, Yuexin, Yang Lei, Yuanzhe Zhang, Qin Wang · 7 authors
Stablecoins such as USDT and USDC aspire to peg stability by coupling issuance controls with reserve attestations. In practice, however, transparency remains fragmented across heterogeneous data sources, with key evidence about circulation, reserves, and disclosure dispersed across records that are difficult to connect and interpret jointly. We introduce a large language model (LLM)-based automated framework for bridging cross-domain transparency in stablecoins by aligning issuer disclosures with observable circulation evidence. First, we propose an integrative framework using LLMs to parse documents, extract salient financial indicators, and semantically align reported statements with corresponding market and issuance metrics. Second, we integrate multi-chain issuance records and disclosure documents within a model context protocol (MCP) framework that standardizes LLM access to both quantitative market data and qualitative disclosure narratives. This framework enables unified retrieval and contextual alignment across heterogeneous stablecoin information sources and facilitates consistent analysis. Third, we demonstrate the capability of LLMs to operate across heterogeneous data domains in blockchain analytics, quantifying discrepancies between reported and observed circulation and examining their implications for transparency and price dynamics. Our findings reveal systematic gaps between disclosed and verifiable data, showing that LLM-assisted analysis enhances cross-domain transparency and supports automated, data-driven auditing in decentralized finance (DeFi).
This comprehensive technical specification details the ADN-NChain protocol, a first-of-its-kind Distributed Ledger Technology (DLT). It introduces a revolutionary self-repairing neural blockchain architecture, leveraging biologically-inspired genetic algorithms for state management and unprecedented network resilience to systemic and quantum threats. The whitepaper thoroughly covers the robust system design, the novel Proof-of-Resonance (PoR) consensus mechanism, and a future-proof post-quantum cryptography implementation (CRYSTALS-Dilithium) essential for securing the next generation of crypto-assets and decentralized applications (dApps). Performance metrics confirm high scalability (12,000+ TPS) and exceptional data integrity with a 99.9% automatic corruption repair success rate. This work is critical for researchers, investors, and developers focused on next-generation blockchain, Web3, cryptocurrency security, and Decentralized Finance (DeFi) solutions.
Uhryn A.P. FINANCIAL SUPPORT FOR THE DEVELOPMENT OF LOCAL COMMUNITIES IN DEVELOPED COUNTRIES: IMPLEMENTATION IN DOMESTIC PRACTICE Purpose. The aim of the article is to summarise and systematise international experience in financial support for the development of local communities in developed countries and to substantiate the directions for its implementation in domestic practice, taking into account the tasks of strengthening the revenue base of local budgets in Ukraine, increasing the institutional stability of communities and ensuring their sustainable development in the context of post-war recovery and budget decentralization. Methodology of research. The methodological basis of the study is the systemic and institutional approaches, which made it possible to consider local finances as a complex multi-level system in which budgetary, tax, and transfer mechanisms interact within the current institutional environment. In the process of research, comparative analysis methods were used to compare models of local finance organization and mechanisms of fiscal decentralization in different countries, logical generalization to form theoretical conclusions and conceptual provisions, as well as structural and functional analysis to identify the role of individual elements of the budget system in ensuring the financial autonomy of local self-government. Thus, the research methodology is based on a comprehensive combination of modern theoretical and methodological approaches to analysing the functioning of the public finance system in decentralized conditions. The theoretical basis of the work is formed by the provisions of the theory of fiscal federalism, which reveal the patterns of distribution of revenue and expenditure powers between levels of government, the concept of tax autonomy of territorial communities, as well as scientific approaches to inter-budgetary equalization as a tool for ensuring financial capacity and balanced regional development. Findings. It has been established that the effectiveness of financial support for local communities is determined by a balanced combination of tax autonomy, stable own and fixed revenues, as well as effective mechanisms of vertical and horizontal financial equalisation. The institutional features of decentralised, cooperative and centralised models of local finance, their impact on the financial stability of communities and the quality of public services