In the context of the digital transformation of public administration, one of the key tasks is to create a unified information space that ensures the consolidation of information about the activities of core domestic enterprises in the economy. However, the existing approaches to the disclosure of data from strategic and systemically important budgetary (autonomous) institutions are fragmented, which makes it difficult to use them for analysis. The purpose of the study, based on the methods of systematic and comparative analysis, is to substantiate the choice of data architecture when designing the digital profile of strategic and systemically important budgetary (autonomous) institutions. As a result of the work, a three-level architecture of a digital profile with open and closed access contours is proposed, within which information is collected, processed and published. The choice of technological solutions is justified supporting automated upload with blockchain fixation, multidimensional grouping, extraction of parameters from unstructured documents and visualization in dashboards. The proposed architecture corresponds to the priorities of the national project «Data Economics and Digital Transformation of the State» regarding the implementation of platform solutions and artificial intelligence technologies in public administration. The results of the study are of practical value for economic entities, specialists in the corresponding field, as well as for a wide range of users of financial and non-financial reporting.
The article examines the role of cryptocurrencies in developing electronic commerce and transforming modern payment infrastructure within the digital economy. Particular attention is paid to the economic nature of cryptocurrencies as innovative financial instruments and their increasing use in online commercial transactions. The study analyzes the key features of applying digital currencies in e-commerce, including decentralization, transaction transparency, the high speed of cross-border payments, and reduced dependence on traditional financial intermediaries. The advantages of cryptocurrency payments over conventional systems are identified, such as lower transaction costs, enhanced security through blockchain technology, and expanded international market access for businesses and consumers. Conversely, the article outlines the main challenges and risks limiting the widespread adoption of cryptocurrencies in electronic commerce. These encompass significant price volatility, technical and infrastructural barriers, cybersecurity threats, and the absence of unified legal regulation across many jurisdictions. Special attention is devoted to analyzing the practical experience of leading international companies–including Amazon, Shopify, PayPal, Microsoft, Expedia, and Rakuten–that have implemented or tested cryptocurrency payment solutions. Results demonstrate that these practices improve payment efficiency, accelerate international settlements, reduce commission fees, and increase overall transaction security. The study concludes that integrating cryptocurrencies into e-commerce represents a natural evolutionary stage of the digital economy. Ultimately, cryptocurrencies possess substantial potential to strengthen electronic commerce and support its ongoing development.
The relevance of the study is determined by the growing role of decentralized autonomous organizations (DAOs) as an institutional basis for coordination and management in scalable digital business ecosystems in conditions of limited effectiveness of traditional hierarchical models. The purpose of the article is to provide a theoretical justification for the institutional effectiveness of DAOs and to identify the main mechanisms of their influence on the processes of coordination, distribution of responsibility, and decision-making in digital ecosystems. The methodological basis of the study is formed by the provisions of institutional economics, transaction cost theory, and collective action theory.The research uses methods of system analysis, theoretical generalization, comparative analysis, and institutional modeling. As a result of the research, the essence of DAOs as a new type of institutional construct in which formal and informal rules are integrated directly into the mechanism of coordination of economic agents has been clarified. It has been found that algorithmic enforcement, implemented through smart contracts, contributes to a reduction in transaction costs associated with the fulfillment and control of obligations, while strengthening institutional constraints. The main mechanisms of DAO’s influence on coordination have been identified, in particular procedural and asynchronous interaction, tokenized collective decision-making, and distributed responsibility. It has been found that the effectiveness of DAOs critically depends on the interaction between formal institutions and informal factors such as trust, reputation, and the activity of the community core. A generalized analytical model has been developed that demonstrates the relationship between DAO institutional mechanisms, their effects, and potential risks in the context of scaling digital ecosystems. The conclusions indicate that DAOs perform the functions of institutional coordination and reduction of transaction costs in digital business ecosystems through the algorithmization of formal rules and the use of smart contracts as a mechanism for ensuring compliance with norms.
