One of the latest achievements of information technology and in particular cryptography is the concept of cryptocurrency. It should also be noted that cryptocurrency also started a new era in the field of economy and finance in modern times. Recently, the trading volume of crypto-currency is also rapidly expanding in scope. In this regard, the publication of this article is is an actual issue.
Юлія Кривенко, Вячеслав Бізянов, Олександр Секретар
Стаття присвячена дослідженню інноваційних інструментів фінансового ринку в системі міжнародних розрахунків. Зокрема, досліджувалися переваги використання інноваційних фінансових інструментів порівняно з традиційними методами. Крім того, у статті аналізуються ризики та виклики, пов’язані з впровадженням інноваційних інструментів. У статті розглянуто такі інноваційні інструменти фінансового ринку, як блокчейн і криптовалюти (Bitcoin і Ethereum), фінтех-платформи (PayPal, TransferWise (зараз Wise) та Revolut), цифрові валюти центральних банків (CBDC), смарт-контракти, АРІ та відкриті банківські рішення, Big Data, аналітика та штучний інтелект (Al) і машинне навчання та роботизована автоматизація процесів (RPA). Проаналізовано використання інноваційних інструментів фінансового ринку в світі.
Н. М. Котвицька, Svitlana V. Sharova, Denis Shcherbatykh
This paper investigates the long-run relationship between Bitcoin and the S&P 500 index using daily price data from January 2018 to July 2024. While previous studies have focused primarily on correlation analysis and volatility spillovers, we employ both Engle-Granger and Johansen cointegration methodologies to examine the possibility of a long-run equilibrium relationship between these markets. Our results provide strong evidence of cointegration, with the Engle-Granger test indicating significance at the 5% level (p-value = 0.0288) and the Johansen trace statistics confirming one cointegrating relationship. Interestingly, this long-run relationship coexists with a relatively low daily return correlation (0.2884) and substantially different volatility profiles (Bitcoin: 68.56%, S&P 500: 19.87% annualized). These findings suggest that while Bitcoin and the S&P 500 may deviate substantially in the short term, they share common long-run drivers. Our results have important implications for portfolio diversification, statistical arbitrage strategies, and regulatory frameworks, challenging the conventional view of Bitcoin as a purely alternative asset class. The evidence of market integration supports the need for coordinated regulatory approaches and sophisticated risk management strategies in cryptocurrency investments.
The article highlights the results of a study of the specifics of public finance management in the context of the dynamic development of Ukraine's tokenized economy. It is substantiated that with the beginning of Russia's full-scale military aggression against Ukraine, budget revenues have significantly decreased and expenditures have begun to grow rapidly, which has led to significant imbalances in public finances and a significant increase in the budget deficit, which today has to be covered mainly from external sources. The author emphasizes that one of the alternative options for filling the budget revenues is taxation of the crypto industry, which has been developing rapidly and has become one of the TOP-5 countries in the world of cryptocurrency introduction in recent years. The author reviews the novelties of domestic legislation in the field of regulation of circulation of virtual assets and emphasis is the presence of contradictions in them with regard to the interpretation of their content and functions. The author identifies specific features of virtual assets and proves that they should be considered as an expression of the value of digital things created using the technology of a distributed ledger or other similar technology that allows their issue, transfer and storage in a decentralized manner, without the need to involve traditional financial intermediaries or centralized administrators. The author studies the global experience of taxation of virtual assets. It is substantiated that Ukraine should choose a policy of moderate regulation of the virtual asset market, capable of ensuring both budget revenues and control over the income from transactions with virtual assets. The author develops proposals for accelerating the introduction of the mechanism of taxation of virtual assets turnover as one of the alternative sources of formation of the state revenues of the country and successful implementation of the policy of moderate regulation of the virtual assets market.
