The article examines the theoretical and applied aspects of developing a digital financial ecosystem for inclusive territorial development amid digitalization, decentralization, and Ukraine’s post-war recovery. It is substantiated that growing socio-economic challenges, the expanding role of local self-government, and the need to support the social and economic reintegration of war veterans require modernizing approaches to financing territorial development. The study finds that the financial capacity of territorial communities provides the basis for implementing inclusive development policies and delivering quality public services. Despite the adverse effects of the full-scale war, Ukraine’s local finance system has maintained financial resilience, while local budget revenue and expenditure dynamics indicate a strengthening social orientation of fiscal policy. Particular attention is given to expenditures classified as “Social Protection of War and Labor Veterans,” which demonstrate a substantial increase in resources allocated to veterans’ policy and highlight the growing role of communities in veterans’ reintegration. It is argued that expanding financial support requires digital technology, integrated information systems, and performanceoriented public financial management. The role of Open Budget, eData, Prozorro, DREAM, and the Diia ecosystem in enhancing transparency, accountability, efficiency, and citizen participation is substantiated. The integration of financial resources, digital platforms, institutional mechanisms, and analytical tools into a unified digital environment creates conditions for more efficient public spending, stronger financial inclusion, and evidence-based local decision-making. Conceptual approaches to a digital financial ecosystem for inclusive territorial development are proposed based on inclusiveness, digital accessibility, transparency, accountability, adaptability, effectiveness, and participatory governance. Their implementation is expected to strengthen community financial capacity, improve local public financial management, enhance the targeting of social support, facilitate veterans’ reintegration, and support sustainable and inclusive territorial development during Ukraine’s post-war reconstruction.
The article examines the role of FinTech solutions in the transformation of international finance and their impact on the development of the global economy in the context of rapid digitalization and technological change. The study analyzes contemporary trends in the implementation of financial technologies in international settlements, payment systems, investment activities, lending, insurance services, and financial risk management. Particular attention is paid to the development of digital platforms, mobile banking, blockchain technologies, artificial intelligence, big data analytics, cloud computing, and distributed ledger technologies, which significantly influence the efficiency and accessibility of international financial services. The key opportunities created by FinTech for increasing the efficiency of cross-border financial transactions, reducing transaction costs, accelerating payment processing, and improving transparency in financial operations are identified. The study emphasizes the contribution of financial technologies to enhancing financial inclusion by expanding access to financial services for individuals and businesses, especially in developing countries and regions with limited banking infrastructure. The role of FinTech in facilitating the integration of national financial systems into the global financial space and strengthening international economic cooperation is substantiated. The article also outlines the main risks and challenges associated with the rapid expansion of FinTech solutions. These include cyber threats, data privacy concerns, operational vulnerabilities, regulatory fragmentation, technological dependence, money laundering risks, and potential threats to financial stability. The growing influence of global digital platforms and technology companies on international financial markets is considered, highlighting the need to balance innovation and regulatory oversight. The necessity of improving international regulation of the FinTech sector is substantiated in order to minimize systemic risks and prevent negative consequences for the global economy. Particular attention is devoted to the harmonization of approaches to licensing procedures, capital adequacy requirements, auditing standards, reporting obligations, consumer protection mechanisms, and risk management practices. The study highlights the importance of establishing common international standards for stress testing, supervisory cooperation, information exchange, and early warning mechanisms aimed at preventing financial crises and mitigating systemic shocks. Furthermore, the article emphasizes the need for coordinated international regulation of cryptocurrencies, stablecoins, central bank digital currencies, and tokenized assets in order to prevent illegal capital flows, tax evasion, financial fraud, and regulatory arbitrage. It is argued that effective international cooperation among governments, regulatory authorities, financial institutions, and technology providers is essential for ensuring the sustainable development of digital finance. The article concludes that the improvement of international FinTech regulation is a prerequisite for strengthening investor and consumer confidence, enhancing financial resilience, promoting innovation, and ensuring the long-term stability and sustainable development of the global economy.