Subject. This article discusses the peculiarities of forming a holistic approach to assessing human capital as an economic resource of regions to improve the efficiency of its use in the context of decentralization. Objectives. The article aims to study human capital as a factor in the economic growth of regions in the context of decentralization, identify interregional disparities in its development, and substantiate strategic areas for intensifying the formation, funding, and effective use of human potential at the territorial level. Methods. For the study, I used analysis and synthesis, induction and deduction, abstraction, comparison, generalization, and systems and dialectical methods. Results. The article proposes strategic areas for intensifying and financing the development of human capital, taking into account modern challenges, and it pays particular attention to the institutional capacities of regions. The article substantiates current approaches to financing human capital in the context of the transition to a decentralization model, as well as in the systematization of data on investments in human resources for 20232025, and it formulates proposals for improving the sustainability of regional development through the optimization of inter-budgetary transfers, taking into account the existing interregional imbalances in the Human Development Index. Relevance. The results obtained have a certain practical value, as they can help regions more effectively utilize their potential, attract investment, create new jobs, and develop their own unique strategies for human capital development based on territorial characteristics.
Topicality. The digitalization of the economy in the context of the Fourth Industrial Revolution fundamentally changes the logic of the functioning of economic systems. Industry 4.0 encompasses a range of breakthrough technologies, such as artificial intelligence (AI), the Internet of Things (IoT), blockchain, cloud computing, 3D printing, big data, and robotics, which not only modernize production but also transform value creation processes, labor organization, consumption, and governance. This creates a need for scientific reflection on these processes, taking into account economic, social, and institutional aspects. Existing theoretical models do not fully explain the new patterns of economic development under conditions of digital transformation, which necessitates research into the mechanisms of structural change. Aim and tasks. The purpose of the article is to substantiate the mechanisms and forms of structural transformation of the economic system under the influence of the core technologies of Industry 4.0. In particular, the study examines how digital and autonomous solutions change the nature of production, distribution, consumption, and management. Materials and methods. The methodological basis of the study is a set of scientific approaches. The systems approach made it possible to consider digital technologies as a unified architectonics of a transformation model. Structural and logical analysis was used to identify the key directions of change: what is produced, how it is produced, and for whom. Comparative analysis was applied to contrast the classical “push economy” model with the modern “pull economy,” as well as human-centered and automated management solutions. Research results. The study established that the widespread implementation of Industry 4.0 technologies leads to systemic changes in the key parameters of the functioning of the economic system, namely the transformation of the coordinates “what to produce,” “how to produce,” and “for whom to produce.” It is proven that the integration of artificial intelligence, additive technologies (3D printing), and big data forms a model of customized, autonomous, and localized production, which is accompanied by a shortening of value chains and an increase in the flexibility of production processes. It is substantiated that blockchain technologically ensures a reduction in transaction costs and the decentralization of coordination mechanisms, while robotics drives productivity growth, and cloud computing and the Internet of Things ensure the rapid synchronization of production with real demand and enhance the adaptability of economic systems. Conclusion. The generalization of the obtained results allows us to assert that Industry 4.0 technologies form a qualitatively new architecture of the economic system, manifested in the transition from an extensive to an intensive model of economic growth, from a “push” to a “pull” logic of economic functioning, from mass to customized production, and from centralized to decentralized data management models. The identified shifts indicate the transformation not only of individual production or management processes but of the holistic structure of the economic system under the influence of digital technologies.
The article examines the role of cryptocurrencies in the shadow economy, their specific features that create conditions for illegal financial transactions. The methods of using digital assets in criminal activities, including money laundering and illegal transactions, are analyzed. Special attention is paid to the problems of regulating the cryptocurrency market in Russia, new legislative initiatives and control measures. Technologies for monitoring blockchain transactions aimed at detecting suspicious transactions and reducing the risks of using cryptocurrencies in criminal schemes are also affected.