Оксана Володимирівна Старчук, Надія Федорівна Чубоха, Artur Androsovych
Introduction. Currently, there is an urgent need to regulate the functioning of cryptocurrency markets in the context of the evolution of social relations. The rejection of the bill aimed at regulating the cryptocurrency market does not have sufficient financial and legal justification, as evidenced by expert opinions and textual analysis, which revealed the narrow approach of the drafters of the bill to solving cryptocurrency issues. Moreover, since the current law of Ukraine "On Virtual Assets" defines cryptocurrencies as unsecured virtual assets, the issue of cryptocurrencies is practically removed from the agenda. At a time when the war with Russia has begun, and the general defense and financial security of Ukraine needs to be strengthened by the state and government, it seems unjustified to ignore not only threats to national security, but also potential sources of financial growth. The purpose of the paper is to clarify the legislative framework regarding cryptocurrencies and the legal status of cryptocurrency market participants in Ukraine. Results. The paper examines the peculiarities of the development of financial and legal regulation of the cryptocurrency market in connection with globalization processes. The main attention is paid to the problems that arise in connection with attempts to solve the issue of regulation of the crypto-currency market partially at the national legislative level, without actively promoting it at the international level. It is shown that international cooperation in the field of regulation of cryptocurrency markets should be based on the principles of international law. In the context of regulating the functioning of cryptocurrency markets in the context of globalization, a set of principles has been formed that can be worked on to harmonize national and international interests. Conclusion. Since the cryptocurrency market is an important component of the transnational global economy, an important condition for the effective response of law-making bodies to dynamic changes in social relations in the context of globalization is the timely formulation of the principles of development of the financial and legal regulation of the cryptocurrency market at various levels. It is argued that this should happen through the timely formulation and implementation of the principles of financial and legal regulation of the cryptocurrency market at various levels.
Introduction. As organizations undergo digital transformation, the field of accounting and auditing is experiencing substantial changes. The potential of integrating blockchain technologies into accounting and auditing practices has been explored to identify innovative opportunities arising within the context of the ongoing digital revolution. The purpose of the paper is to analyze the innovative possibilities of utilizing blockchain technologies in accounting and auditing amidst the digital transformation. Results. The concept of blockchain technologies has emerged as a revolutionary and transformative force in the realm of digital innovations. Essentially, blockchain is a decentralized and distributed ledger technology that securely and transparently records transactions across a network of computers. This innovative approach to data management has the potential to reshape various industries, offering numerous advantages such as enhanced security, transparency, and efficiency. Analysis indicates that blockchain technologies present numerous innovative opportunities in the field of accounting and auditing. Immutable ledgers, smart contracts, and decentralized consensus mechanisms form the basis for improved data accuracy, fraud prevention, and real-time financial reporting. Furthermore, blockchain's capacity to streamline reconciliation processes and facilitate seamless information exchange among stakeholders provides significant advantages for both accountants and auditors. Conclusions. Blockchain technologies offer innovative opportunities for a revolutionary transformation of accounting and auditing practices in the era of digital transformation. The decentralized and transparent nature of blockchain enhances the reliability and efficiency of financial record-keeping, while smart contracts automate routine processes. While organizations grapple with implementation and regulatory challenges, the potential benefits of blockchain in accounting and auditing signal a shift in paradigm towards a more secure, efficient, and reliable financial ecosystem. As organizations navigate the digital transformation landscape, the adoption of blockchain in accounting and auditing practices becomes a strategic imperative to ensure financial integrity and transparency in the modern era.
