This paper provides a comprehensive analysis of cryptocurrency as a financial instrument, examining its underlying mechanisms, market structure, and risk characteristics. The study begins with an overview of cryptocurrency fundamentals, including blockchain technology and the evolution of the cryptocurrency market. Through quantitative analysis of daily returns for six cryptocurrencies and six traditional assets between January 2018 and December 2021, the research demonstrates cryptocurrency's distinctive risk-return profile. Principal Component Analysis reveals three major risk factors driving cryptocurrency returns, while clustering analysis identifies meaningful groupings among cryptocurrencies. The findings indicate that cryptocurrencies exhibit significantly higher volatility and tail risk compared to traditional assets but provide substantial diversification benefits when incorporated into conventional portfolios. Tangency portfolio analysis shows that adding cryptocurrencies to traditional assets substantially improves risk-adjusted returns, with the combined portfolio achieving a Sharpe ratio of 2.72, compared to 0.39 for traditional assets alone. The study further examines regulatory challenges, tax implications, and emerging frameworks, particularly within the European Union. This research contributes to understanding cryptocurrency's role in modern investment portfolios while highlighting the unique risks and regulatory considerations that accompany this emerging asset class.
The article explores the tax aspects of investing in cryptocurrencies, specifically the legal approaches to taxing digital assets in Ukraine and globally. The rapid expansion of cryptocurrencies and the growing interest in them from investors pose new challenges for states in regulating this area, particularly regarding the taxation of income from such investments. The author analyzes the current Ukrainian legislation on cryptocurrencies and tax obligations, comparing it with regulatory approaches in developed countries such as the United States, Germany, and Switzerland, which have already developed detailed mechanisms for taxing cryptocurrency transactions. The primary focus is on defining the legal status of cryptocurrencies as assets, addressing their taxation as income from sales or exchanges, and examining the possibility of applying standard capital gains tax schemes. The article highlights the issues of legal uncertainty in national legislation, particularly the lack of clear classification of cryptocurrencies as taxable objects, and the risks this uncertainty poses for both investors and the state. Special attention is given to the significance of tax regulation as a tool for either stimulating or hindering the development of the cryptocurrency market. The article proposes potential ways to improve cryptocurrency tax regulation in Ukraine based on advanced international practices. Specifically, it emphasizes the need to harmonize national legislation with the tax norms of the EU and other countries that have already developed comprehensive models for taxing digital assets. The study is highly relevant in the context of the rapid development of the digital economy, global market integration, and the need to adapt the tax system to the realities of the digital asset market. The author stress the importance of establishing transparent and comprehensible tax norms that will encourage investment in the digital sector of the economy and ensure the financial stability of the state.
The article examines the problem of entrepreneurial risks in the conditions of institutional uncertainty and analyzes the possibilities of applying blockchain technologies and strategic management to minimize them. Institutional uncertainty, manifested in the instability of regulatory requirements, unpredictability of regulatory decisions and lack of transparency, creates significant obstacles to business development, and traditional risk management methods demonstrate limited effectiveness in such conditions and forms a certain management philosophy and culture. It is substantiated that blockchain technologies, thanks to decentralization, transparency and security, offer an alternative approach to ensuring trust and reducing risks. Practical examples of blockchain application in various industries are studied: from finance to logistics, healthcare, real estate and energy. Strategies for introducing blockchain into business are systematized, including the use of smart contracts, decentralization of operations, partnerships with blockchain startups , creation of consortia, and personnel training. At the same time, blockchain limitations are also noted : technical complexity, regulatory risks, high implementation costs, cyberthreats and scalability issues. The research results show that the combination of strategic management and blockchain technology forms an effective toolkit for minimizing business risks in an unstable institutional environment. Such an approach allows companies to create sustainable business models, reduce dependence on unreliable institutions and increase competitiveness, which is especially relevant for regions with insufficiently developed institutional infrastructure.