Decentralized autonomous organizations based on team management and algorithmic mechanisms of decisionmaking play a serious role in the development of digital economy. Their introduction helps eliminate shortcomings typical of traditional hierarchical management and provides more democratic decision-making in digital communities. However, in spite of decentralization ideals today’s decentralized autonomous organizations demonstrate a stable trend towards recentralization of power. The article provides a systemic analysis of factors stipulating management centralization in decentralized autonomous organizations. By analyzing the current research and empiric data a comprehensive classification of such factors was put forward, as well as methods opposing them. Both technological and legal and social solutions are being discussed. The discussion substantiates the necessity to reach balance between decentralization and managerial efficiency. Finally, a conclusion was made running that sustainability of decentralized autonomous organizations does not depend on centralization elimination but on ability to develop adaptive mechanisms of power restriction.
Open access
Digitalization and Economic Development in Agriculture
The article is devoted to the analysis of the problem of the development of the cryptocurrency market, the markets of their circulation and the prospect of using them as a means of payment in international settlements of the Russian Federation in the context of increasing sanctions pressure. The author analyzes a group of social and economic factors that led to the emergence of cryptocurrencies. Special attention is paid to the disclosure of their technological essence of cryptocurrencies and their rewarding nature. The article examines in detail the history of the development of cryptocurrencies themselves, their circulation markets, the business essence of this means of payment and the path of its entry into the global economic system. The paper compares the European, Russian and Chinese ways of regulating the cryptocurrency market, the consequences, causes and features of the use of various methods of regulating the crypto market for national economies and their impact on the cost and demand of cryptocurrencies. Special attention is paid to the study of the problem of the practical use of cryptocurrencies on the territory of the Russian Federation and in its international settlements both at the state level and on the scale of individual enterprises. The author evaluates the possible prospects for the development of the Russian national cryptocurrency, and the use of bitcoin as an alternative means of domestic and international settlements of the Russian Federation. It is this aspect of the development of cryptocurrencies that is particularly important for the Russian market, which is in dire need of a means of payment that will help circumvent Western sanctions. The paper also reflects the problem of the attractiveness of the cryptocurrency market for criminal transactions and the difficulty of countering illegal transactions without seriously compromising the attractiveness of cryptocurrencies as a means of payment.
This paper examines the phenomenon of digital transformation in socio-economic systems as an object of public governance through the transition from an instrumental to a substantional understanding of digital technologies’ role. Using an interdisciplinary approach, the research systematizes theoretical and methodological concepts of digital transformation and identifies its seven fundamental properties: transversality, recursiveness, emergence, accelerativity, cognitive-transformational potential, institutional reconfigurability, and ontological hybridity. These properties form the methodological foundation for a new understanding of digital transformation, where technologies are viewed not as external optimization tools but as constitutive elements of a new institutional reality. The study develops a matrix of digital transformation’s impact on components of the socio-economic system, structuring the nature of changes, influence mechanisms, and resulting effects for economic, social, political-administrative, innovative, and informational subsystems. The research analyzes the evolution of public governance instruments for digitalization—from e-government to digital statehood models focused on digital resilience and platform-based approaches. Based on analysis of real-world cases of public sector digital modernization across different countries, the study confirms that effective public governance of digital transformation requires a comprehensive approach that accounts for the systemic nature of transformational processes. The research demonstrates that the transitive model of digital statehood creates a methodological foundation for proactive responses to digital era challenges through vertical integration of artificial intelligence systems and distributed ledgers into mechanisms of strategic planning and institutional adaptation.