are revealed. It is substantiated that Ukraine's priorities are: strengthening the role of personal income tax and property tax in local budget revenues, improving formula equalisation based on European models, developing municipal investment and project financing instruments, and integrating international aid into the local finance system while maintaining budgetary discipline. The obtained results correspond to the tasks of improving the effectiveness of community’s information and communication resources and strengthening the financial capacity of territories. Originality. International models of financial support for territorial communities have been systematised through the prism of combining tax autonomy and solidarity mechanisms; adaptation guidelines for Ukraine have been substantiated, combining the expansion of communities' own revenue base with the improvement of inter-budgetary relations and the strengthening of the financial responsibility of local self-government bodies. Practical value. The proposed approaches can be used by public authorities and territorial communities of Ukraine to form a sustainable revenue policy, optimise the financial equalisation system, plan development investments and improve the quality of budget management. The research results are relevant to scientific and practical tasks of improving local budget revenue management and introducing strategic risk management into community activities. Key words: financial support for local communities, fiscal decentralization, local budgets, tax autonomy, inter-budgetary relations, financial equalisation, post-war recovery.
A Sowmiya, Kavitha Muthukumaran, V Jhansi, Jesus Milton Rousseau S. · 6 authors
Decentralized Finance (DeFi) represents a transformative shift in the financial landscape by using blockchain technology to enable peer-to-peer services without traditional intermediaries. This study adopts a socio-cultural lens to examine the key factors that influence individuals’ intentions to adopt DeFi technologies. In particular, we explore how performance expectancy (perceived usefulness), effort expectancy (perceived ease of use), social influence, and innovativeness drive user adoption, and how these relationships are moderated by demographic factors such as age, gender, education, and income. Drawing on survey data (N = 425) collected in India (an emerging market context), the research employs Structural Equation Modeling (SEM) to test the proposed framework. Results indicate that perceived usefulness and ease of use are significant positive predictors of DeFi adoption. Social influence and individual innovativeness also encourage adoption, especially among younger and more educated users. Moreover, demographic characteristics shape the strength of these effects: for instance, younger users find DeFi more useful and easier to use, women are more impacted by social recommendations, and higher-income individuals are more inclined to adopt innovative financial solutions. These findings underscore that DeFi adoption is not just a technical or economic process, but a culturally situated phenomenon influenced by social dynamics and user diversity. The paper discusses implications for improving digital financial inclusion and strategies for stakeholders to foster broader DeFi acceptance across different social groups
Dobrotă Gabriela, DAN NICOLETA, BUTĂNESCU-VOLANIN REMUS-CONSTANTIN
Public finance sustainability represents a fundamental pillar of macroeconomic stability and a key determinant of the ability of states and local communities to cope with major economic shocks. Against the backdrop of successive crises over the past two decades—financial, health-related, and geopolitical—the relationship between fiscal sustainability and community resilience has gained increasing attention in both economic scholarship and European institutional debates. The aim of this article is to examine the linkage between fiscal sustainability and the resilience of local communities through an integrated approach that combines cross-country analysis at the European Union level with an in-depth assessment of Romania’s experience. The study relies on Eurostat data covering the period 2015 2023 and focuses on fiscal indicators, the degree of fiscal decentralization, and the capacity of local communities to translate public resources into economic and institutional resilience. The methodological framework includes descriptive and comparative analysis, alongside the construction of a composite Community Resilience Index. The empirical findings reveal substantial disparities across EU Member States and indicate that fiscal sustainability, when accompanied by functional fiscal decentralization and strategically oriented public investment, is associated with higher levels of community resilience. In the case of Romania, the gap between a relatively moderate level of public debt and comparatively low community resilience is largely explained by limited local fiscal autonomy and persistent institutional constraints.