Financial support for local self-government is an integral part of sustainable development of territorial communities, which determines the effectiveness of resource management at the local level. In the face of dynamic changes, including war, decentralization is increasingly important, as it allows local authorities to increase their financial autonomy. However, this requires optimizing budget planning, attracting investments, and expanding the revenue base of communities. State transfers remain an important tool in this process, helping to balance the financial capacity of different regions, especially in times of crisis. The fiscal decentralization reform implemented before the war significantly strengthened the financial capacity of local budgets, but the war led to a temporary centralization of budget resources. In such circumstances, utilities play a critical role, facing financial difficulties due to outdated infrastructure and unregulated tariffs. To ensure the sustainability of these enterprises, budget funding is needed, as well as the effective use of grant resources and international technical assistance. The development of infrastructure and social initiatives requires the introduction of various financing mechanisms, such as local borrowing and investment. Restoration and improvement of decentralization in the post-war period should take into account new socio-economic challenges and meet European standards. The key task is to strengthen the financial self-sufficiency of territorial communities, which will help reduce their dependence on centralized transfers. Improving inter-budgetary relations and effective management of budgetary resources are important components of the country's economic recovery after the war.
The article reveals key aspects of the use of cryptocurrencies in the modern financial market, in particular in the context of the digital transformation of the economy and the development of innovative financial instruments. The author substantiates the relevance of the research topic in view of the exponential growth of the cryptocurrency market capitalization, its institutionalization, the introduction of blockchain technology into the financial sector and the strengthening of the integration of cryptocurrencies with traditional markets. It is established that in Ukraine cryptocurrencies are considered not only as an investment tool, but also as an alternative to traditional mechanisms for preserving value in conditions of macroeconomic instability. The dynamics of Ukraine's positions in the global crypto-asset adaptation rating are analyzed, and the main trends in the development of the cryptocurrency sector at the national level are identified. Particular attention is paid to the institutional environment and regulatory barriers, in particular the problems of legal uncertainty, tax regime, limited access to banking services and weak integration with the payment infrastructure. The need to complete the implementation of the Law of Ukraine «On Virtual Assets», create an effective regulatory system with a clear division of powers between the NBU and the NSSMC, as well as introduce effective mechanisms for financial monitoring of cryptocurrency transactions was emphasized. It was concluded that the development of the cryptocurrency market should be accompanied by increasing the level of financial literacy of the population, strengthening cybersecurity and stimulating energy-efficient technologies in the field of mining. The paper outlines strategic directions of state policy for harmonizing cryptocurrency regulation with international standards, which will ensure sustainable development of the national financial sector, promote financial inclusion and integrate the Ukrainian economy into global digital processes.
The rapid development of FinTech is transforming the modern economic system. Today, there are many areas of FinTech, of which cryptocurrencies deserve special attention. They became part of payment systems in a fairly short period of time, gaining wide popularity around the world. Despite difficulties with the legislative sphere, cryptocurrency is gaining leading positions in the global financial market. But not all countries have recognized it factually and legally, there are many obstacles to the legalization of cryptocurrency. The use of cryptocurrencies for criminal purposes as barter or payment for a service is quite common. It should be noted that the use of cryptocurrencies in personal finance is accompanied by a decrease in financial and investment security and an increase not only in profitability, but also in the risks of using the owner's investment portfolio. Disadvantages of the use of cryptocurrency mostly include: prohibition of the use of cryptocurrency by state institutions; after losing the password from the electronic wallet, the cryptocurrency owner can lose all virtual savings; the more complex the cryptocurrency algorithm, the more difficult it is to mine it at home; insecurity from cyber attacks; cryptocurrencies are not backed by the Deposit Guarantee Fund. The use of cryptocurrencies at the legislative level is just being formed in Ukraine and has a number of contradictions. The article is devoted to the definition of the main trends in the world of crypto currencies. At today's stage, there are many types of cryptocurrencies. Among the largest cryptocurrencies by capitalization are: Bitcoin, Ethereum, Ethereum Classic, Dash, Ripple, Monero, Litecoin, NEM, Augur, MaidSafeCoin and others. Also, the types of cryptocurrencies depend on the features of their mining, there are Bitcoin, Altcoin (Litecoin (LTC); Ethereum (ETH); Ripple (XRP) and Tokens (Ethereum; Omni; NEO; TRON. Today, the legal framework is insufficiently developed in most foreign countries and in Ukraine in particular. Therefore, international practice shows the existence of various options for regulating cryptocurrencies in the world. And it depends on what the legislator of one or another state understands by cryptocurrency: commodity, intangible asset, money, property (property), equivalent of property value, object of money transfers, means of payment or financial instrument, method of payment or exchange. In this state of consideration of the problem, the process of legalization of activity using cryptocurrencies becomes somewhat more complicated, and as a result, controversial issues arise regarding the taxation of operations related to cryptocurrencies.