Introduction.Introduction.Nowadays, consumers are increasingly interested in cryptocurrency assets for various financial transactions.These transactions are associated with certain risks.This requires the identification of ways to manage them.Purpose.The purpose of the article is to identify and systematize the risks of the market of virtual assets, and identify the possibilities of their insurance.The classification of risks of cryptocurrency assets was proposed according to such features as areas of occurrence, nature of losses received, subjects of the cryptocurrency asset market, types of cryptocurrency operations, composition of the object, composition of subjects of the cryptocurrency asset market, connection of the risk with other types of it, levels of financial losses when carrying out transactions with cryptocurrency assets, possibility of management.The components of operational risks in the market of cryptocurrency assets were proposed.The main risks for miners, investors, traders, owners of cryptocurrency wallets and participants in the infrastructure of the market of cryptocurrency assets were identified.It was found that the limiting factors for the development of cryptocurrency risk insurance are problems with the assessment of insurance risks, problems with the determination of the identity of the insured, the problem of the possible anonymity of the owners of crypto wallets.Conclusions.The risk of cryptocurrency assets can be considered in a broad and narrow sense.In a broad sense, the risk of cryptocurrency assets is the probability of the occurrence of certain events, as a result of which there is a possibility of obtaining negative, zero or positive economic results.In a narrower sense, the risk of cryptocurrency assets is the probability of their total or partial loss under conditions of uncertainty.Operational risk has the most significant impact on the subjects of the cryptocurrency market.The possibility of insuring the risks of cryptocurrency asset market participants will help increase the safety of cryptocurrency transactions.At the same time, this will lead to the growth of trust in cryptocurrency.
The evolution of cryptocurrency and decentralized finance (DeFi) marks a significant shift in the financial landscape, making it more accessible, inclusive, and participative for various societal groups. However, this transition from traditional financial institutions to DeFi demands a meticulous policy framework that strikes a balance between innovation and safeguarding consumer interests, security, and regulatory compliance. In this script we explore the imperative need for regulatory frameworks overseeing cryptocurrencies and Decentralized Finance (DeFi), aiming to leverage their potential for inclusive economic advancement. It underscores the prevalent challenges within conventional financial systems, juxtaposing them with the transformative potential offered by these emergent financial paradigms. By highlighting the pivotal role of robust regulations, we examine their capacity to ensure user security, fortify market resilience, and spur innovative strides. We aim to proffer viable strategies for formulating regulatory structures that harmonize the twin objectives of fostering innovation and upholding fairness within financial ecosystems.
International Scientific Conference Transformation processes of the economic system in the context of modern challenges : Conference Proceedings (February 2–3, 2024. Klaipeda, Lithuania). Riga, Latvia : Baltija Publishing, 292 pages.
The purpose of the article is a theoretical review of the formation and development of the latest marketing technologies and their practical adaptation to the entrepreneurial activity of Ukrainian business entities. The main marketing technologies developed by different markets and used by business structures of medium-sized businesses are considered. It is detailed that when conducting office research, marketers use Big Data technology as a technology for processing large volumes of structured and unstructured data for their further use in order to solve various tasks. It is specified that effective marketing technologies such as SMM (Social Media Markitang), SEO (Search Engine Optimization), Tableau technologies, Google Data Studio, Microsoft Power BI, TRI*M, digital advertising and CRM technology are in the arsenal of marketers for conducting field research. . The main new marketing technologies are separated, namely: NFT technology (Non-Fungible Tokens), AR/VR (augmented reality/virtual reality) technology and artificial intelligence technology. According to the conducted studies, it was established that CRM technology is currently used by all business structures, digital advertising technology - 95%, SMM technology - 85%, TRI*M and SEO technologies - 75%. It is detailed that artificial intelligence technology is used by large and medium-sized business companies in the following areas: personalized automation, omnichannel, omnichannel marketing, the field of brand community formation and creation of texts, images for its promotion, etc.
