Purpose.To determine the role of digital infrastructure in the context of the digital transformation of Ukraine and to analyze the possibilities of applying blockchain technologies. Methodology. To achieve the set goal, various research methods, including analysis and synthesis for illuminating the economic essence of digital infrastructure, were employed as well as statistical methods for analyzing global trends in information and communication technology development. Inductive, deductive, and abstract-logical methods were used to support the conclusions. Findings. The research results encompass several significant findings. Firstly, various definitions of the digital economy were analyzed, leading to the proposal of an original definition that takes into account the peculiarities of the Ukrainian context and aligns with contemporary trends in digital technology development. Key sectors of economic activity were highlighted where the implementation of digital technologies holds the greatest potential within the context of digital transformation. Special attention was given to sectors where the use of digital tools can have a decisive impact on the development and competitiveness of enterprises. The authors emphasized strategic tasks and instruments that would facilitate the creation of a conducive environment for the development of the digital economy in Ukraine. Additionally, the essence of blockchain technology was studied, and potential areas of its application in Ukraine were discussed. Significant focus was placed on aspects of ensuring cybersecurity and data protection, which are critical in the context of blockchain utilization. Originality. The introduced original definition of the digital economy places a primary emphasis on the implementation and actual utilization of digital technologies across various spheres of human activity. A comprehensive set of measures for the development of digital infrastructure in Ukraine was proposed, including the enhancement of legislative regulation, creation of favorable conditions for the IT sector to accelerate the adoption and implementation of innovative solutions, development of digital infrastructure, coordination between educational and industrial sectors, nationwide Internet coverage to ensure equal opportunities for all citizens, attracting foreign investments, and utilizing blockchain technology for data protection (a critical aspect of state governance) and the intensification of digitizing administrative and public services. Practical value. The obtained research results can serve as the basis for the creation of necessary institutional frameworks, fostering the further advancement of the information technology sector in Ukraine. This can be particularly beneficial for the development of the production of goods and provision of services geared towards innovation and quality improvement. Establishing an effective digital economy in Ukraine requires not only technological innovations but also appropriate institutional frameworks that support this process. Such development will enhance the country’s competitiveness on the international stage and contribute to the improvement of citizens’ quality of life. Ultimately, the establishment of an effective digital economy in Ukraine opens up new opportunities for innovative growth and national development.
The article examines the peculiarities of the emergence and development of virtual assets -cryptocurrencies. The history and reasons for the creation of the most famous cryptocurrency -bitcoin -are analysed. The advantages and disadvantages of using cryptocurrencies are presented. The principle of blockchain operation is described. The foreign experience of regulating the circulation of cryptocurrencies is analysed. The possibility of integrating best practices to legalise and minimise the risks of using cryptocurrencies in Ukraine is substantiated.
Ensuring the effectiveness of organizational changes is associated with the need to take into account risks and design actions to prevent the occurrence of conflict situations and overcome resistance to changes, the reasons for which may be the unnecessarily negative reflexive nature of the company's staff's perception of radical transformations. To assess the radicality of structural changes, it is proposed to use a methodical approach to positioning relevant projects in the space formed by integral assessments of the impact of the results of the implementation of such transformations on the organizational level of management, the level of the organization of the production process, and the level of the organization of personnel management. For the proposed scale for assessing the radicality of structural transformation projects, recommendations have been developed for the purposeful use of tools for countering resistance to organizational changes on the example of enterprises implementing construction projects. The main research hypothesis consists in the assumption that increasing the level of project management effectiveness depends on the effectiveness of cognitive mechanisms and is associated with the use of modern concepts of information modeling and integrated project implementation. The necessity of using a selective approach to the organization of planning structural changes has been proven, which is proposed to be carried out by selecting the following types of construction of the appropriate planning system: operational, focused mainly on optimizing relations and connections of units; design, which involves making changes in the principles of structural construction of the enterprise (in the range of choosing between the options of centralization or decentralization); autonomous, based on the support of strategic orientation and adaptive orientation of structural changes as an element of a constantly operating system of adaptation of the enterprise to changes in economic conditions.