The article provides a comprehensive analysis of the development of Ukraine’s digital economy, emphasizing the critical role of the IT sector, innovative capitalization strategies, and the transformative impact of digital technologies on economic growth. The authors highlight the significant achievements of the Ukrainian IT sector. This growth is supported by a robust educational system producing skilled IT professionals and government initiatives such as the Ministry of Digital Transformation, the “Diia” project, which have revolutionized e-governance and digital public services. The article delves into innovative capitalization strategies, including the adoption of blockchain technologies, decentralized finance (DeFi), venture capital, and angel investments, which are reshaping investment landscapes and enabling rapid scaling of digital businesses. The authors also explore the role of international partnerships and foreign direct investments (FDI) in fostering Ukraine’s digital economy, particularly through collaborations with global tech giants and initiatives like the EU’s €50 billion Ukraine Facility program. Despite these advancements, the article identifies several challenges, including insufficient investment in digital infrastructure, brain drain, cybersecurity threats, and regulatory uncertainties. To address these issues, the authors propose a multifaceted approach, including enhancing digital literacy, modernizing educational institutions, and fostering a competitive innovation culture. The article concludes by emphasizing the importance of balancing innovation with risk mitigation to ensure sustainable growth in Ukraine’s digital economy. By leveraging its strengths in IT and digital services, Ukraine is well-positioned to become a leading digital hub in Eastern Europe, driving economic resilience and global competitiveness. Additionally, the article underscores the potential of emerging technologies like artificial intelligence (AI) and the Internet of Things (IoT) to further accelerate digital transformation. The authors call for increased collaboration between the public and private sectors to create a supportive ecosystem for startups and scale-ups, ensuring that Ukraine remains at the forefront of the global digital economy.
The article explores current trends in the development and regulation of the cryptocurrency market in the global economy, considering the transformational processes of the financial system and digitalization. The authors examine the nature and classification of the main types of cryptocurrencies, including bitcoin, Ether, stablecoins, altcoins, and tokens, which serve as means of payment, investment instruments, and components of decentralized finance. The article analyzes the dynamics of the cryptocurrency market, its capitalization, and the number of cryptocurrency owners within the regional structure, using statistical data from leading international organizations and analytical agencies. Particular attention is paid to regulatory models in different regions of the world: the legislative practices of the European Union, approaches in the USA and Canada, the United Kingdom, Switzerland, as well as the experience of developing countries, where cryptocurrencies have become popular as a tool to protect against inflation, safeguard investors from fraud and manipulation, and to build trust, thereby promoting financial inclusion. The Ukrainian context has been analyzed, including the adoption of the Law «On Virtual Assets», as well as the role of cryptocurrencies in financing humanitarian and defense needs during periods of military challenges. Key issues have been identified, including the lack of globally unified rules, money laundering risks, cyber threats, and market volatility. The prospects for the development of the cryptocurrency market are substantiated in terms of combining innovation and security through the harmonization of regulatory standards, the development of international cooperation, and the integration of crypto instruments into the legal financial system. The obtained results contribute to a better understanding of the role of cryptocurrencies in the modern economy and provide a foundation for effective State policy in the field of financial innovations.
The aim of the article is to examine the role of municipal (communal) enterprises as key institutions for financing sustainable development in Ukrainian communities, analyze their functional capabilities, identify the main financial barriers, and propose approaches for assessing the investment attractiveness of communal enterprises in the context of implementing municipal sustainable development strategies. The focus is on the characteristics of communal enterprises as institutions capable not only of providing public services but also of serving as active executors of sustainable development strategies. It has been determined that communal enterprises possess the necessary legal, organizational, and technical prerequisites for implementing infrastructure initiatives in areas such as energy conservation, transportation, water supply, and waste disposal, which correspond to the Sustainable Development Goals (SDGs). The relevance of the research is determined by the increasing role of local self-government in the context of decentralization, the need to restore infrastructure due to military actions, the limitations of budget resources, and the growing interest in searching for innovative financing tools at the local level. At the same time, the results of the review of contemporary scientific literature indicate insufficient attention to communal enterprises as full-fledged participants in sustainable development processes – both in terms of attracting financial resources and in aspects of institutional capacity. The aim of the article is to substantiate the capability of communal enterprises to act as drivers of sustainable community development, to identify key barriers that limit their financial sustainability and investment attractiveness, and to formulate methodological approaches for a comprehensive assessment of the potential of communal enterprises in the context of attracting off-budget financing. In the process of the research, methods of content analysis of scientific publications, systematic-structural and comparative approaches to analyzing the financial-institutional role of communal enterprises (CE), as well as elements of ESG assessment were applied. Legislative, financial, and managerial factors that determine the operational efficiency of CEs were analyzed, as well as factors that reduce their investment attractiveness: unprofitable tariffs, low levels of transparency, lack of strategic financial planning, limited managerial capacity, weak tools for internal control and risk management. The outcome of the research was the formation of a conceptual approach to assessing the investment capacity of communal enterprises, which includes three main blocks: financial viability, operational efficiency, and compliance with environmental, social, and governance (ESG) criteria. The emphasis is placed on the need to implement transparent financial practices, improve tariff policy, create internal credit ratings for public utilities, and attract international technical assistance.