In Ukraine, the regulation of cryptocurrencies is still in the formative stage. Over the past few years, significant steps have been taken toward legalizing the cryptocurrency market, including the adoption of the "On Virtual Assets" law, which has been a crucial step toward regulating this segment of the financial market. However, despite considerable progress, challenges remain. It is necessary to ensure the harmonization of national legislation with international standards, which is essential for Ukraine's integration into the global financial system and for attracting investment. The development of cryptocurrencies and financial technologies has a significant impact on traditional financial systems. They open up new opportunities for investors and businesses by reducing the costs of financial transactions and increasing access to financial services. However, these innovations also create new challenges related to security, fraud, and maintaining financial stability. The growing popularity of cryptocurrencies forces regulators to adapt their approaches and implement new control mechanisms. Regulating cryptocurrencies in the EU and Ukraine is a complex and multifaceted process that requires consideration of financial stability, security, and regulatory requirements. On the one hand, EU countries strive to create a unified legal framework for cryptocurrencies that will ensure transparency and reliability in the market. On the other hand, Ukraine is taking its first steps toward regulating this new financial instrument, focusing on integrating with international standards and adapting to new challenges associated with the development of financial technologies. However, to succeed in regulating the cryptocurrency market, a number of key issues need to be addressed. One of the most important aspects is ensuring the proper protection of consumer and investor rights. This includes the implementation of effective mechanisms to protect against fraud, illegal financial transactions, and abuses related to cryptocurrencies. Another important issue is the taxation of transactions involving virtual assets, which requires government agencies to develop clear rules and procedures.
The article examines the history of the emergence of blockchain technology in order to understand its widespread implementation in many areas of modern human activity. It is defined that blockchain technology can be used to create an immutable or perpetual ledger for tracking orders, payments, invoices and other transactions. Thus, the researched technology is suitable for use in the field of finance and accounting. At its core, blockchain represents a type of distributed ledger technology, which is based on a token as an accounting object. This opens up opportunities for faster and more efficient financial transactions, as well as for the creation of new types of financial instruments. As a result of the study, the features of this innovative technology are revealed, namely: decentralization and immutability of data. The widespread use of blockchain technology in various fields has not bypassed auditing. In accounting and auditing, blockchain can serve as the basis for decentralized accounting systems, where every transaction is recorded and stored in on-chain blocks, ensuring that they are immutable and consistent. This can facilitate auditing, promote accounting accuracy, and provide greater transparency in financial operations. It is substantiated that the introduction of blockchain technology by auditing entities has a number of advantages and risks, which are described in the presented methodological study. Prospects for further research in this direction are to determine the efficiency of the use of the latest information technologies in the work of auditing entities and assess the potential risks that can arise in the auditing process.
Iryna Dashko, Олександр Череп, Liubomyr Mykhailichenko
The definition of the concept of cryptocurrency (bitcoin) is revealed, which is based on cryptographic methods, and as a rule, its accounting is decentralized. The general state of the crypto market in modern conditions is investigated. The price determinants are substantiated and grouped, in particular: market forces, i.e., supply and demand factors; macro-financial factors; public and investor interest; and news coverage (popularization). The author analyzes the main factors that directly affect the price of cryptocurrencies are attractive to investors and determine public interest in the media. The dynamics of prices for the three most popular cryptocurrencies over the past few years are analyzed. It proves that the price of bitcoin can be influenced by the macroeconomic index and the asset price index. The main reasons for the fall of cryptocurrencies in early 2022 are identified. The market capitalization for 2019–2022 is analyzed. Based on a study of the general situation in the cryptocurrency market, the author reveals significant price volatility due to the general global situation and crisis phenomena that have a negative impact on this market. It is noted that today the legalization of cryptocurrency is one of the most important breakthroughs not only in the global economy but also in Ukraine. A comparative analysis of the capitalization of cryptocurrencies and cryptocurrencies of 2019–2022 is made. The regulation of the cryptocurrency market in the example of the EU is analyzed. The author analyzes the «big breakthrough» in the field of digital governance – the draft law «On Electronic Assets»and defines its purpose. It is substantiated that the draft Regulation is the result of the active spread of cryptocurrencies, which began in 2017 and caused a surge in public and political interest and additional investment in cryptocurrencies. The purpose and main significance of the draft EU Regulation are determined. The categories of crypto assets are defined. It is substantiated that, according to the researchers, the draft EU Regulation is aimed «at ensuring certainty in terms of legal regulation of cryptoassets which are not covered by current EU financial services legislation and at establishing common rules for service providers and issuers at the EU level». It is noted that the draft EU Regulation is intended to address the issues of legal regulation in the field of stablecoin circulation, as well as the activities of Crypto Asset Services Providers (CASPs). The main objectives of the EU Regulation in the field of cryptocurrency regulation are revealed. The author identifies three categories of crypto assets based on the draft Regulation, in particular: asset-related tokens; electronic money tokens; other crypto assets. Conclusions on the peculiarities of cryptocurrency regulation in the EU are provided.