Crowdfunding for social goods has become a transformative force in India's development ecosystem, emerging as a crucial citizen-driven financing model for healthcare assistance, educational support, social welfare, environmental conservation, and community development projects.As India progresses toward achieving the United Nations Sustainable Development Goals (SDGs), the importance of innovative, decentralized, and participatory funding mechanisms has grown significantly.Traditional sources of funding-government schemes, philanthropic donations, CSR initiatives, and institutional grants-are often insufficient to meet the enormous financial needs of low-income and marginalized communities.In this context, digital crowdfunding platforms such as Ketto, Milaap, ImpactGuru, Donatekart, and GiveIndia offer flexible, inclusive, and accessible channels for mobilizing public contributions.Unlike commercial crowdfunding, donation-based crowdfunding provides no financial returns to donors.Therefore, donors' decisions are fundamentally shaped by behavioural finance factors rather than economic incentives.This research adopts a behavioural finance perspective to examine the psychological, emotional, cognitive, and social determinants that influence campaign success for SDG-aligned social crowdfunding projects in India.The study investigates how donor motivations-including altruism, empathy, moral obligation, warm-glow effect, identity-driven giving, and social influence-interact with campaign design elements, platform architecture, and trust signals to determine fundraising outcomes.Findings from prior research and platform-level data indicate that trust remains the strongest driver of donation intention.Indian donors tend to be risk-averse due to concerns about fraud, misrepresentation, and misuse of funds.As a result, trust-building mechanisms-such as verified fundraisers, authentic documentation, medical proof, transparent financial breakdowns, institutional endorsements, and frequent campaign updates-significantly increase credibility and donor confidence.Emotional storytelling is another powerful determinant; campaigns featuring identifiable beneficiaries, vivid visuals, personal narratives, and urgent medical needs evoke stronger empathy and are more likely to attract support.Social proof and herding behaviour also play a critical role.Donors frequently look to the actions of others to validate campaign legitimacy, especially when information is limited.High engagement metrics-number of donors, comments, shares, early contributions-signal popularity and urgency, triggering positive herding effects that accelerate the fundraising process.Campaigns that achieve early momentum typically experience higher visibility, stronger network effects, and higher conversion rates.In India, where community networks, family ties, religious identity, and regional affiliations are strong, such social cues significantly enhance campaign reach:
Abstract The digital transformation of global supply chains presents unprecedented opportunities, yet it concurrently exacerbates the existing gap in financial inclusion for Micro, Small, and Medium Enterprises (MSMEs). Traditional supply chain finance (SCF) models often fail to serve these small suppliers due to high information asymmetry, lack of verifiable collateral, and manual, paper-intensive processes, leading to significant liquidity constraints. This study proposes and empirically investigates blockchain technology as a foundational solution to mitigate these challenges. Specifically, it examines how blockchain-enabled traceability fosters greater trust and transparency, which in turn facilitates more accessible and inclusive supplier financing mechanisms. Employing a mixed-method approach (Quantitative N=150−180 survey and Qualitative interviews) with a cross-sectional design, the research analyzes relationships using descriptive statistics, regression, and factor analysis. Preliminary findings are expected to demonstrate a significant positive impact of blockchain adoption on financial inclusion metrics for MSMEs. The research contributes by providing a rigorous framework for practitioners and policymakers aiming to leverage decentralized technology to create a more equitable and sustainable global trade ecosystem. Keywords: financial inclusion, blockchain enabled supply, micro, small, and medium enterprises,
Smart contracts are digital protocols programmed on the blockchain network that automatically execute agreements once pre-defined conditions are met, without human intervention.These contracts are characterized by transparency, speed, and security, as they are stored and documented on a network that cannot be easily modified.Smart contracts rely on software code that defines conditions and procedures, making their implementation precise but also irreversible or easily modified after publication. They are used in several fields, including decentralized finance (DFI), supply chain management, and digital healthcare.Despite these advantages, smart contracts face fundamental challenges, most notably software vulnerabilities that can be exploited by attackers due to the lack of a clear legal framework in many countries, the difficulty of interpreting human intentions through software code alone, and the limited ability of smart contracts to handle exceptional or complex situations.The research topic will be divided into a research plan consisting of an introduction, a section, and two sections.The first section addresses the concept of smart contracts, while the second section explains the legal status of smart contracts in civil law.