In the era of digital economy, the digital transformation of the payment industry has become a general trend. However, digital transformation can bring development opportunities to the payment industry, but it also faces some challenges. Blockchain technology is regarded as the key core technology to support the future development and application of the Internet. The development of blockchain has become the focus of financial technology. Its decentralization, simple process, openness, transparency, and non-tampering characteristics can effectively solve traditional payment problems. problems existing in. It is precisely because of the characteristics of decentralization that the payment method is more information symmetric and transparent, which greatly improves the security of the transaction process. Commercial banks use the blockchain consensus mechanism to ensure that the data of the platform, upstream and downstream, and other participants reach a consensus across the entire network to ensure information symmetry and transparency; the secure interaction of information is achieved through encryption algorithms, which solves the possibility of information being tampered with; blocks The timestamp feature of the chain ensures the integrity of historical data. This topic is based on the research on the role of blockchain technology in the digital transformation of the payment industry. It is mainly used in the following three aspects:1.This technology has the intelligent features of payment settlement and fund management. Ensure the safe interaction of transaction information by improving payment efficiency and the security of fund transactions. 2.This technology has the characteristics of high efficiency and low cost. It efficiently and low-costly obtains true and reliable data in the system, optimizes the credit creation mechanism, forms a new trade financing model, and effectively reduces financing risks. 3.This technology has safe and low-risk characteristics. Improve the level of data governance, improve the intelligence level of KYC, risk control strategies, and anti-money laundering, and reduce the risks of both banks and the industrial Internet.
Objective : to increase the effectiveness of countering the use of typical criminal money laundering schemes by identifying the technological and legal vulnerabilities of the DeFi infrastructure: decentralized exchanges, blockchain bridges, decentralized wallets, and privacy-enhanced currencies. Methods : general scientific (analysis and synthesis, induction and deduction, theoretical modeling, legal interpretation) and special methods of scientific cognition (structural-functional, constructive, situational, innovative, target-oriented, program-target, and risk-oriented). Results : the main trends in the development of money laundering using decentralized finance were outlined; the determinative significance of DeFi technological characteristics in the genesis of money laundering was revealed; the main types of money laundering using decentralized finance were identified; the schemes of committing crimes were studied and the criminogenic potential of DeFi infrastructure (decentralized exchanges, blockchain bridges, mixers, privacy-enhanced tokens, etc.) was assessed. Scientific novelty : it is proposed to consider money laundering using DeFi as a special type of digital financial crime. The article proposes the author’s typology of money laundering, substantiates the idea that the matrix of traditional financial regulation and AML standards cannot be applied to decentralized finance. It is argued that prevention of money laundering using decentralized finance should be carried out in close connection with the identification of risk indicators and the development of effective control measures at the points of entry of criminal incomes to centralized exchanges. Practical significance : the analysis of typical mechanisms of money laundering using DeFi allows a systematic approach to the organization of early crime prevention and can potentially become the basis to develop recommendations for financial intelligence and monitoring services.
We present a comprehensive analysis of the profitability of technical trading strategies that were successful within the sample period for the cryptocurrency pairs BTC/USDT and ETH/USDT. The study covers the time period from August 2017 to October 2023 and employs rigorous data snooping tests including reality checks and stepwise tests. This approach ensures that any positive results obtained are not merely coincidental, but instead reflect the intrinsic value of the method. Our results indicate that the previously profitable technical approaches, observed prior to December 2021, generally failed to generate profits during the subsequent out-of-sample period, especially after adjusting for potential data snooping. Based on the results, it is recommended to exercise caution when relying solely on historically profitable trading strategies and advisable for investors and practitioners to validate the performance of such strategies in real-time market conditions before implementing them. The findings of the study highlight the difficulty of identifying profitable technical trading strategies in an out-of-sample context when only data from the in-sample period are available, which lends support to the efficient market hypothesis within the cryptocurrency market.
Dewi Khornida Marheni, Jenny Jenny, Isnaini Nuzula Agustin
Technological developments are increasing rapidly. This encourages increase the number of investors, especially in cryptocurrency. Investment decision considerations are influenced by investor behavior, including attitude, subjective norms, herd behavior, overconfidence, perceived risk, financial literacy, and investment intention. The purpose of this study is to determine the factors of financial behavior that influence investment decisions. The sampling technique used is snowball sampling by distributing questionnaires to Indonesian investors who are currently/already using cryptocurrency. Data was analyzed using the PLS-SEM method. The samples used as test material were 274 respondents who are currently or have used cryptocurrency. The results state that attitude, overconfidence, financial literacy, and investment intentions have a significant influence on investment decision variables. Future research is expected to be able to add other variables. The object of research used by the author is only in the territory of Indonesia. Therefore, the authors suggest that it can expand the object of research so that it can strengthen the results of the research. Most of the previous studies used quantitative methods in obtaining data. Thus, future research is expected to be able to expand the object of research so that it can strengthen the results of the research and use mixed methods, quantitative and qualitative methods (interviews and questionnaires).