This paper discusses in depth the regulatory environment of cryptocurrencies, with a special focus on the uncertain equilibrium between stability of market, investor protection, & innovation.The research thoroughly examines existing literature and regulatory frameworks and investigates the opportunities and challenges that are inevitable and inherent in crypto regulation which is a rapidly evolving sector of the financial industry.Key themes that have been discussed are the impact of regulatory policies on investor behaviour, market dynamics, and technological innovation.This paper provides meaningful insights to policymakers, relevant financial services firms, market participants, and other stakeholders that wish to gain a better view and respond to the issues shaping the cryptocurrency industry by integrating assessment material from multiple sources.The key finding is that the most optimal regulatory framework is that which is adaptable and forward-leaning because it favors the efficacy, openness, and resilience of the cryptocurrency marketplace and the need for accelerated innovation and entrepreneurship.This study expands our understanding of the regulatory circumstances surrounding the cryptocurrency industry and it can better direct future policymaking and regulatory behavior surrounding the cryptocurrency implementation in this rapidly evolving and vibrant social science discipline.This study uses a systematic review methodology based on the literature review of data collection.
Every year, cryptocurrency is slowly but surely conquering the whole world. Thanks to this trend, its acceptance is increasing, and more and more options for its application are appearing. Large global companies are showing interest in blockchain and cryptocurrency, investing in them. It is quite obvious that these events will contribute to the rapid expansion of the market. Crypto assets continue to gain popularity and their adoption has become something more important and real. The number of stores accepting cryptocurrency as a payment method is increasing, crypto assets are being used as a form of fundraising, and you can even travel the world with cryptocurrency. In addition, the expansion of the use of cryptocurrency in world markets is explained by the rapidly growing interest in it on the part of the population of various countries of the world in the desire to earn or at least protect their income from the devaluation of national currencies. A direct analysis of the current rules of cryptocurrency taxation in foreign countries showed the existence of a number of differences in the implementation of tax regulation of transactions with cryptocurrency, because different approaches to the definition of cryptocurrency in foreign countries cause different methods of its taxation. That is, the fiscal policy regarding taxes on cryptocurrency in the countries of the world depends on how their legislation interprets the concept of virtual money: in the USA it is property, in Britain it is a capital asset, Italy considers it as a foreign currency. In Malta, El Salvador, Malaysia and Singapore, cryptocurrency taxation is absent or can be avoided if certain conditions are met. The global cryptocurrency market is at the stage of formation, therefore the regulatory and legal framework in various countries of the world is actively developing, adapting to the rapidly changing reality. Gradually, the cryptocurrency receives a final determination of its status with the further development of effective mechanisms of tax administration to ensure transparency and fairness of taxation, that is, the creation of tax legislation in this area.