The article analyzes the foundations of Ukraine's state regional policy for digital transformation, including the regulatory framework, strategic documents, and regional informatization programs. It is determined that implementing digital technologies is a key direction of state policy aimed at creating conditions for the development of an information society, integrating modern technologies into public administration, and ensuring the competitiveness of regions. Considering the decentralization of power, conditions are being created to align regional development policies with key areas of digital transformation, including the digitalization of regional governance, the development of the digital economy, the implementation of innovative technologies, process automation, the expansion of e-government, and the formation of e-democracy tools, among others. The study found that the primary tool for ensuring digital transformation at the regional level is regional informatization programs developed by the standard project for such programs approved by the Ministry of Digital Transformation of Ukraine. As of January 1, 2025, 16 regions of Ukraine have adopted these programs, which cover the implementation of e-government, digital infrastructure, cybersecurity, digital literacy, and more. Disparities in financing and levels of digital maturity among regions have been identified, requiring improved coordination mechanisms and ensuring the balanced development of digital infrastructure at the regional level. The study's results emphasize the need to synchronize regional programs with national priorities, integrate European digitalization standards, and implement a monitoring system to assess program effectiveness. These aspects are crucial for the harmonious development of a digital state, ensuring equal access to modern technologies and improving the efficiency of public administration.
Decentralized financing may become an effective tool for developing financial markets in the Russian Federation in the foreseeable future, but its legitimization is associated with a number of threats and occurs in conditions of uncertainty. At the same time, postponing decisions in the development of the state's financial policy may lead to even greater costs associated with the departure of a promising segment of the new financial market into the shadows. The paper considers the opportunities and threats of decentralized financing development for traditional financial institutions in the Russian Federation. The study was prepared using the methods of conceptual, comparative analysis, financial and economic foresight. Results: the concept of decentralized financing is clarified, the differences between decentralized financing and digital financial assets previously legalized in Russia are considered. International experience of companies - traditional financial intermediaries - entering decentralized financing is presented, which is mainly in the nature of a test approbation of possibilities. Based on international statistics, an increase in the share of traditional financial companies in the volume of decentralized borrowings is shown. The article describes the diversity of development opportunities in the decentralized finance market for such classic financial intermediaries as commercial banks. Solutions for the development of financial policy in the Russian Federation are proposed, the need for legalization and the fastest possible construction of a sovereign infrastructure of decentralized finance with the safe involvement of traditional financial institutions is argued.
Open access
Digitalization and Economic Development in Agriculture
Economic, Social, and Public Health Issues in Russia and Globally
The article examines the transformation processes of the formation and use of the budget funds of the territorial community of Kharkiv, which are due to the peculiarities of changes in the budget and tax legislation. An analysis of the implementation of planned indicators regarding the main sources of filling the revenue part of the budget of the Kharkiv urban territorial community was carried out. Priority areas of budget allocations were identified, determined by the specifics of financial management under martial law, with an emphasis on ensuring the stable functioning of critically important elements of the city infrastructure. It was found that the strategic task of the decentralization process is not only to expand the competence of local government bodies in the field of decision-making regarding financial and budgetary autonomy, but also to form an effective system of managing the revenue receipts of the territorial community budget in order to ensure its sustainable socio-economic development and the most effective use of accumulated financial resources with a clear socio-economic effect in accordance with the identified priorities. It was noted that the implementation of public finance reform in the context of decentralization is part of a more complex and general problem, which consists in ensuring the conditions for more responsible and effective implementation of their powers by local authorities within the financial resources of their budgets. A detailed analysis of the features of the budget process and an assessment of their impact on the implementation of the budget of the territorial community allowed: to identify problematic issues related to the implementation of revenue replenishment indicators, budgeting of measures of city target programs; to identify internal reserves for replenishing financial resources and attract additional inter-budgetary transfers; to ensure the effectiveness of budget funds management in the established regime of their resource availability and expenditure priority. Within the framework of the local finance reform implemented within the framework of the decentralization process, along with the growth of tax revenues to the budget of the territorial community, two key mechanisms for financial support of the united territorial communities at the expense of state resources were introduced. In particular, we are talking about financing through the State Fund for Regional Development, as well as the provision of a subvention from the state budget to local budgets aimed at implementing measures to develop and modernize the infrastructure of these communities.