The article examines the theoretical and practical foundations of tax management transformation in the digital economy. It analyses the impact of digitalisation, platform business models, electronic commerce, digital financial services, and virtual assets on the evolution of tax administration. Particular attention is paid to international digital taxation mechanisms, including the OECD/G20 BEPS Project, the Two-Pillar Solution, Digital Services Tax, and the DAC7 Directive, which are shaping a new architecture of global tax governance. The transformation of the digital economy is considered as a factor that requires a shift from traditional tax administration towards a more adaptive, technology-driven, and internationally coordinated model of tax management. The growing mobility of digital business activities and cross-border financial flows further increases the importance of integrated approaches to tax information, risk management, and fiscal regulation. The study substantiates the growing role of fiscal innovations and advanced digital technologies, including Big Data, Artificial Intelligence, Blockchain, Cloud Technologies, Predictive Analytics, and integrated digital platforms, in improving tax administration, strengthening risk-oriented control, enhancing tax transparency, and supporting data-driven decision-making within the Smart Tax Administration framework. The current stage of digital transformation of Ukraine's tax management system is analysed through the implementation of the taxation mechanism for electronic services supplied by non-residents ("Google Tax"), the development of the Diia City legal regime, and the expansion of digital services provided by the State Tax Service of Ukraine. The paper identifies the main institutional and technological challenges of digital tax management and proposes strategic priorities for its further development based on international tax transparency standards, digital integration, and modern information technologies. Particular emphasis is placed on the need to combine technological modernisation with regulatory adaptation and institutional capacity building in order to ensure the coherence of Ukraine's tax system with the evolving global digital tax environment. The implementation of these approaches will contribute to increasing the efficiency of tax administration, expanding the tax base, strengthening fiscal sustainability, and ensuring the successful integration of Ukraine into the global digital tax environment.
The investigation deals with covering stages of decentralization reform in Novokalynivska United Territorial Community (UTC) and indicating strengths and weaknesses after the first stage of the policy implementation. The history of the formation of the city of Novy Kalyniv in the Sambir region from the first information to the present is covered. The influence of decentralization policy on local self–government bodies has been studied. Studies of individual settlements are relevant and necessary since the history of each country begins with the formation and development of the smallest villages, towns, from which began their journey historians, politicians, writers, artists, etc. Such studies provide a deeper insight into the historical past of Ukraine, to understand the essence of the process of state formation, and to cover in minute detail the life of the Ukrainian people in different historical periods and in different aspects: social, economic, cultural and religious. The Ukrainian vision of local problems through the prism of global ones attaches special value to this type of research. Historical local lore is one of the most important branches in the history of Ukraine, as differences in traditions, dialects, attitudes to new challenges (decentralization policy) become the foundation for understanding Ukrainian history. A priori, the implementation of decentralization policy will strengthen the legal, organizational, and material capacity of the newly formed territorial communities in compliance with the principles and provisions of the European Charter of Local Self–Government, accessibility of public services, creating favorable conditions for education. However, in practice, based on Novokalynivska UTC, the implementation of these mechanisms by local authorities is half done. It is all connected with the old methods of making important decisions for the community, ignorance of local authorities, ignoring the requests of the UTC population, poor communication between local authorities and residents of Novokalynivska UTC. The priority task for the implementation of all concepts of decentralization policy is to communicate between the government and the population, to understand the main tasks of decentralization, and to finance problematic areas of local importance.
The article investigates the theoretical and practical foundations of financing social protection at the local level under fiscal decentralization, martial law, and escalating socio-economic challenges in Ukraine. The purpose of the study is to develop theoretical and methodological approaches to understanding the pragmatism of local social protection financing and to substantiate practical directions for its improvement under contemporary conditions. The methodological framework combines systemic, comparative, institutional, and statistical analysis to evaluate financial mechanisms and expenditure structures. Empirically, the study analyzes the 2025 budget of the Ternopil City Territorial Community. The findings reveal a highly socially oriented budget prioritizing education, healthcare, and welfare, though capital expenditures remain limited due to wartime uncertainty. Systemic challenges include financial capacity disparities among communities, high state transfer dependence, and displacement-driven demand for social services. To address these issues, the study advocates transitioning from an expenditure-oriented model to results-based financial management focused on measurable outcomes, digitalization, and enhanced targeted assistance. The scientific novelty lies in conceptualizing the pragmatism of social protection financing as an integrated management model that blends budgetary and extra-budgetary sources to boost community resilience. Practically, the findings offer local authorities a concrete framework to optimize budget planning, diversify funding streams, and formulate effective post-war recovery strategies grounded in financial sustainability, transparency, and cross-sector partnerships.