Nataliia Krykhivska, Олександра Ромашко, Надія Гребенюк, Mariia M. Markiv
The aim of the article is to study and analyze the current state of legislation regarding the regulation of cryptocurrency assets in Ukraine and, taking into account foreign experience, to identify recommendations for improving domestic legislative initiatives to ensure the transparency, security, and efficiency of the cryptocurrency market. To achieve this aim, comparative analysis, synthesis, and generalization of the obtained data were used. The main hypothesis is that efficient regulation of cryptocurrencies can improve the economic stability of the country. It is identified that cryptocurrencies require a comprehensive approach to regulation, considering global experience and the specifics of national legislation. The research methodology involved analyzing existing regulatory acts, studying cryptocurrency regulation practices in individual countries, and conducting a comparative analysis. The assessment of legal lacunae and the development of recommendations for improving Ukrainian legislation were the main objectives. An assessment of the current state of cryptocurrency regulation in Ukraine is carried out, a comparative analysis of international experience is presented, and proposals for improving legislation are formulated. Issues related to the taxation of cryptocurrencies are characterized, and major directions for the development of this sphere in Ukraine are allocated. The theoretical significance of this research lies in clarifying concepts and categories related to cryptocurrencies and their regulation, as well as in analyzing scientific approaches to solving legal problems. The practical significance is the development of recommendations for improving national legislation, which will contribute to the development of the cryptocurrency market. The originality of the research consists in comparing Ukrainian legislation with international standards and identifying new approaches to cryptocurrency regulation. The main conclusions concern the necessity of improving the legislative framework and developing specific legal mechanisms for effective control of this area.
The nexus of green finance and digital banking is transforming the world financial system on the twin pillars of environmental sustainability and technological innovation. Topic modeling is utilized in this study to examine nascent trends on the basis of a corpus of around 481 records of the Web of Science database. Six leading topics are: (1) Digital Financial Inclusion and Sustainable Development, (2) Green Finance and Digital Innovation, (3) Fintech and Sustainable Financial Services, (4) Climate and Environmental Sustainability Digital Banking, (5) Blockchain and Transparency in Sustainable Finance, and (6) AI and Big Data in Sustainable Financial DecisionMaking. Digital banking is enabling financial inclusion, especially in rural villages, and supporting the United National Sustainable Development Goals (SDGs). Fintech technologies such as mobile banking, blockchain, and AI are propelling access to green financial products, transparency, and climate risk analysis. Blockchain is providing traceability of green bond issuance, while AI-based tools are offering real-time analysis of sustainability risk. Fintech innovation such as ESG-driven robo-advisors are giving access to sustainable financial services to everyone and facilitating decentralized investment in clean energy projects. Yet, issues like digital literacy deficits, cyber-attacks, and the environmental cost of blockchain mining persist. Regulatory schemes must continue to change and meet these to facilitate the promotion of inclusive access to sustainable financial services. This essay points out the necessity of harmonized ESG reporting mechanisms, AI transparency in governance, and inclusive regulation for facilitating the incorporation of sustainability in electronic banking. The findings point out the transformative potential of digital technologies in remoulding sustainable finance with significant implications for financial institutions, regulators, and academics. Subsequent work must take note of developing technology like quantum computing and decentralized finance (DeFi) to continue advancing sustainable financial innovation.