To explore the impact of factors from the traditional financial market, such as economic policy uncertainty, oil prices, the NASDAQ index, and gold prices, to identify factors contributing to Bitcoin volatility. This study uses traditional OLS (ordinary least squares) regression analysis to examine how different external factors affect Bitcoin price volatility from January 2014 to March 2023. By employing a comprehensive approach to recognize the distinctive characteristics of the Bitcoin market, namely, 24-hour trading and the short duration of its existence, we’ve included a wide spectrum of data to ensure a cohesive comparison with other financial datasets. The findings of the statistical analysis indicate that EPU and the NASDAQ index promote positive fluctuations in Bitcoin volatility, whereas gold prices act as a dampener. Conversely, we do not find empirical support for the influence of energy prices, such as oil, on Bitcoin volatility. These findings indicate that we should not undervalue Bitcoin in any financial transaction scenario. It means that all stakeholders should treat the issue of Bitcoin volatility more seriously, even including governments, who should actively regulate the Bitcoin market, and investors, who should recognize the dangers of this volatility, make rational decisions based on individual circumstances, and employ flexible trading strategies.
The article analyzes the modern crypto industry market, examines its role, significance, dynamics and possibilities of further application in our country. The history of the cryptocurrency concept is presented. The development path of the domestic cryptoindustry from complete non-recognition to attempts to regulate this sphere by law is illustrated. The advantages and disadvantages of cryptocurrency as a payment were studied, the trends of its development in Ukraine and in the whole world were considered. The research identified three main groups of digital currencies and assets: cryptocurrencies, stablecoins, and digital currencies of central banks. The first group includes traditional cryptocurrencies, that is, those that are not backed by other assets and have a decentralized register of owners (Bitcoin, , Ripple, Ethereum). The second group of digital currencies and assets includes stablecoins — cryptocurrencies backed by one asset or a basket of some assets. The third group includes digital currencies of central banks, which are currently issued in a limited way as part of pilot projects, or government-issued cryptocurrencies. An analysis of the cryptocurrency market was conducted; a conclusion about the positive dynamics of the use of cryptocurrency in our country was made. The dynamics of the ratio of the cryptocurrency market capitalization to the indicators of GDP are estimated. The impact of military events on the cryptoindustry development was studied. The contribution of the global crypto-community to Ukrainian charitable foundations was studied. The advantages of the latest technologies in the war conditions are indicated, in particular, the speed and efficiency of transaction processing, the absence of restrictions inherent in classical finance. The domestic and global experience of cryptocurrency regulation is analyzed. It is noted that it is necessary to develop further measures to regulate the cryptocurrency market in a legislative manner. It is proposed to create associations consisting of IT lawyers, cyber police and blockchain developers. This stimulates the emergence of new methods of combating terrorism and the development of a new legislative model. Possible directions of cryptocurrency development and prospects for their development are proposed.
The study addressed the problem of developing a mechanism for introducing blockchain technology into the system of accounting and analytical support for public sector entities. In the course of the research, the volumes and types of financial violations by public sector entities were analyzed. Identified violations were committed by public sector entities, and their significant share fell on the system of accounting and analytical support, in particular, financial reporting, budget execution. Legal restrictions on the introduction of blockchain technology for public sector entities were outlined. The absence of a number of acts in the field of digitization, protection of state secrets, cyber security, international standards, etc. in the legal field was established. The characteristics and mechanisms of blockchain technology were described, the types of blockchains based on permission models (open, closed) were defined. The technological characteristics of the use of blockchain platforms in the system of accounting and analytical support of public sector entities have been determined. The need to use blockchain applications such as smart contracts was indicated. It is noted that the use of smart contracts can be developed on blockchain platforms such as Ethereum, NXT, and Hyperledger; their key characteristics were described. A comparative description of transactions of state funds in the traditional accounting system and with the use of blockchain systems is given. The problem of the materiality of the transaction cost when transferring large volumes of data was outlined using the Ethereum platform as an example; its shortcomings were identified. The development of a mechanism for introducing blockchain technology into the system of accounting and analytical support using the Hyperledger platform, which has an open-source community focused on the development of a set of stable frameworks, tools, and libraries for deploying enterprise-level blockchains, was described. The advantages and disadvantages of introducing blockchain technology into the system of accounting and analytical support have been determined.