This article explores the theoretical discourse on managing public finances (PF) of territorial communities (TCs) in Ukraine under conditions of politico-economic uncertainty and ongoing conflict. It examines the role of PF in addressing societal needs, ensuring economic viability, and promoting financial autonomy within the decentralization framework. Public finances are defined as a system of economic relations encompassing the formation, distribution, and utilization of centralized and decentralized funds to fulfill public interests, aligning with legislative priorities. The study analyzes PF components, including local budgets, communal enterprise revenues, credit resources, and targeted funds, emphasizing transparency in line with IMF fiscal transparency recommendations. The reinstatement of medium-term budget planning through the Budget Declaration for 2025–2027 enhances financial discipline and policy predictability, despite challenges posed by prolonged conflict and defense spending. It is argued that continuing reforms in the financial sector should facilitate the creation of a foundation for sustainable growth in the future, while reforms in public finance, particularly in optimizing expenditures in education and healthcare, will help effectively manage increasing defense-industrial costs, boost tax revenues, and strengthen fiscal discipline and economic efficiency. The banking sector's stability, supported by robust capital and liquidity, fosters economic growth by facilitating credit access for TCs. Suggested strategies for improving PF management, such as income diversification, fiscal consolidation, and strategic planning to mitigate systemic risks. Harmonization with EU financial regulations strengthens competitiveness and attracts foreign investment. The research highlights the importance of public-private partnerships and alternative financing sources like grants and loans to ensure TC resilience. Future studies should focus on overcoming challenges such as limited tax bases, dependency on transfers, and adapting financial strategies to wartime constraints, contributing to sustainable socio-economic development of TCs.
О. А. Єрмоленко, Н. М. Лисьонкова, О. А. Карвацький
The article explores the evaluates the transformative potential of blockchain technology in modernizing Ukraine’s budgetary processes. Current public finance management faces systemic challenges, including opaque resource allocation, corruption risks, and inefficient oversight, as traditional centralized architectures lack real-time verifiability and remain susceptible to manipulation. As a decentralized distributed ledger technology, blockchain provides a robust framework for immutable record-keeping, cryptographic security, and comprehensive traceability. Specifically, smart contracts enable programmable governance by automating conditional payments in public procurement and social programs upon the verification of specific milestones, significantly reducing human intervention and establishing a tamper-proof single source of truth. International benchmarks, such as Georgia’s land registry and Estonia’s e-governance applications, demonstrate the efficacy of decentralized systems in ensuring data integrity. In the Ukrainian context as of 2026, implementation remains primarily in the pilot stage. While projects like the e-hryvnia and the State Land Cadastre have faced delays due to wartime constraints, humanitarian initiatives have successfully utilized blockchain for transparent donor tracking. The transition to this technology promises a substantial reduction in administrative costs and the restoration of institutional trust essential for post-war recovery and European Union integration. However, structural hurdles persist, ranging from technical scalability and high infrastructure costs to regulatory gaps and institutional resistance. A successful transition requires a phased strategy that prioritizes targeted pilots in high-risk sectors while harmonizing national legislation with international frameworks. By investing in digital infrastructure and comprehensive training, Ukraine can position blockchain as the cornerstone of a resilient, corruption-resistant public finance system.
Introduction. The article examines the role of fifth-generation (5G) networks in the development of logistics systems based on the Internet of Things (IoT) technology. The integration of 5G, IoT, and edge computing forms the technological foundation of Logistics 4.0, smart cities, and digital supply chains. Purpose. The purpose of the study is to substantiate the possibilities and advantages of using 5G networks in logistics by analyzing their interaction with IoT and edge computing, as well as to assess the impact of 5G on the efficiency of supply chain management. Research Methods. The study employs methods of systems and comparative analysis, generalization of scientific sources, tabular comparison of the technical characteristics of 4G and 5G networks, and a logical-analytical method to identify the key areas of 5G application in logistics. Results. It has been established that the implementation of 5G in logistics systems based on the Internet of Things (IoT) provides a new level of supply chain management. A comparative analysis of the technical characteristics of 4G and 5G networks demonstrates a significant reduction in data transmission latency, a substantial increase in bandwidth, and the possibility of massive connectivity of IoT devices within local and global logistics networks. This creates prerequisites for continuous data collection, transmission, and processing of large volumes of data in real time. It is proven that the integration of 5G with edge computing enables the decentralization of the IT architecture of logistics systems, reduces the load on central servers, and minimizes risks associated with long-distance data transmission. The key areas of application of 5G technology in logistics are identified. It is established that the use of 5G in cargo monitoring systems ensures highly accurate tracking of transportation parameters, while warehouse logistics automation based on 5G creates conditions for the efficient operation of robotic complexes, autonomous vehicles, and drones. Conclusion. 5G networks constitute a basic infrastructure for the formation of intelligent, adaptive, and resilient logistics systems. At the same time, the effective implementation of 5G requires a comprehensive consideration of cybersecurity, infrastructural, and organizational risks, which is a prerequisite for enhancing the competitiveness of logistics networks in the digital economy.