The rapid development of the cryptocurrency market forces states around the world to look for effective mechanisms for legal regulation of this new financial reality. In addition, Russian citizens are active users of online platforms that trade cryptocurrencies. Thus, the urgent task of the Russian Federation at the present stage of its development is to find the optimal cryptocurrencies legal regulation. Purpose: to analyse trends and prospects of cryptocurrencies legal regulation, including various approaches to legal regulation, counting abroad. Methods: comparative analysis of the legal regulation of cryptocurrencies in various jurisdictions, as well as a study of technological solutions used abroad. Results: the study made it possible to analyse legislative initiatives regarding cryptocurrencies, from a liberal approach to a complete ban. It also reflected the need to maintain a difficult balance between the desire to protect investors, fight crime, and encourage innovation in the digital economy.
В статье проводится анализ децентрализованных автономных организаций как неосубъектов цифровой экономики с фокусом на их консистентности с экономической безопасностью. Цель работы – систематизировать угрозы, связанные с распространением ДАО, и установить перечень необходимых мер по минимизации дестабилизирующего воздействия ДАО на метанациональную экономическую безопасность
The article examines the use of blockchain distributed ledger technology in various sectors of the economy. It was found that since 2008, blockchain has developed as a tool for cryptocurrency transactions and was later adopted by major transport companies for cargo transportation management, proving its efficiency. The study is based on general scientific methods of cognition, including the dialectical method for understanding phenomena and the comparative legal method for analyzing approaches to the legal nature of distributed ledger technology. Using a systemic-structural approach, the author examined the benefits and risks of digitalization and blockchain application, leading to the article's conclusions. Blockchain is applied in IT, energy, finance, agriculture, logistics, and other sectors, improving efficiency and transparency in business processes. However, Ukraine lacks legislative regulation of this technology. If implemented, blockchain could become a tool for promoting transparent business practices, reducing risks, and minimizing interference from government authorities.
The article explores the impact of technological innovations on the economy and business in the context of digital transformation.It is investigated that key technological trends, such as 5G, Wi-Fi, energy-efficient processing, advanced data recognition, and intellectual data processing, cloud, and edge computing, converge to form the technological foundation necessary for successful digital transformation.As a result, digital transformation is often accompanied by significant losses, and costs exceeding the planned ones, and many projects lead to changes that do not justify expectations from the use of information technologies.Investments in analytics are necessary but do not guarantee a global restructuring of the business, its core transformation, during which even a minor error can halt the supply chain, destroy a product, or even put an end to the business.It is noted that to achieve success, it is necessary to prioritize strategy over technology.Under these conditions, the task of goal-setting comes to the forefront -it is necessary to start with defining the ultimate goal of the business (profit, perspective, strengthening market position, etc.) and only then move on to the search for technology that will allow achieving it.As businesses focus on providing greater mobility for employees, moving most corporate workflows to cloud storage, digitization provides staff with access to what they need and when they need it, supporting a high level of productivity regardless of location.The article also examines the constructs of economic development in the context of information technologies, focusing on the development of ecosystems of crypto assets, metaverses, and non-fungible tokens (NFTs), central bank digital currencies (CBDC), institutional investments in the digital economy, and tokenization of traditional funds.It is emphasized that these Vda a perspektivy 1(32) 2024
Цифрові фінансові технології (криптовалюта, крипто-актив, віртуальні активи, тощо) мають різну природу походження, що створює їхню неоднорідність і породжує специфіку правовідносин, у яких вони знаходять висвітлення через їх особливості. Метою дослідження є проведення правового аналізу їх визначень за джерелами їх висвітлення:1) міжнародні організації; 2) українське законодавство. Як результат, у дослідженні проведено правовий аналіз поняття «віртуальні активи» представлене в українському законодавстві та трактування тотожних понять «крипто-активів», які надають найвідоміші у світі міжнародні організації: Європейський центральний банк (ECB), Група розробки фінансових заходів боротьби з відмиванням грошей (FATF), Рада з фінансової стабільності (FSB), Міжнародний валютний фонд (IMF), Базельський комітет (BIS), Європейська комісія (EС), Міжнародна організація комісій з цінних паперів (IOSCO). На підставі проведеного дослідження через вибірку характерних рис у кожному з досліджених визначень цифрових-фінансових технологій, виявлена загальна прогалина, з урахуванням якої автором сформовано власне їх визначення поняття, виходячи з різних точок зору: фінансової, правової, технологічної, – що на думку автора є взаємодоповнюючими і дає змогу освітити це поняття найбільш повно.