Ілля Чіков, Світлана Коляденко, V. A Supryhan, Oksana Tabenska · 6 authors
Purpose. To analyze the process of implementing smart contracts for the automation of business processes, aimed at achieving high reliability and cybersecurity during contract execution, optimizing transaction costs, and maximizing the productivity of the enterprise’s internal operations. Methodology. The research results were obtained using special and general methods of scientific knowledge, namely descriptive, comparative, strategic analysis, abstract-logical and generalization. Findings. The study revealed the potential of smart contracts based on blockchain technology to improve business process efficiency, reduce costs, and ensure innovative development in the Ukrainian business environment. Originality. A comprehensive analysis of the technical aspects of using smart contracts based on blockchain technology to automate business processes has been conducted; their impact on the business environment has been assessed; a comparison of popular programming languages and blockchain platforms for the development and deployment of smart contracts has been made; a SWOT-analysis of the implementation of smart contracts at Ukrainian enterprises has been carried out, which opens up prospects for innovative approaches to business practices and their optimization. Practical value. The results of the study can be used to develop and implement innovative strategies in a business environment based on the integration of smart contracts based on blockchain technology in order to improve the efficiency of business processes.
Mohammad Ahmad Alnaimat, Oleg Kharit, Safar Pürhani, Olena Symonenko · 5 authors
Rapid technological changes cause several challenges for established processes and approaches to the auditing. A special role in this context is assigned to the blockchain as a key driving force in changes in auditing. The aim of the article is to identify the key features of blockchain’s impact on auditing. The research employs economic and statistical methods, namely trend analysis, in-depth semi-structured interviews, assessment of the economic effect to identify the main changes in auditing under the influence of blockchain technologies. The experience of using blockchain was studied through a sample of 27 auditors from Azerbaijan, Israel, and Jordan. The respondents indicated changes in the operational work of auditors (88,9% of respondents) among the main areas of influence of blockchain technologies. The surveyed auditors also consider it necessary to improve auditors’ IT skills under the influence of blockchain (88,9% of respondents). The respondents emphasize the appropriateness to change the audit methodology under the influence of blockchain (77,8% of respondents). The surveyed auditors see the prospect in using real-time auditing (55,6% of respondents) and other higher value-added services (44,4% of respondents). Data from the financial statements of the 4 largest auditing companies were analyzed to determine the economic effect of the impact of blockchain on auditing. It was determined that the average annual growth rate under the basic scenario is 6.9% for 2023-2025, or $72.1 billion on average per company in 2025. The prospects for further research are studying the directions of strategic and operational transformations in auditing because of the influence of blockchain in terms of audit methodology, organizational structure of audit companies.
The article examines and systematizes the directions and scope of the impact of the full-scale invasion of Russia on the budget system of Ukraine, in particular, on the structure and volume of budget revenues and expenditures, the growth of the budget deficit and public debt, changes in the public finance legislation, and the decrease in financial capacity of the regions. It was determined that due to the social and military orientation of a large part of budget expenditures, as well as numerous tax incentives, the possibilities of budget financing in areas that contribute to the economic development of the country are limited.The experience of foreign countries, in particular Poland, Israel, Georgia, Germany, and Japan, regarding the economic recovery and budgetary reformation after the end of the wars is summarized in the article. Priority measures to improve the budget system of Ukraine and exit from the budget crisis are proposed, which must be taken both during the war and immediately after its end. In particular, among the main measures of the wartime, support of small and medium-sized businesses, cancellation of temporary tax benefits, reform of the customs service, protection of investors rights and guarantees, financing of priority expenses such as defense, security and social protection, attraction of grant financing, use of fundraising tools and continued digitization of the economy are mentioned.After the end of the war, it was proposed to shift the direction of economic policy towards the active involvement of investors, development of export-oriented production and strategically important competitive industries, restoration of budget reforms (decentralization, medium-term planning, program-target method, expenditures review, digital services) and fiscal rules, reduction of debt burden with simultaneous social protection support of the population affected by the war. JEL classification: E62, N44, O52, H61, H62, H63
The paper examines the major threats and related legal challenges posed by activities based on blockchain technology, such as cryptocurrencies, smart contracts, Decentralised Autonomous Organisations (DAOs), the Decentralised Finance System (DeFi), and Non-Fungible Tokens (NFTs). In the light of practical findings, the provisions of the Lithuanian Law on prevention of money laundering and terrorist financing and MiCA regulation are being analysed. The paper arrives at the conclusion that the new national law should effectively contribute to the prevention of cybercrimes, money laundering, terrorist financing, and violation of international sanctions. Nevertheless, a number of other issues typical for cryptocurrencies and other forms of utilisation of the blockchain technology remain unaddressed. Certain loopholes will be partly filled in by MiCA regulation. However, it will not create the required scope of legal certainty for other than cryptocurrencies forms of technology utilisation. On the basis of these findings, the paper puts forward proposals for the further development of the regulation of activities based on the blockchain technology.