In the current conditions of digitalization of the economy, the financial sector is undergoing significant transformations under the influence of innovative technologies and FinTech solutions. At the same time, digitalization is accompanied by new challenges, such as cyber risks, the need to adapt the regulatory environment, and ensuring financial stability. Therefore, the study of trends in the financial and digital space is relevant for assessing the state of the FinTech sector, identifying dominant technologies and directions for the development of the digital financial ecosystem. The purpose of the study is to analyze current trends in the development of the financial and digital space and determine the structure of its main segments in order to assess the role of financial technologies in the transformation of the financial sector and the formation of a digital financial ecosystem. A set of general scientific and special methods was used: theoretical generalization and systematization, analysis and synthesis, statistical and comparative analysis, as well as the graphical method. The empirical basis is the NBU's statistical data on the dynamics of the payment infrastructure for 2021–2025 and analytical materials of the Ukrainian FinTech Association and innovative companies on the structure of the FinTech market. As a result, it was found that in 2021–2025, the payment infrastructure of Ukraine demonstrates a steady recovery after the shocks of 2022: the number of POS terminals increased from 368 thousand units (2022) to 605 thousand units (2025), active payment cards - from 46.3 million units to 65.4 million units, and the volume of transactions through POS terminals - from UAH 106 billion to UAH 210 billion. The structure of the Ukrainian FinTech market in 2025 is characterized by the dominance of technological infrastructure (28%), payments and transfers (18%), and personal/consumer lending (10%); smaller shares are accounted for by RegTech (8%), digital banks (7%), and personal finance management (7%). Among the technologies used by FinTech companies, API (71%), artificial intelligence (43%), chatbots (42%), and cloud technologies (39%) are leading, while blockchain (9%), DeFi (4%), and NFT (2%) are in the initial stages of implementation. The results confirm that the key trends in the financial and digital space are the integration of financial services, process automation, and the active use of artificial intelligence, which form the basis of the digital financial ecosystem. At the same time, the modern FinTech market of Ukraine is in the process of formation, and the latest technologies, such as blockchain and decentralized finance, have not yet become widespread.
Ulugmurodov Farkhod Fakhriddinovich, Hasanov Anvar Erkinovich, Abduvakhobov Feruzbek Abdurakhmonovich
This article comprehensively analyzes the formation, stages of development and the impact of cryptocurrencies on the modern economy. In particular, the transformation processes that have occurred in the financial system with the emergence of digital assets such as Bitcoin and Ethereum are studied. The study highlights the role of blockchain technology in transparency, security and reducing transaction costs. It also assesses the role of cryptocurrencies as an investment tool, their impact on monetary policy, and their impact on stability and risk factors in global financial markets. The article also examines the mechanisms for regulating cryptocurrencies based on the experience of different countries, and substantiates their positive and negative effects on economic development. The results of the study serve to draw scientific conclusions on the effective use of cryptocurrencies in the digital economy.
У статті досліджено економічний потенціал блокчейн-технологій як інструменту протидії глобальним змінам клімату. Проаналізовано реальний екологічний вплив криптовалют, зокрема порівняно енергоспоживання мереж Bitcoin та Ethereum після переходу на Proof-of-Stake. Розглянуто механізми токенізації вуглецевих кредитів, роль децентралізованих фінансів (DeFi) та децентралізованих автономних організацій (DAO) у кліматичному фінансуванні. Висвітлено практичні кейси застосування блокчейну в секторі відновлюваної енергетики та ризики грінвошингу. Окремо проаналізовано внесок вітчизняних науковців у дослідження впливу блокчейну на екологічну стійкість та формування «зеленої» цифрової економіки в Україні. Визначено перспективи інтеграції штучного інтелекту та Web3-технологій у кліматичні ініціативи до 2030 року.