The article examines the characteristics of the transformation of the music industry in the context of digitalization.The article reveals the features of the change in the structure of the music product from 1999 to 2023.There is a clear trend towards a decrease in physical sales and an increase in streaming over the 25 years studied.Moreover, streaming can be considered the main reason for a certain revival of sales in the music industry as a whole.In 2023, streaming continued to dominate global revenues, but revenues from all music formats increased, except for downloads and other digital content.Streaming, performing rights and physical formats such as CDs and vinyl grew faster in 2023 than in 2022.Revenues from physical sales increased by 13.4%, which is the highest growth rate among all formats in 2023.The transformation of the music industry in the digitalization era has been marked by innovations and challenges that have arisen along the way.The article explores the evolution from the period of dominance of physical media, such as vinyl records, cassettes and CDs, to the digital revolution, which introduced formats such as MP3 and AAC.The growth of streaming platfroms, with the leaders being Spotify and Apple Music, has reshaped how consumers access music.It should be noted that there have also been problems, particularly concerning remuneration for musicians.The introduction of non-fungible tokens (NFTs) and the possibility of achieving more equitable compensation through the use of blockchain are potential solutions for the industry.It can be predicted that the music industry will continue to adapt to the challenges inherent in the digital era.In these unique conditions, the interaction between producers, suppliers (distributors), and consumers of a musical product will be crucial.These changes underscore the need for further research in this direction, particularly on the digital distribution of musical products.
Open access
Digital Economy and Transformation
Digitalization and Economic Development in Agriculture
Most often, the possibilities of the applied digital technologies / tools are not used to their full extent, which is due to either the insufficient level of knowledge and competencies of the staff, or the complexity of the technical program implementation. At the same time, the methodology of digital transformation itself, especially in relation to logistics and supply chain management (SCM), is insufficiently developed, despite the existing works of foreign and domestic specialists in this field. The results of the analysis show the relevance and urgent need for the development of conceptual technological platforms of digital solutions for logistics services in supply chain management at the stage of using artificial intelligence and blockchain technology. A study was conducted on the possibility of using promising digital technologies in logistics and ULP, in particular Blockchain (distributed ledger systems), Cloud Services (cloud services), Augmented/Virtual Reality (AR/VR) (augmented / virtual reality), Big Data (big data analytics), Predictive Analytics, Industry 4.0 (Robots) and the Internet of Thing. The very procedure of digital transformation of supply chains should include a number of project solutions related to the formation of a communication network structure (Multi Party Net-work), in particular, using blockchain technology, an integrated supply chain planning system, as well as a digital platform for controlling and monitoring events in the chain supplies (Supply Chain Control Tower). Warehouse logistics is an industry that actively implements innovations. To work in the warehouse, special robots with the prefix AGV (literally – automatically controlled vehicle) are used. A project analysis is being conducted on the development of unmanned trucks using the existing developments of unmanned technologies of domestic car manufacturers and prototypes of unmanned cargo vehicles. The necessity of researching the prospects of robotization of warehouse operations and the use of unmanned vehicles (drones and trucks without drivers) in the distribution / delivery of Final Mile Logistics is shown.