There have been many studies on the blockchain, however blockchain research in the accounting field is scarce. The article outlines the characteristics and steps to apply blockchain in accounting. The article also identifies and measures the factors affecting the application of blockchain in accounting in enterprises, proving that the application of blockchain impacts the quality of the accounting information system of enterprises. The article shows that incorporating blockchain in accounting will help the accounting at businesses optimize the security, safety, and transparency of accounting information. We collected data on 195 manufacturing firms in six sectors. This study’s primary data analysis method is the SEM structural equation modeling method. The article used AMOS software to evaluate and measure the influence of each factor on the application of blockchain and the effect of blockchain on the accounting information system in enterprises. The article analyzed four aspects: the level of information technology of the accountant (IT), Information Security Infrastructure (SI), Training (TR), and Legality and Regulation (LR), affecting the application of blockchain in the business. The independent variables TR (training) and IT (information technology) have an impact on BL (Blockchain). We also find that the independent variable IT (information technology) has the most substantial impact on Blockchain adoption, followed by the independent variable TR (training), which has the second most influential impact on Blockchain adoption. For the accounting information system, the results show that applying blockchain will substantially impact accounting information, along with the safety factor of information infrastructure SI also has an evident influence. The results show that applying blockchain in accounting, information technology, and professional training are core issues with significant influence. The issue of guaranteed infrastructure also determines the effectiveness and efficiency of blockchain applications for accounting information systems. I declare that this is my scientific work; it is my original work. I commit that all data sources and ideas are my research and have never been published anywhere.
Marta Ciarko, Greta Poszwa, Agnieszka Paluch-Dybek, Mustafa Caner TİMUR
During times of technological development, many aspects of everyday activities have been digitalized while traditional forms of payments have stepped back in the name of more innovative methods such as cryptocurrencies. This article focuses on analysing the emergence, functionality, and future role of cryptocurrencies, particularly Bitcoin. By interpreting the theoretical aspects of money, the emergence of cryptocurrencies, and blockchain technology, the authors tried to determine whether cryptocurrencies have the potential to become the money of the future. In the article, the analysis of cryptocurrencies’ functioning in the modern world focuses on the role of technological development and innovations in their use and popularity. SWOT and speculative analyses of cryptocurrencies, which have been touted as the money of the future, were also carried out. The results obtained from the research show that cryptocurrencies have many advantages over traditional payment methods. Elimination of intermediaries, low transaction costs, safe storage of data, limited increase in monetary supply, globalization, and privacy are stated as the most important of these opportunities. In addition, energy use, inaccessibility without the internet, high volatility, and cyber-attacks were seen as the most important threats and weaknesses. When developments in the world follow, it can be seen that there are many blockchain-based opportunities or threats. Despite this, blockchain technology offers great opportunities. As a result, countries and individuals should turn to this technology now to benefit more in the future. At this point, it is very important for all other educational institutions, especially universities, to implement educational programs that will meet the needs of the age.
Research background: Fintech development shapes corporate investment efficiency and economic growth with innovative tools, and can decrease financing constraints of enterprises, enabling direct and indirect financing and furthering inter-bank competition. Crowdfunding- and blockchain-based fintech operations harness deep and maching learning algorithms, augmented and virtual reality technologies, and big data analytics in mobile payment transactions. Purpose of the article: We show that fintechs have reconfigured financial service delivery by harnessing AI-based data-driven algorithms and cloud and blockchain technologies. Fintech optimizes financial organization and services, economic structures and growth, data analysis, and digital banking performance. Machine learning algorithms can streamline payment operation capabilities and process promptness, ensuring smooth operational flows, assessing risks, and detecting frauds and money laundering by historical data and customer behavior analysis across instant payment networks and infrastructures. Methods: Quality tools: AXIS, Eppi-Reviewer, PICO Portal, and SRDR. Search period: July 2023. Search terms: “fintech” + “artificial intelligence algorithms”, “cloud computing technologies”, and “blockchain technologies”. Selected sources: 40 out of 195. Published research inspected: 2023. Data visualization tools: Dimensions and VOSviewer. Reporting quality assessment tool: PRISMA. Findings & value added: Fintech development enables organizational innovation by mitigating information asymmetry and financing limitations while providing financial assistance and tax incentives in relation to products and services. The fintech growth has influenced the dynamic intermediary function of financial institutions in terms of sustainability and economic development. Fintech and natural resources negatively influence, while green innovations and financial development further, environmental sustainability.