The article examines the role of digital transformation as a key factor in strengthening the economic and legal resilience of Ukrainian cities in the context of global competition, governance decentralization, and unprecedented geopolitical challenges. It is substantiated that the digitalization of municipal governance is becoming an important tool for increasing the adaptability of local economic systems, ensuring the continuity of public services, and creating a transparent legal environment for business activities. Particular attention is paid o the concept of “digital legal immunity,” which is defined as an integrated system of technological, organizational, and regulatory mechanisms aimed at ensuring the protection, autonomy, and stability of critical municipal data and information infrastructure. The study analyzes the impact of modern digital instruments, including cloud-based registries, automated electronic document management systems, blockchain solutions in property and land relations, and digital platforms for interaction between public authorities, businesses, and citizens. It is demonstrated that the implementation of such tools contributes to reducing transaction costs, lowering administrative barriers, increasing transparency in governance procedures, and minimizing corruption risks. The paper argues that the integration of digital technologies into local regulatory development programs, particularly within initiatives such as “Digital City” and “Digital Community,” helps create a predictable regulatory environment, stimulates capital circulation, and enhances the investment attractiveness of territories. Based on the analysis of digitalization practices in leading Ukrainian cities (Kryvyi Rih, Dnipro, Ternopil, Uzhhorod, Vinnytsia, Lviv, and Kharkiv), the study systematizes strategies for the capitalization of digital assets and identifies their impact on the economic and legal sustainability of urban systems. Three key levels of institutional support for digital transformation are distinguished: strategic planning and regulatory legitimization of digital initiatives; the creation of local regulatory sandboxes for testing innovative technological solutions; and the regulation of digital interaction between local authorities, residents, and business entities. It is proven that under decentralization conditions, digitalization gradually transforms the city into an autonomous digital governance entity capable of responding promptly to external challenges, mitigating the risks associated with centralized management systems, and ensuring the uninterrupted functioning of municipal services even during crisis or wartime conditions. The obtained results highlight the systemic role of digital transformation in strengthening the economic and legal resilience of Ukrainian cities and outline promising directions for further research related to the quantitative assessment of the impact of digital platforms on governance risks, investment attractiveness, and the stability of local economies.
Type of the article: Research ArticleAbstractThe freelance economy opens new ways for direct interaction between freelancers and customers without intermediaries. This study aims to systematize the forms of the freelance economy in the context of Industry 5.0. A structured review methodology focusing on technological progress and human-centric solutions of the freelance economy is used. Freelancing and Industry 5.0 are closely intertwined and complement each other, forming new economic models and work processes. Their relationship lies in the combination of technological development and human creativity, which allows for the formation of efficient and flexible economic structures. Personalization and customization of consumption within Industry 5.0 promote the freelancing (individualization) of the production sphere, building a win-win strategy both for consumers and producers. Freelancing economy focuses on information processing of work, enables remote communications, promotes creativity of work, provides opportunities for the synergistic combination of human cognitive abilities with AI, ensures the development of personalization and customization of consumption, and contributes to the social development of workers. The structure of the forms of the freelance economy is characterized by the integration of decentralized financial systems, the use of artificial intelligence and blockchain, and the transition to new forms of labor organization based on global digital platforms and self-regulated organizations. One of the key barriers to the freelance economy is the lack of legal regulation of cryptocurrencies and decentralized autonomous organizations (DAOs), as well as the associated cybersecurity risks. To summarize, the significance lies in creating a more adaptive, flexible, and decentralized labor market that meets the challenges of today’s digital world.AcknowledgmentsThis research was funded by a grant “Fundamental grounds for Ukraine’s transition to a digital economy based on the implementation of Industries 3.0; 4.0; 5.0” (No. 0124U000576) and “Digital transformations to ensure civil protection and post-war economic recovery in the face of environmental and social challenges” (No. 0124U000549). 