Nataliia Levchenko, Serhii Levchenko, State Tax Service
The article presents a comprehensive analysis of the efficiency of the mechanism for tokenizing Guarantees of Origin (GoO) of electricity and its impact on the development of the «green» transformation of energy sector enterprises. The conceptual and technological aspects of tokenization have been examined, including the application of blockchain technologies, smart contracts, and digital assets in the form of non-fungible tokens (NFTs). Particular attention has been paid to identifying the key attributes of tokens that ensure their transparency, security, and uniqueness, as well as to the integration of the tokenization mechanism into the financial, economic, and regulatory infrastructure of the energy market. The main factors shaping the demand for GoO tokens have been analyzed, among which the most significant are political regulations and state incentives, including the establishment of mandatory quotas for the use of «green» energy, the provision of tax benefits for enterprises compensating their emissions, and the imposition of penalties for exceeding environmental standards. An assessment of the economic feasibility of tokenization, potential risks, and possible benefits for producers of «green» electricity, consumers, and investors has been carried out. It has been determined that the economic activity of polluting enterprises directly affects their willingness to invest in tokens, since during periods of increased production and profitability, enterprises have more resources to participate in emission compensation mechanisms, whereas in crisis periods their financial capacities are limited. The development of a secondary market for digital assets contributes to token liquidity, the formation of market prices, and the creation of conditions for the effective functioning of a financial-ecological ecosystem, thereby promoting the further development of low-carbon electricity generation. Based on the results of the study, conclusions have been drawn regarding the role of tokenization as a tool for stimulating decarbonization, enhancing the liquidity of «green» assets, and creating a transparent financial-ecological ecosystem. Recommendations have been formulated for optimizing the GoO tokenization mechanism, improving its efficiency, and promoting the development of the low-carbon energy sector, ensuring a balance between environmental objectives, economic feasibility, and the interests of market participants.
The Great Recession of 2007-2009 was preceded by decades of deregulation, reduced supervision, and growing belief in self-regulation. Today, the cryptocurrency markets operate in a similar fragmented and unregulated environment. An unbacked cryptocurrency market with 6.8% global ownership carried a familiar, dangerous optimism for financial stability. Therefore, this study through a qualitative approach explores the regulation of cryptocurrency and its implications for financial stability. The study proved that there are several weaknesses in the current regulatory framework for the cryptocurrency ecosystem, namely, (1) Regulatory fragmentation, (2) Absence of the integration of security and consumer protection issues, (3) Used of existing traditional financial institutions' regulations to regulate the cryptocurrency market; (4) Flaws in the European Union Market in Crypto-Asset (MICA) regulations (5) Lack of a comprehensive uniform global regulatory and supervisory framework for cryptocurrency. Hence, the study findings further shows that the identified weaknesses in current regulatory framework for the cryptocurrency market could amplify financial vulnerabilities in the cryptocurrency ecosystem that could hamper the resilience of the global financial system to cryptocurrency market-based shocks through an increased contagion risk that has significant implication for financial stability. The paper concluded that while a fragmented and unregulated global cryptocurrency market may not currently pose a risk to financial stability in the global economy, an extensive adoption of cryptocurrency without a comprehensive uniform global, regional and national regulatory framework will amplify their vulnerabilities, exacerbate contagion, and generate systematic risk, which will have significant implication for financial stability- Minsky moment. The research recommends that national, regional, and international regulators, and policymakers, must engage in constructive dialogue to develop a risk-based global regulatory and supervisory framework for the cryptocurrency ecosystem, with greater requirements on cryptocurrency issuers, cryptocurrency backed stablecoins, DeFi smart contract, non-fungible tokens (NTF), cryptocurrency exchanges, holding reserves and blockchains operation that generate significant risk for financial stability.