In today's environment modern economic technologies are rapidly developing. This process and its impact on the financial system as a whole requires all the details effective consideration. Given that cryptocurrencies are highly dynamic in the market, the article proposes prospects for further use of the new currency. Accordingly, the purpose of the research was to provide a comprehensive analysis of cryptocurrencies as digital currencies in the Ukrainian economic market, trends, and prospects for their introduction. In the article such methods as special scientific methods (methods of collecting information, methods of processing information, methods of conducting analytical work) and general scientific methods (analysis, synthesis and generalization) were used. It allowed carrying out a complex study based on the principles of systematicity, scientificity and specificity. Search engines revealed more than 70 works on the issue of cryptocurrencies. In the course of the study, 40 in-depth studies from 2019 to 2023 were selected. The results provided a strategy for the impact and transformation of cryptocurrencies on the reform of the economic sector in general. It has been established that the introduction of cryptocurrency into the Ukrainian economy will facilitate the digitalisation of the economy. Based on the analysis of market denominations, crypto-exchanges and cryptocurrencies in the world are aimed at people, management, savings, and services. The research analysed the concept of the content of “cryptocurrency”, its features, advantages and disadvantages, and the relationship with the economic world. The international cryptocurrency market, the general state, development factors, and dynamics of adaptation in Ukraine were studied. The main conclusions were reflected in a comprehensive study of cryptocurrencies and their rapid growth as major technological innovations in the global and Ukrainian economy.
Purpose. The purpose is to reveal the theoretical and practical aspects of the implementation and application of blockchain technology in the economic activity of agricultural enterprises, taking into account the economic feasibility of their implementation and determining the system of elements of the implementation of blockchain technology in agriculture. Methodology / approach. The following methods were used during the research: analysis and synthesis, scientific abstraction – when determining the goal and formulating research conclusions; comparative, calculation, statistical and graphic – when evaluating, analyzing, comparing and determining the current state of implementation of blockchain technology in the economic activity of agricultural enterprises. The method of surveying agricultural producers regarding their awareness of blockchain technology and the benefits of its application was also used. The research used: a theoretical approach (based on the analysis of theoretical aspects of blockchain technology and its application in agriculture) and a practical approach (on the basis of the proposed methodology, the economic feasibility of using blockchain technology in the economic activity of an agricultural enterprise was determined). Results. The main areas of influence of blockchain technology in agriculture have been determined. It has been established that every year the amount of funding for the implementation of blockchain technology is increasing, and the reasons are identified. The world experience of implementing blockchain technology in the economic activity of agricultural producers is considered. The results of a survey of agricultural producers of the Mykolaiv and Kirovohrad regions regarding their awareness of blockchain technology and the benefits of its implementation are highlighted. The objective reasons that affect the implementation of blockchain technology in agricultural production are determined and ways of its popularization are proposed. An action algorithm for the introduction of blockchain technology for agricultural producers has been developed. Agricultural producers who are potentially ready and financially able to implement this technology in their activities have been identified. The main factors affecting the cost of implementing blockchain technology in agricultural production have been identified. A methodology for calculating the economic feasibility of implementing blockchain technology according to optimistic and pessimistic options is proposed, and the calculation of the net present value, payback period, discounted payback period of the project, internal rate of return and the rate of return on the example of a specific enterprise of the Mykolaiv region is carried out. Based on theoretical and practical approaches, a system of elements for implementing this technology in agriculture has been developed. Originality / scientific novelty. The novelty consists in the implementation of a comprehensive theoretical study of the problems and prospects of the implementation of blockchain technology in agriculture; for the first time, a system of elements for the implementation of blockchain technology in agriculture was developed; an algorithm of actions for agricultural enterprises that plan to implement this technology was improved; a methodology for calculating the economic feasibility of implementing blockchain technology in an agricultural enterprise was proposed. Practical value / significance. The results can be used in the process of decision-making by business entities regarding the implementation of blockchain technology and the calculation of its economic feasibility, during the optimization of the processes of management of production, financing, supply chains, etc., as well as by scientists, government bodies and other entities that are interested in implementation of blockchain technology in agriculture.