The article explores cryptoeconomics as a new paradigm for the development of transaction theory and financial intermediation in the context of the digital transformation of the global economy. It is substantiated that the rapid introduction of blockchain technologies, smart contracts and asset tokenization mechanisms causes qualitative changes in the ways of organizing economic interaction, forming a transition from institutionally mediated to algorithmically managed trust systems. The evolution of theoretical approaches to transaction costs is revealed, in particular in the context of the ideas of R. Coase, O. Williamson and D. North, and their transformation in the digital environment is proven, where the key functions of coordination, control and verification are implemented through decentralized protocols. It is established that cryptoeconomics forms a new structure of transaction costs, in which the costs of coordination, monitoring and ensuring the execution of transactions are reduced, while the costs associated with the functioning of the network infrastructure appear. The main characteristics of the cryptoeconomic environment are highlighted: transparency, self-fulfillment of transactions, distributiveness of risks, autonomy of economic agents and the algorithmic nature of trust. Particular attention is paid to the role of decentralized finance (DeFi) and decentralized autonomous organizations (DAO) as new forms of organization of financial relations. A conceptual model of “new transactionality” is proposed, within which economic relations acquire a network character, and cryptocurrencies perform not only the function of a financial asset, but also an institutional mechanism of market self-regulation. It is proved that trust is transformed from a socio-legal category into a technologically guaranteed property of the protocol. It is concluded that cryptoeconomics forms the basis for the formation of a new financial architecture based on the principles of decentralization, digital trust and algorithmic management, determining the strategic directions of development of global economic systems in the 21st century
The article carries out a comprehensive theoretical study of the evolutionary transformation of the world financial architecture (SFA) in the context of changes in global technological patterns. The authors analyze the historical retrospective of financial globalization, starting from the moment of laying the foundation of the Bretton Woods system, which determined the hierarchical, dollar-centric structure of international settlements for decades to come. mediated by banking institutions and supranational regulators, at the present stage, is facing a crisis of institutional efficiency caused by the accumulation of global imbalances and the digital divide. Particular attention is paid to conceptually rethinking the transition from the Jamaican monetary system to a new era of “algorithmic order” based on Web3 technologies. It has been established that the key feature of modern transformation is the decentralization of financial relations, where the function of trust is transferred from the institutional level (state and bank guarantees) to the protocol level (distributed ledgers, smart contracts). The authors argue that Web3 does not just modernize payment instruments, but forms a fundamentally new logic of international economic interaction – an ecosystem where capital acquires programmable properties, and cross-border transactions are carried out in real time without the involvement of traditional correspondent networks. The paper details the impact of decentralized finance (DeFi) on the changing role of national currencies and central banks. The thesis that the algorithmization of the financial space requires the development of new approaches to international regulation, since traditional methods of capital control lose their effectiveness in the conditions of anonymous decentralized networks, is substantiated. A forecast is made for the formation of a hybrid architecture of the future, where “fiat” and “algorithmic” orders will coexist through interoperability mechanisms. The article aims to lay a theoretical basis for further study of the mechanisms of adaptation of national economies, in particular Ukraine, to the challenges of global digitalization of finance.
The article provides a comprehensive study of the systemic transformation of corporate governance in the context of global digitalization, characterized by the transition from hierarchical models to decentralized structures. It is substantiated that blockchain technology emerges as a new institutional foundation, where traditional bureaucratic verification mechanisms are replaced by algorithms based on cryptographic protocols. A particular emphasis is placed on the distinctions between public (permissionless) and private (permissioned) blockchain networks regarding the immutability of records. The study examines the concept of decentralized governance and the functional specifics of Decentralized Autonomous Organizations (DAOs), where operational logic and management regulations are implemented directly into the software code of smart contracts. This minimizes the influence of traditional administrative management and mitigates "single point of failure" risks. The theoretical framework of the work builds upon classical theories, such as Oliver Williamson’s "Transaction Cost Theory," Michael Jensen and William Meckling’s "Principal-Agent Theory," and the scholarly works of Harold Demsetz. Blockchain is analyzed as a tool that renders market exchange more economically viable than hierarchy. The author proposes an original interpretation of a multi-tier blockchain model for enterprise management, encompassing the infrastructure, network, consensus, data, and application layers. The essence of consensus algorithms (PoW, PoS, DPoS) is disclosed through the prism of management. Special attention is devoted to international experience in legal regulation and the processes of implementing these standards within the legislative framework of Ukraine. The economic effect and practical aspects of the study are analyzed through successful case studies of global corporations (IBM, Amazon, Oracle, Walmart, Nestlé) and Ukrainian business initiatives (TASCOMBANK, SETAM, Agroxy, Softengi). These cases demonstrate a significant reduction in verification costs, lower operating expenses, and increased transparency in supply chains. The transition to an innovative "Management-as-a-Service" paradigm is justified, where blockchain serves not merely as software but as a new firm architecture. Conclusions are drawn regarding a shift in the management ontology – moving from "governance by humans" to algorithmic "governance by code," which ensures data immutability, cyber resilience, and the possibility of real-time preventive risk monitoring. References: 1. Kuzmina, T. O., Berezovskyi, Yu., Kalinskyi, Ye., Arliukova, Yu., & Trofymchuk, A. (2024). 