The object of this paper is blockchain technology in the tracking system of grain supply chains. The current study considers the task of determining the impact of blockchain technology introduction on the tracking system of grain supply chains. The key problems in the system of grain supply chains have been identified and the tasks to solve them have been proposed. The characteristics of key technologies in the implementation of blockchain in the system of grain supply chains have been defined, such as smart contracts, the Internet of Things (IoT), interplanetary file system (IPFS), contactless tags (RFID), Ethereum platform (identified as the best for supply chain tracking). The influence of factors on the introduction of blockchain technologies into the grain supply chain tracking system was determined using a SWOT analysis. Strengths include transparency, increased trust, automation of processes and protection against falsification. Weaknesses include high implementation costs, difficulty scaling, and the need for staff training. Opportunities that open up through the use of blockchain include attracting new partners, increasing competitiveness, and developing new markets. Threats include legal difficulties, technical failures, high energy costs, and resistance from market participants. An assessment of the investment attractiveness of introducing blockchain technology into the grain supply chain tracking system was carried out by calculating such indicators as economic effect; net present value (NPV) of implementing blockchain technologies; payback period of investments. According to the results of analysis, the following data were obtained: NPV (150439 a.u.)>0, the payback period of investments is 2.8 years, which is acceptable for large agricultural holdings. Prospects for development have been determined, in particular, the unification of agricultural holdings for the joint implementation of blockchain technologies in the tracking system of grain supply chains, which would be a strategically beneficial solution for all participants in the supply chain
Purpose. The aim of the article is to explore modern trends in the development of the fintech industry in the context of the transformation of the global business landscape and to identify key challenges and opportunities for the further advancement of financial technologies. Methodology of research. General scientific and specialized methods were used in the process of the study, namely: a systematic approach to analyse the interconnections between financial technologies and the transformation of the global business landscape; comparative analysis methods to assess fintech development trends in different countries; economic and statistical methods to study the dynamics of the financial technology market; and forecasting methods to determine the prospects for the development of the financial sector in the era of digitalization and globalization. Findings. Theoretical foundations have been examined, and key trends in the development of financial technologies in the context of the transformation of the global business landscape have been systematized. The impact of central bank digital currencies (CBDC), decentralized finance (DeFi), SuperApps, and the "Buy Now, Pay Later" (BNPL) model on the structure of the financial market has been analysed. The main regulatory challenges, cybersecurity threats and the specifics of adapting financial institutions' business models to rapid technological changes have been identified. Originality. The substantiation of the interrelationship between globalization, the digitalization of the financial sector, and the evolution of financial technologies has been further developed, taking into account the challenges of cybersecurity, regulatory compliance, and business model adaptation. Particular attention has been paid to the integration of fintech solutions into the international economic system and their potential impact on traditional banking institutions. Practical value. The conclusions and recommendations derived from the study can be used by financial institutions, fintech companies, and regulatory bodies to develop strategies for adapting to emerging technological changes, improving regulatory policies, and enhancing the resilience of the financial system in the context of global digital transformation. Key words: financial technologies, fintech industry, global business landscape, global development trends, FinTech, CBDC, DeFi, BNPL, SuperApps, globalization, digitalization of the financial sector, regulatory challenges, cybersecurity.
Introduction. An element of the organization of accounting for electronic transactions at the enterprise is the choice of the optimal organizational form. With the development of means of payment, centripetal and centrifugal trends in the organization of accounting and management alternately changed. Centralization (decentralization) of accounting takes place at the functional, software-technical, informational, territorial, structural and consumer levels. Each individual case of organization of accounting of electronic transactions may involve different organizational levels, which leads to combinational processing of accounting information. The need to research combined organizational forms determines the relevance of the article. The purpose of the article is to develop the newest form of organization of accounting and management of electronic transactions as a further development of combined- centralized and combined-decentralized options with the aim of simultaneously delegating accounting and management powers to full-time employees and variable outsourcers. Methods. Systemic, innovative, functional approaches and methods of generalization, bibliographic and comparative analysis were used in the process of realizing the established goal of scientific research. Results. The presence of a significant number of limitations and shortcomings in the organization of accounting for electronic transactions according to the classic centralized and decentralized organizational options has been proven. The peculiarities of the combined- centralized form of electronic transaction accounting organization, which involves the autonomous collection of primary data and placement in centralized databases, as well as the combined-centralized form with the fo-rmation of a distributed database with fragmented access to it by users based on blockchain technology, have been studied. The concept of the latest organizational option, which corresponds to the current stage of development of electronic money and crypto-objects, has been developed, based on cluster combined delegation and remote performance by full-time personnel of the functions of accounting, control and management of electronic transactions. With the cluster organizational form, the division of functional responsibilities in the vertical (types of accounting, control, management) and horizontal (types of financial and economic processes or accounting objects) plane is provided for the outsourcing of accounting and management functions between variable outsourcers. Conclusions and prospects for further research. The implementation of a cluster version of the organization of accounting in the field of electronic transactions ensures: consideration of information priorities and rights of access to information by users, maximization of benefits from a combination of delegation and independent implementation of functions by full-time personnel, distribution of functions between outsourcers taking into account the level of their competence, optimization of information flows of the enterprise, financial and cyber security of enterprises, etc. Therefore, the organizational features of ensuring financial and cyber security of enterprises in the context of accounting and management of electronic transactions require further research.