In recent years, the cryptocurrency industry has been developing rapidly, creating new opportunities and challenges for investors, entrepreneurs, and policymakers. Ukraine has become a promising destination for investment in cryptocurrencies and blockchain development due to its favorable business environment, highly educated workforce, and growing technology sector. Organizational and economic support for the development of foreign trade activities of Ukrainian businesses in the context of the cryptocurrency industry includes a thorough analysis and development of strategies to use these opportunities.In this article, we have considered some promising areas for the development of the cryptocurrency industry in Ukraine using general scientific and special methods of scientific knowledge, such as analytical methods, comparative analysis, methods of comparison, and generalization. From the potential of blockchain-based e-government services to the possibilities of mining and trading cryptocurrencies, the article examines the country's strengths and opportunities in this area and identifies ways to use them for future growth.To this end, the author analyzes the legal framework, the state and degree of development of the blockchain, the peculiarities and pace of mining, the degree of acceptance of cryptocurrencies in society, and the state and peculiarities of the development of cryptocurrency exchanges. Understanding the potential of the cryptocurrency industry in Ukraine, we believe that the strategic directions for promoting economic growth and technological innovation in the country are: a clear regulatory framework, a skilled workforce, abundant energy resources, and a growing number of cryptocurrency changes.These elements of organizational and economic support will help Ukrainian businesses to develop their foreign trade activities in the context of the growing influence of the cryptocurrency sphere, providing greater opportunities for investment and trade, as well as promoting the introduction of innovative technologies and increasing international competitiveness.
The purpose of the article is to study the Ukrainian experience of financial and legal regulation of the cryptocurrency market. During the analysis, the role and significance of cryptocurrencies in the modern world was characterized. Models for countries around the world are built on the basis of the level of adoption of cryptocurrencies in the context of national policy. The meaning and characteristics of cryptocurrencies are revealed. Attention is focused on the problems of forming regulatory and normative needs in Ukrainian legislation. Systematized principles of legal support for taxation of transactions with cryptocurrency and prevention of the use of cryptocurrency for the purpose of legalizing income (money laundering). The trends of threats of cybercriminal content in cryptocurrency transactions are summarized and the main provisions of the government's plan to resolve the situation with cryptocurrency for 2023‒2024 are defined. Ways to improve the legal support of the cryptocurrency industry in Ukraine are outlined. The reasons and significance of the popularization of cryptocurrencies in Ukraine are determined. In particular, it was determined that one of the main elements of financial support for the circulation of cryptocurrencies is the legal framework that regulates the interaction between the participants of the cryptocurrency market. Legislation should define rules and norms of conduct, requirements for security and confidentiality of personal data, liability for violations of rules and other aspects of cryptocurrency circulation. Planned ways of further development of the Ukrainian crypto industry and improvement of its regulatory and legal regulation. It is substantiated that the financial and legal support of cryptocurrency circulation should include mechanisms for the protection of consumer rights, such as mechanisms for insurance, dispute resolution, and conflict resolution between market participants. Such mechanisms can help ensure interaction between market participants, increase the level of trust and ensure market stability.