Volodymyr Valihura, Oleksandr Odaiskyi, Ivan Vakulich, Mykhailo Soroka
Valihura V.A., Odaiskyi O.B., Vakulich I.P., Soroka M.V. PRAGMATICS OF FISCAL DECENTRALIZATION IN THE CONTEXT OF FORMING LOCAL BUDGET REVENUES IN UKRAINE Purpose. The aim of the article is to identify the prerequisites for the reform of fiscal decentralization in Ukraine, highlight individual stages of its implementation and assess the impact on the formation of local budget revenues. Methodology of research. The research process involved the use of general scientific and special methods of cognition, in particular analysis and synthesis, induction and deduction, systemic, structural and functional approaches. To assess the fiscal effects of the reform, comparative and dynamic analysis methods were used, as well as statistical methods for processing official data from the Ministry of Finance of Ukraine and the state budget web portal for citizens. The phasing of fiscal decentralization was substantiate using an institutional approach and elements of the concept of fiscal federalism. Findings. The article proves that fiscal decentralization reform in Ukraine had an uneven fiscal effect in the short term, but in the long term contributed to the growth of financial independence of local budgets. It has been established that in 2011–2014, the revenue base of local budgets was characterized by high dependence on interbudgetary transfers and the limited role of local taxes. The introduction of the reform in 2015 was accompanied by a temporary decrease in the share of own revenues due to the revision of personal income tax (PIT) crediting standards, but in 2016–2019, there was a gradual strengthening of the tax capacity of communities. It has been substantiated that the sharp reduction in official transfers in 2020 and 2022 was due to the completion of the administrative and territorial reform, the COVID-19 pandemic and the transition of the budget system to functioning under martial law. Originality. A comprehensive analysis of fiscal decentralization was conducted from the perspective of its pragmatic impact on the formation of local budget revenues in the long term. The author proposes an approach to the periodization of fiscal decentralization reform in Ukraine, taking into account institutional changes and crisis factors, and substantiates the relationship between the transformation of interbudgetary relations and the dynamics of tax revenues at the subnational level. Practical value. The obtained results can be used by state authorities and local self-government bodies in the formation of tax and budget policy, the improvement of interbudgetary equalization mechanisms and the development of a post-war strategy for the development of fiscal decentralization. Key words: fiscal decentralization, fiscal federalism, fiscal policy, local budgets, taxes, tax revenues, interbudgetary transfers, territorial communities, personal income tax.
Blockchain technology has fueled exponential growth across various industries, including finance, supply chain management, and healthcare, enabling greater transparency in transaction management and supporting decentralized implementations. This paper presents a comprehensive performance analysis of permissioned and permissionless blockchain platforms, specifically Hyperledger Fabric and Ethereum. The study evaluates these platforms with varying transaction workloads (100 to 1000 transactions) with a consistent network. Our objective is to measure key performance metrics such as send rate, throughput, latency, resource utilization, and transaction success rate using established benchmarking tools and methodologies. The findings offer valuable insights into the comparative strengths, limitations, and optimal use cases of these blockchain platforms across different performance parameters. The results indicate that Hyperledger Fabric achieves, on average, 3.5–4.5 times higher throughput and 10–12 times lower latency than Ethereum, while consuming 2.5–3 times less memory across tested workloads. In contrast, Ethereum demonstrates a higher send rate and lower CPU demand in some operations. Overall, the study suggests that Hyperledger Fabric is better suited for enterprise applications that demand high scalability and performance.