Open access
Economic and Technological Systems Analysis
Digital Economy and Transformation
Digitalization and Economic Development in Agriculture
Relevance of the research topic. Blockchain technology has become a new paradigm for<br> building decentralized systems that do not require the creation of a central governing body to organize<br> the cooperation and coordination of participants with different characteristics. The possibilities of<br> blockchain applications have already begun to go beyond digital finance and are increasingly being used<br> for the decentralized organization of communities and participants in digital partnerships. Decentralized<br> autonomous organizations (DAOs) built on blockchain technology represent a new form of collective<br> management in which communities are organized based on the decentralized infrastructure of the third<br> generation of the Internet (Web 3.0). In this context, as an innovative form of economic cooperation,<br> decentralized autonomous organizations have become an object of research interest.<br> Problem statement. The use of decentralized autonomous organizations as a form of cooperation<br> is a new and relatively unexplored area in economics. The role of DAOs in the system of economic<br> relations and their possibilities for digital partnerships remain unexplored. In addition, the use of DAOs<br> poses a number of opportunities and risks that can be identified through analysis and evaluation.<br> Objective and tasks of the research. The aim of the research is to determine the possibilities of<br> using decentralized autonomous organizations as an innovative form of economic cooperation in the digital<br> society. The tasks of the research include analyzing the mechanisms of DAO functioning, comparing them<br> with traditional organizational forms, and determining their possibilities for application in different fields.<br> Methodology of the research. The research methodology consists of analyzing scientific sources<br> and practical experience in the use of decentralized autonomous organizations. The research was<br> conducted by analyzing the main principles of DAO operation, their advantages and disadvantages<br> compared to traditional forms of economic cooperation. A comparative analysis was also conducted<br> to identify the differences between DAOs and traditional organizations. Finally, the possibilities of using<br> DAOs in different fields were assessed, taking into account the potential risks associated with their use. Presentation of the main findings of the study. The results of the research demonstrate<br> that DAO can be an effective form of organizing economic cooperation in the digital society. They<br> provide decentralization and autonomy, which allows avoiding many problems of traditional forms of<br> cooperation, such as management, power, and profit distribution issues. In addition, the application of<br> blockchain technology enables a high level of security and trust among participants.<br> Application fields of the results. DAO can be applied in various economic fields, such as finance,<br> logistics, agriculture, and others. This technology can also find its application in public projects, such<br> as charity and ecology. The digital nature of such an organization allows integrating any modern<br> technological advancements, including tools of artificial intelligence and decentralized finance. With<br> such characteristics, DAO is defined as one of the most interesting organizational innovations of the<br> 21st century.<br> Conclusions of the article. Based on the analysis results, we propose to consider the DAO<br> concept as an innovative technology of organizing economic cooperation, capable of responding to<br> new challenges through fast and remote organization of economic interaction, regardless of the<br> geographic location of partnership participants, based on trust and modern tools using distributed<br> ledger technology. This new form of cooperation, based on decentralization and autonomy, offers DAO<br> technology as a competing form that replaces standard forms of cooperation and Web 2.0 internet<br> organization. The unique feature of this form of economic cooperation is the absence of intermediaries,<br> as the terms of interaction are recorded in the program code and executed automatically, significantly<br> reducing costs and time for interaction realization.