Topicality. The events of November 2022 showed the absolute instability of Ukraine's centralized energy system. Up to 40% of the centralized energy infrastructure was disabled in two days. Millions of people were left without electricity, heat and water for a long time. Therefore, it is very important to develop the energy sector of the state in the future, taking into account the needs of Ukraine's decentralization policy, in particular, local communitiesAim and tasks. The purpose of the research is to determine the imperatives of decentralization of the energy sector of Ukraine. The main way of developing the energy system of the state is the transition from a centralized to a distributed system. The location of generation systems in united communities makes it possible to switch to systems of cogeneration of electric and thermal energy to increase the efficiency of installed capacities and save fuel significantly by up to 40%.Materials and Methods. The methodological basis for the formation of regional policy should become the best of the world and European practices of the country`s energy sector development. Active use of the methods of system analysis, expert assessment on the implementation of decentralization systems of the energy industry is a guarantee of achieving the priorities of national security of Ukraine in the post-war period. Priority support from the EU and others international donors refers to those projects and programs aimed at decentralization, decarbonization, local economic sustainability and energy independence.Research results. The research substantiates that local communities have great opportunities for using alternative renewable resources for the generation of electricity and thermal energy. First of all, it is biomass, biogas, solar energy, wind energy and geothermal energy. In particular, the authors proved that due to the installation of means of electric energy accumulation, it is possible to raise the level of use of the installed capacities of solar and wind power plants by another 50% and to bring the total level of use of the installed energy capacities to 70%.Conclusions. The active implementation of alternative energy sources into economic practice can become the basis of the national security of the state in the post-war period. It is suggested that Communities use nearby agricultural waste and solid household waste as fuel instead of imported fossil fuel. It is also proposed to create local electric networks combined into virtual power plants within the framework of united communities, including not only all types of generation available on the territory, but also systems of short-term and long-term storage of electric energy. For the long-term storage of large amounts of electrical energy, it is suggested to use accumulators based on cryogenic liquids. It has been proven that due to the installation of means of electric energy accumulation, it is possible to raise the level of use of the installed capacities of solar and wind power plants by another 50% and to bring the total level of use of the installed energy capacities to 70%. Virtual power plants make it possible to significantly increase the amount of generated (consumed) electricity without additional investment costs. Such technologies meet the requirements of the European Union for candidate countries to join the Union and open the possibility of financing projects related to the restoration of the energy system of Ukraine based on renewable sources and advanced energy-efficient technologies.
Purpose: One of the doctrines of New Public Management is increased efficiency and consumer satisfaction in local government. Implementing new technologies like digital administration and blockchain could be very helpful in achieving this objective. The article focuses on the usability of e-government as a management tool and the possibility of implementing blockchain technology in local government accounting. This re-search attempts to answer the following research question: What are local government employees’ perceptions of e-governance and blockchain technology? Methodology/approach: A survey was used as a research tool to determine the role of digital administration and blockchain technology in local government units at the community level. A questionnaire was emailed to all municipalities in Poland: rural, urban and urban-rural. Findings: The results of the research show that, in the respondents’ opinion, the use of e-governance in local government is very helpful in management. However, the use of blockchain technology in local government accounting is debatable. Research limitation/implications: This paper will be useful to academics and practitioners to enable an understanding of the problems associated with introducing and using new technologies in local government. The limitation of the research is that blockchain technology is new and, unfortunately, there are very few examples of its implementation by local governments in Poland. Therefore, it is difficult to assess the positive and effective implementation of blockchain technology by local governments. The article shows the point of view of local government officials, which is also a limitation of our research. Originality/value: The article makes an important contribution to the research on the use of new technologies in local government units. The research has made it possible to assess e-government as a tool for managing local government units and to present officials’ attitudes to the possibility of using blockchain technology in local government accounting.
The economic essence of cryptocurrencies and digital technologies were substantiated in the article. Also the article defines their role and significance in global economic processes. It has been established that the reason for the rapid growth in the popularity of cryptocurrencies lies in their advantages over traditional money, in particular, in decentralization, speed and ease of transactions, a high level of security through the use of cryptographic technologies, etc. At the same time, it has been established that the use of cryptocurrencies poses threats associated with the risk of stability of the global financial and economic system, significant volatility in the value of cryptocurrencies, the uncertainty of their legal status, insufficient controllability of transactions, etc. It is substantiated that the widespread use of cryptocurrencies in business processes and their use as an investment object requires proper legal regulation of operations with digital assets. The current state of the regulatory framework for the circulation of cryptocurrency and approaches to its recognition as an object of accounting in accordance with the Generally Accepted Accounting Principles (GAAP) and International Accounting Standards (IAS) are analyzed. It has been established that the enterprises, when recognizing cryptocurrency as an object of accounting, assessing its value and subsequently displaying information in the system of accounting accounts and financial statements, are guided by various accounting standards that are currently available, and therefore there are threats of inconsistencies or distortions of information about the financial condition of the enterprise, its liquidity and solvency, net asset value, etc. To solve this problem, the expediency of developing the special accounting standards by the regulatory authorities that define the generally accepted methodological foundations for displaying information about cryptocurrencies in the accounting system of enterprises is substantiated. Taking into account the specific properties and characteristics of cryptocurrencies, it is recommended to introduce a separate category of assets for cryptocurrencies and disclose information about them in the company’s balance sheet before the item «Cash and its equivalents» in order to maintain the order of liquidity of asset allocation.