Cryptocurrency and blockchain technologies have emerged as transformative innovations capable of reshaping financial systems, digital commerce, governance, and decentralized applications. Blockchain provides a secure, transparent, and immutable distributed ledger, while cryptocurrencies facilitate peer-to-peer transactions without relying on centralized financial intermediaries. Despite their growing adoption across industries such as banking, healthcare, supply chain management, insurance, and government services, significant regulatory challenges continue to impede widespread implementation. Governments and regulatory authorities worldwide face the complex task of balancing technological innovation with consumer protection, financial stability, anti-money laundering (AML) compliance, taxation, cybersecurity, and data privacy. The absence of globally harmonized regulations has created legal uncertainties, operational risks, and compliance burdens for blockchain developers, cryptocurrency exchanges, investors, and enterprises. Moreover, emerging technologies including decentralized finance (DeFi), stablecoins, non-fungible tokens (NFTs), and central bank digital currencies (CBDCs) introduce additional governance complexities that require adaptive regulatory frameworks. This paper presents a comprehensive review of the regulatory landscape governing cryptocurrency and blockchain adoption by examining existing legal frameworks, policy initiatives, compliance mechanisms, and international regulatory approaches. The study further identifies critical barriers, evaluates current governance models, and discusses future regulatory directions that promote innovation while ensuring transparency, accountability, security, and sustainable digital economic growth.
The article analyzes the differences between centralized and decentralized exchanges in the cryptocurrency market. The author notes the impact of bankruptcies of centralized representatives who provided services in the cryptocurrency market on the interaction of users with decentralized finance instruments. The publication considers the key representatives of decentralized finance, their capitalization, available capital, and technological developments. It substantiates the advantages and risks of using decentralized finance instruments and studies the differences between centralized, decentralized, and algorithmic stablecoins. To assess the capitalization of decentralized finance instruments, the asset value indicator TVL (Total Value Locked) is used. TVL represents the amount of assets currently placed in a particular decentralized finance instrument or protocol. The RWA narrative is significant in the crypto space as it demonstrates increased interconnectedness. DeFi, previously isolated from TradFi, has now become an integral part of a more holistic financial ecosystem. Blockchain technology has demonstrated its potential for transformation through real-world use cases. Real-world assets (RWAs) are an attractive option due to the large traditional finance market. While they offer benefits such as portfolio diversification and enhanced returns, it is crucial to mitigate default risk. Platforms like Goldfinch have a proven track record. Tokenizing RWAs can increase market participation and financial inclusivity. The study's results indicate significant development of decentralized finance instruments over the past three years. This is evidenced by the amount of capital invested in these instruments and the number of users, despite the technological and regulatory risks associated with them. The study's conclusions indicate that despite the technological novelty, users are increasingly interested in interacting with decentralized finance instruments. However, users face difficulties in understanding how these instruments work and in gaining experience with these products. The comparative analysis by Saif Ahmed Abdulhakeem and Qiuling Hu titled "CeFi vs. DeFi — Comparing Centralized to Decentralized Finance" systematically contrasts Centralized Finance (CeFi) with Decentralized Finance (DeFi) across legal, economic, security, privacy, and market manipulation dimensions. It aims to provide a structured approach for distinguishing between CeFi and DeFi services, emphasizing DeFi's transparency and user control advantages. However, unresolved issues in decentralized finance, such as regulatory frameworks and risk assessment, necessitate further research. The study also underscores the importance of improving user experience design and overcoming adoption challenges for DeFi. In their academic discourse titled "Powered by Blockchain Technology, DeFi (Decentralized Finance) Strives to Increase Financial Inclusion of the Unbanked by Reshaping the World Financial System," Abdulhakeem and Hu analyze DeFi's potential to enhance financial inclusion for the unbanked. They highlight the pivotal role of blockchain, particularly Ethereum, in enabling DeFi. While acknowledging DeFi's decentralization benefits, the article suggests it as a complement rather than a replacement for traditional finance. It advocates for future research on integrating DeFi with global banking systems and improving user interface and security. Overall, while recognizing DeFi's transformative potential, the article underscores the need for ongoing research to address challenges and integrate DeFi into mainstream finance seamlessly.