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Purpose. To substantiate conceptual approaches to integrating blockchain technologies into risk management systems of investment activities of financial institutions through systematization of architectural solutions, development of efficiency evaluation criteria, and typology of implementation strategies, taking into account the specifics of different categories of investment risks and regulatory environment. Methodology. An interdisciplinary approach was used, combining institutional analysis of financial systems, comparative analysis of traditional centralized and decentralized risk management models, and systematization of empirical data on blockchain implementation in the global financial sector. Methods of structural-functional analysis were applied to study blockchain systems architecture and their impact on various categories of investment risks. Critical analysis of scientific literature on decentralized finance, asset tokenization, and smart contracts was conducted. Findings. The dual nature of blockchain technologies has been revealed as both a tool for minimizing traditional risks (market, credit, operational, liquidity, regulatory) and a source of new technological challenges. Four integration models have been systematized: asset tokenization for enhancing liquidity, DeFi instruments for decentralized lending and exchange, hybrid portfolios for diversification, and smart contracts for risk management automation. An evaluation matrix for blockchain solutions effectiveness has been developed based on seven criteria (transparency, settlement speed, operational costs, accessibility, reliability, regulatory certainty, scalability) compared to traditional systems. A typology of implementation strategies for commercial banks, investment funds, and insurance companies has been proposed. Originality. For the first time, a comprehensive analysis of the transformation of investment activity risk management architecture through the lens of blockchain technology integration has been conducted, simultaneously considering institutional, technological, and regulatory aspects. A conceptual model of an integrated blockchain system for managing investment risks has been developed with identification of interaction levels and feedback loops. Practical value. Research results form a methodological foundation for financial institutions regarding the selection of optimal blockchain technology implementation strategies, provide tools for evaluating the effectiveness of various integration models, and contribute to the formation of regulatory policy in the field of digital transformation of the financial sector.
Relevance of the research topic. The relevance of studying fiscal decentralization as a factor in strengthening the financial capacity of Ukraine's regions stems from the limited opportunities for optimizing budgetary policy amid significant financial constraints caused by priority expenditures on defense and the social sphere. The traditional centralized model of the budgetary system, despite its historical justification, demonstrates inefficiency due to regions' dependence on interbudgetary transfers and limited adaptability to local needs. At the same time, decentralization, while offering prospects for enhancing autonomy and more efficient resource utilization, is accompanied by risks of regional disparities and requires balanced control to maintain the macroeconomic stability of the state.The purpose of the article is to examine fiscal decentralization as a key factor in strengthening the financial capacity of Ukraine's regions.Research objectives are to analyze the impact of decentralization on the revenue base structure of local budgets, to identify the advantages and risks of this process under contemporary conditions, and to substantiate directions for improving interbudgetary relations mechanisms in order to ensure the stability and autonomy of subnational finances.Research methods: analysis, synthesis, statistical assessments, graphical evaluations, induction, deduction, scientific abstraction.Main research findings. The article examines the role of fiscal decentralization as a key factor in strengthening the financial capacity of Ukraine's regions, and analyzes the transformation of the revenue base structure of local budgets as well as interbudgetary relations mechanisms under contemporary conditions. It is substantiated that the reform contributes to enhancing the autonomy of subnational levels of government, more efficient satisfaction of local needs, and reduction of dependence on central transfers, although it is accompanied by risks of deepening regional disparities and fiscal asymmetry. Directions are proposed for improving financial equalization instruments, revising the distribution of revenue sources, and strengthening monitoring to ensure a balance between the financial independence of communities and the macroeconomic stability of the state.Field of application of the results: The findings of the study can be applied in the process of shaping and improving the state's budgetary policy, developing normative–legal acts in the sphere of interbudgetary relations, as well as in preparing recommendations for local self–government bodies aimed at enhancing the financial capacity of territorial communities. In addition, the materials of the article hold practical value for research activities in the fields of public finance, regional economics, and decentralized governance.