Purpose. The aim of the article is to determine the place of cryptocurrencies in the digital economy, assess their state and development trends, research prospective directions for expanding the scope of their use by introducing innovative technologies and tools, and reducing the risks of investing in crypto assets. Methodology of research. The following research methods were used to achieve the set goal: induction and deduction – in the process of identifying cause-and-effect relationships and trends in the development of cryptocurrencies in the digital economy; analysis and synthesis – in the process of studying the individual essential characteristics of the category "cryptocurrency"; comparison – in the process of researching changes in the market capitalization of cryptocurrencies, the dynamics of the Bitcoin exchange rate, the dynamics of the market capitalization of cryptocurrencies and DeFi; graphic – to visualize the results of the study. Findings. The influence of environmental factors on the dynamics of the development of cryptocurrencies during 2021‒2023 has been determined. The directions of their development in the digital economy are substantiated, which include the correlation of the crypto market with traditional markets and the financial sector of the economy, the emergence of new types of cryptocurrencies that expand the range of offered market tools, the expansion of the scope of use of cryptocurrencies through the introduction of innovative technologies and tools. Alternative directions for investing in crypto assets have been identified. A comparative assessment of the risks of traditional investing and investing in cryptocurrencies was carried out. Originality. Determining the essential characteristics of cryptocurrencies, such as price volatility, investment attractiveness and riskiness, has been further developed. Prospective directions for the use of innovative tools in the crypto industry, in particular, decentralized finance (DeFi), are substantiated. Practical value. Conclusions and proposals substantiated by the results of the research can be used in the process of carrying out operations with cryptocurrencies and making decisions by market subjects regarding directions and instruments for investing in crypto assets. Key words: cryptocurrencies, market capitalization, rate dynamics, price volatility, innovative technologies and tools in the crypto industry, decentralized finance (DeFi), alternative investments in crypto assets.
The article is devoted to the study of cryptocurrency and its impact on the shadow sector of the economy. Operations related to cryptocurrencies are anonymous, so it is very difficult to control all operations, which is why it has become so actively used in the shadow economy. This raises the problem of how to control transactions and what laws should be applied to regulate the digital currency
This paper considers the processes of digitalization of urban management, which forms the prerequisites for solving the problem of the development of the concept of smart cities. As a result, the historical aspects of the formation of the Smart City concept are distinguished. Based on this, elements of the Smart City concept are highlighted at the present stage, such as vision, ecosystem, management, technological background, and financing. Generalization of the results of the study of the processes of digitalization of smart city management has made it possible to distinguish its traditional components, which include transport, energy, utilities, urban environment, security, and "smart" house. In order to ensure effective monitoring of the implementation and development of digital services in the smart city management system, it is proposed to use "city smartophores". The systematization of the Smart City formation experience provided an opportunity to distinguish the relevant models of digitalization of urban governance – decentralized, centralized, and local. The scope of application, initiators, advantages and disadvantages, and prospects for the development of each of them are determined. Unlike other results of the study of the effectiveness of the development of smart cities, it is suggested that the most vivid picture of ensuring a comfortable life in the city is demonstrated by the size of its population. It is proved that it is in the developed cities of any country in the world that there are positive rates of population growth. Quantitative criteria for determining the upper and lower limits of the efficiency of smart city development according to the selected indicator have been developed. The practical application of the results of the study is the possibility of predicting further directions of development of the smart city based on a quantitative assessment of the level of its digital transformation
The article examines the main stages of evolution of blockchain technologies in the activities of various companies from 1991 to the present. The aim of the article is to study the evolution of the use of blockchain technologies in the practice of different companies. The research methodology includes the use of the historical method to study the main stages of development of blockchain technologies and the study of blockchain use practices by different companies. The relationship between the stages of evolution and Tiers of Blockchain has been established: 2008-2013 (Blockchain 1.0); 2013-2015 (Blockchain 2.0); 2015-2018 (Blockchain 3.0); From 2018 to now (Generation X). The main types of blockchain (public blockchains; private blockchains; semi-private blockchains; sidechains; permissioned; distributed ledger; shared ledger; fully private of proprietary blockchains; tokenized blockchains; tokenless blockchains) are systematized. Peculiarities of practical implementation of blockchain technologies in the activity of companies of different sectors of the economy are studied. A SWOT-analysis was conducted, which revealed that blockchain technologies will undoubtedly continue to develop, affecting many industries, including public administration, retail, information technology, travel, health, education, agriculture and entertainment. One of the ways to improve the use of blockchain technologies should be: increasing the confidentiality of operations; scaling of chains of blocks; establishing compatibility between different blockchain systems; strengthening the security of blockchain operations; individual approach to the use of blockchain technologies.