Introduction. Today, the introduction of DeFi and Web3 technologies, which provide users with access to a variety of financial instruments based on a decentralised distributed ledger, is of great importance for business development. These tools include DEX exchanges, DAO projects, participation in liquidity pools, the use of staking and farming of smart contracts, and decentralised lending. In addition, these technologies allow for risk insurance and the use of oracles to predict market trends, as well as interact with new forms of financial services. DeFi and Web3 are not only technological innovations, but also important catalysts for change in finance, transforming outdated financial technologies into open protocols (smart contracts). Methods. To achieve the goal of the article, an analysis of literary sources was carried out, the main characteristics of the components of the DeFi market were determined, directions for their use in the digital business environment in combination with the real sector of the economy were proposed. The methods of analysis, synthesis, system approach and comparative analysis were also used. Results. The article investigated the importance of the development and implementation of DeFi and Web3 technologies, which provide users with access to various financial instruments built on a decentralized distributed ledger system, such as DEX exchanges, DAO projects, ensure participation in liquidity pools, the use of staking and farming of smart contracts and decentralized lending systems, and also allow for risk insurance and the use of oracles to predict market trends and actively interact with new forms of financial services. This applies not only to the field of cryptocurrency exchange, but also includes a wide range of opportunities to participate and invest in various financial instruments built on the principles of decentralization and blockchain technologies. The obtained results testify to the significant potential and prospects of this direction in the financial sphere. It is noted that DeFi and Web3 are not just technological innovations, but also a real catalyst for transformations in finance, transforming outdated technologies of the financial system into open protocols (smart contracts). Despite the fact that DeFi is often viewed as a speculative tool, the article substantiates its economic efficiency, which consists in receiving passive income and saving on commission costs, providing liquidity for highly volatile cryptocurrency assets. Discussion. Further research perspectives in the field of DeFi, Web3 include the study of security and risk issues, the development of transparent legal frameworks, socio-economic impact assessment, technical innovation and environmental impact, which will contribute to the expansion and improvement of these technologies in the financial sector. In particular, the prospects may include exploring opportunities to ensure that DeFi technologies interact with the traditional banking sector and developing mechanisms to increase the degree of implementation and adoption of these innovations in the global financial environment. Keywords: DeFi market, DeFi technology, blockchain, web.3.0, farming, staking, smart contracts
В статті представлений алгоритм та реалізацію моніторингової системи, що дозволяє повідомляти користувача про підозрілу активність зі смарт контрактом проєкту, в який користувач інвестує децентралізовані активи. Користувачі зможуть формувати запити на моніторинг транзакцій з конкретних гаманців та на конкретні протоколи, при цьому застосовуючи фільтри на параметри виклику методів смарт контракту. За рахунок точного алгоритму моніторингу та якісного блокчейн провайдера між проміжок часу між виявленням підозрілої транзакції та сповіщенням є мінімальним та не має затримок. Під час розробки наукової статті було проаналізовано існуючі безпекові рішення та підходи для збереження користувацьких активів залучених до блокчейн протоколів. Окрім існуючих рішень було досліджено статистику та конкретні підходи зламів протоколів, а також шахрайські проєкти, які були помічені на викраданні проінвестованих користувацьких активів. Проаналізовано конкретні кейси шахрайства включаючи конкретні типи транзакцій, а саме транзакції на вивід ліквідності з децентралізованих бірж, а також маніпуляції з передачі права власності на протокол на інший аккаунт чи зупинка протоколу. Розроблена система може бути застосована на всіх блокчейнах, що побудовані на основі EVM – Ethereum Virtual Machine, а саме Ethereum, Binance Smart Chain, Polygon тощо, що дозволить підвищити загальний рівень безпеки користувацьких активів, а також проінформувати користувачів про можливі загрози при взаємодії з новими невідомими протоколами. Важливим моментом є оновлення та додавання нових типів шкідливих транзакцій до системи моніторингу для забезпечення запобігання більшій кількості випадків шахрайства. На основі спроектованої системи можуть бути розроблені автоматизовані системи, що автоматично відправляють користувацьку транзакцію на протидію виявленій підозрілій транзакції.