Purpose This study aims to explore the required leadership competencies for successful blockchain technology (BCT) implementation in public sector organizations from a sensemaking perspective. Design/methodology/approach The study uses a multiple case study design. Primary data are collected by conducting semi-structured interviews with several representatives of Finnish public sector organizations. Written material from the selected organizations complements the primary data. NVivo14 is used to generate codes and analyze data. Findings The analysis shows that through sensemaking, leaders identify cues for digitally transforming their organizations through blockchain by leveraging their curious and rational vision. After identifying the cues, leaders then interpret these cues through technological understanding and exploring different technological solutions. Once the cues are interpreted for blockchain implementation, the third step is enactment after interpreting the cues. Leaders can facilitate the enactment of blockchain by connecting the outcomes of blockchain with organizational processes and goals. Furthermore, a dark side of BCT is identified, consisting of overly optimistic expectations and creating technological dependencies in the public sector. Research limitations/implications The study was conducted in 11 public organizations in Finland, which limits the generalizability of the findings. Leadership competencies that are required for blockchain implementation within organizations can be studied further by considering more use cases. The potential dark side of blockchain implementation can be explored further. Originality/value The presented research model of leadership competencies for blockchain implementation is derived from sensemaking research and contributes to the literature on leadership competencies by applying sensemaking to the study of BCT.
Open access
Blockchain Technology Applications and Security
Organizational Leadership and Management Strategies
M. Hordyskyi, M. Zborovskyi, O. Kamniev, Y. Pidhorniy
The article is devoted to the study of decentralization's role in improving public finance management. Theprocess of decentralization, which involves the transfer of powers and responsibilities from central to local authorities, is aglobal trend aimed at improving governance, public service delivery, and local economic development by bringing thedecision-making process closer to communities. The article emphasizes that effective financial management, includingbudgeting, debt management, revenue generation, and transparent reporting, enables local governments to meetcommunity needs, maintain fiscal stability, and ensure accountability. The article examines vital legislative reforms inUkraine that have expanded the powers of local authorities, giving them greater control over budgets, taxes, and financialresources. Although decentralization offers significant opportunities, the study identifies challenges such as regionaldisparities, administrative constraints, and conflicts between central and local governments. Potential challenges confirmthe importance of institutional frameworks, financial resources, technological integration, and citizen participation toensure a successful decentralization process. Thanks to reliable financial practices and transparent management, localauthorities can improve the quality of public services and contribute to the state's economic growth and sustainabledevelopment.
Blockchain as a frontier digital technology provides new opportunities for innovation. This paper builds a theoretical framework utilizing the Resource-Based View (RBV), and empirically examines the impact of blockchain application on enterprise innovation, based on panel data from Chinese listed companies spanning from 2007 to 2020. This paper finds that the adoption of blockchain applications significantly promotes enterprise innovation, through mechanisms of improving operational efficiency and expanding operational scope. With regard to contextuality, the positive effect of blockchain applications on innovation is more pronounced in enterprises with higher levels of technological and capital accumulation. With regard to temporality, innovation at faster paces can better realise the benefits of blockchain applications. This paper provides robust empirical evidence derived from a large sample, thereby enhancing our understanding of this dynamic relationship and suggesting directions for future research. • Blockchain application can significantly promote enterprise innovation. • Blockchain boosts enterprise innovation via improved efficiency and scope expansion. • Enterprises with higher levels of technological and capital accumulation can exploit this impact better. • Innovation at faster paces can realise this impact better.
This article examines cryptocurrency as the newest form of money, analyzing the main risks, trends, and prospects for its development. The advantages of cryptocurrency, such as decentralization, anonymity, and security, are also analyzed. However, serious risks related to price volatility and the lack of government regulation are also addressed. We analyze the main development trends in the cryptocurrency market, including the growth in the number of users and the increase in transaction volumes.