Олена СКЛЯРЕНКО, Denis Shcherbatykh, Н. М. Котвицька, Svitlana V. Sharova
Емпіричне дослідження потенційної ролі криптовалюти як інструменту хеджування інфляції набуває все більшої актуальності на тлі нещодавньої глобальної економічної невизначеності та інфляційного тиску. У цьому дослідженні вивчається довгостроковий зв'язок між цінами на Bitcoin та інфляцією за допомогою коінтеграційного аналізу, використовуючи щомісячні дані з січня 2015 року по червень 2023 року. Використовуючи коінтеграційні тести Енгла-Гренджера та Йохансена в рамках методу ковзного вікна, ми оцінюємо стабільність та еволюцію цього взаємозв'язку з плином часу.Результати свідчать про складний і мінливий у часі зв'язок між криптовалютою Bitcoin та інфляцією. Тест Йохансена виявив коінтеграцію у 25% ковзних інтервалів, тоді як тест Енгла-Гренджера знайшов докази лише у 3,6% інтервалів, що свідчить про те, що будь-який довгостроковий рівноважний зв'язок є радше епізодичним, ніж стабільним. Помітний структурний злам спостерігається близько 2021 року, що збігається зі значними змінами як на ринках криптовалют, так і в глобальних економічних умовах.Отримані результати ставлять під сумнів наратив про Bitcoin як надійний інструмент хеджування інфляції, вказуючи на те, що його зв'язок з інфляцією є менш стабільним, ніж у традиційних активів для хеджування. Період після 2021 року демонструє особливо високу волатильність цього взаємозв'язку, незважаючи на більш широке інституційне впровадження та увагу до нього з боку широкого загалу. Результати дослідження свідчать про те, що хоча Bitcoin може пропонувати властивості хеджування інфляції протягом певних періодів, ці властивості не є достатньо послідовними, щоб покладатися на них для систематичного захисту від інфляції.
Любов Крестьянполь, Станіслав Новачевський, Микола ХРАНОВСЬКИЙ
Незамінні токени (NFT) представляють одну з найважливіших технологій у просторі Web3. Завдяки NFT цифрові або фізичні активи можна токенізувати, щоб представляти їх власність за допомогою смарт-контрактів і блокчейнів. Перше покоління цієї технології під назвою NFT 1.0 розглядає статичні токени, описані набором метаданих, які неможливо змінити після створення токена. Статичний характер перешкоджає їх широкому розповсюдженню, оскільки вони не підтримують жодної значущої взаємодії з користувачем. З цієї причини була запропонована його еволюція, яка називається NFT 2.0, щоб зробити токени інтерактивними та динамічними та покращити взаємодію з користувачем, відкриваючи можливість використовувати NFT у більшій кількості способів і сценаріїв. Об’єкти культурної спадщини знаходяться під загрозою зникнення або пошкодження через відсутність публічності та фінансові проблеми. Технологічний прогрес може зіграти певну роль у їх збереженні та просуванні. Збереження та поширення культурної спадщини є серйозним викликом, особливо в епоху цифрових технологій. Невзаємозамінні токени (NFT) пропонують багатообіцяюче рішення для управління та автентифікації цифрових активів. Використовуючи технологію блокчейн, NFT можуть допомогти зберегти та сприяти видимості цих важливих культурних артефактів. Це дослідження спрямоване на створення системи захисту культурної спадщини на основі блокчейну. Культурні активи перетворюються на унікальні цифрові елементи за допомогою технології NFT. Смарт-контрактами забезпечена автономна робоча система. Прихильники проекту роблять пожертви, щоб отримати свою частку прав на захист і підтримку обєктів культурної спадщини. Використання NFT у цій сфері ставить важливі питання збереження, оцифрування та популяризації української культури. Метою статті є аналіз технології блокчейн, яка використовується для NFT, розробка унікальної колекції цифрових активів та розміщення її на маркетплейсі.
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.