The article examines local budgets as an important tool for implementing the financial policy of the state in the context of decentralization, transformation of the budget system and military challenges. The economic essence of local budgets, their functional purpose and role in ensuring the financial viability of territorial communities and the implementation of socio-economic development at the local level are revealed. The scientific approaches to determining the place of local finance in the system of public finance are generalized and their importance as a tool for redistributing financial resources between the levels of the budget system is substantiated The study analyzes the dynamics of redistribution of gross domestic product through budget revenues, including transfers, in 2020-2024, determines the share of local budget revenues and expenditures in Ukraine's GDP, and assesses the level of dependence of local budgets on intergovernmental transfers. It is established that under martial law, the centralization of financial resources has increased, while local budgets retain a significant role in financing public services and maintaining the socio-economic stability of the territories. The key problems of the functioning of local budgets are identified, in particular, the limited own revenue base, uneven financial capacity of communities and dependence on state support. The author substantiates the directions of improving the efficiency of budget management, which include expanding the tax potential of communities, improving the mechanisms of interbudgetary regulation, digitalizing revenue administration and applying incentive tools for the development of the local economy. It is proved that strengthening the financial autonomy of the local level is a prerequisite for improving the effectiveness of the state financial policy and ensuring sustainable development of territories
Inna P. Chaika, Oleksandr V. Khursa, Ivan O. Kaspir
The article examines the transformation of the paradigm of social and environmental responsibility in Ukraine’s energy sector amid the unprecedented challenges of martial law and the need to align with European standards of sustainable development. The relevance of the study is driven by the critical need to combine energy security with corporate social responsibility, urgent decarbonization, and the transition to a decentralized generation model. The aim of the article is to theoretically substantiate strategic directions and develop a practical set of tools for improving the management of environmental logistics in an energy holding (using the example of DTEK Group) through the integration of best European practices and the adaptation of logistical processes to the unique challenges of martial law. Special attention is given to the analysis of the company’s social initiatives, such as support for veterans, internally displaced persons, and local communities, as well as the formation of a corporate culture of sustainable development. The methodological basis of the research is a system approach to managing the environmental and social footprint of the enterprise. The study employs: the comparative analysis method – to examine the experience of European energy leaders; the systematization and classification method – in developing the strategic architecture of social and environmental management; the logical generalization method – to form a strategy for optimizing logistics flows. As a result of the study, a «resilience paradox» was identified, where military threats become a catalyst for the accelerated transition to renewable energy sources. A comprehensive benchmarking of the strategies of global energy companies was conducted, allowing for the adaptation of European experience to domestic realities. The authors have developed and structured an applied system of key performance indicators (KPI) for green logistics, covering three strategic areas: decarbonization of supply chains, operational energy efficiency of infrastructure, and social responsibility within the circular economy. The feasibility of implementing the Green Supply Chain Management (GSCM) conception has been substantiated, which involves integrating social and environmental criteria into supplier selection, inventory management, and the disposal of renewable energy components. It has been demonstrated that the implementation of GSCM is an indispensable condition for compliance with modern international standards, enhancing social trust, and attracting green financing. Prospects for further research have been identified in the area of digital integration of Ukrainian and European energy hubs, taking into account the social aspects of sustainable development.
The article provides a comprehensive study of the fundamental transformation of the nature of financial crises in the conditions of rapid digitalization of the global economy. It is shown that technological changes not only modify the toolkit of financial transactions, but also radically change the dynamics, speed and mechanisms of the spread of crisis phenomena. Special attention is paid to the evolution of banking panics: from traditional physical queues near branches to the phenomenon of "bank sprint", characterized by instantaneous, synchronized and mass withdrawal of liquidity through digital channels. This form of panic differs significantly from classical models in that the time lag between the appearance of negative information and the reaction of depositors is reduced from days or hours to minutes, which significantly complicates the possibilities of regulatory intervention. Based on historical analysis of the collapse of Continental Illinois (1984) and Silicon Valley Bank (2023), it is demonstrated that the digitalization of financial services combined with information synchronization through social networks creates conditions for an exponential acceleration of the spread of financial shocks. Particular attention is paid to new systemic risk vectors in the decentralized finance sector (DeFi), in particular the problem of the absence of automatic market fuses (circuit breakers) and threats of algorithmic cascading liquidations by smart contracts. The influence of artificial intelligence and large language models on market behavior, which contributes to the emergence of the "digital herding" effect, is considered. The need to change the regulatory paradigm is substantiated: the transition from static liquidity standards to dynamic management of operational stability. In this context, the unique experience of the Ukrainian Power Banking network was analyzed, which ensured the continuity of financial services in the conditions of large-scale crisis challenges caused by war and energy attacks. It is shown that the creation of a physically and energetically autonomous infrastructure of bank branches can be an effective tool for increasing the operational stability of the financial system.
Щербатих Денис Володимирович, Овсієнко Володимир Володимирович, Космачук Назар Петрович
У статті науково обґрунтовано модель токенізації IT-стартапів як інструменту фінансової автономії. Проаналізовано системні обмеження венчурного капіталу та світовий досвід успішних кейсів (Brave, Helium, Render). Автором розроблено чотирирівневу архітектуру на базі блокчейну Solana із застосуванням стандарту Token-2022, що реалізує принцип «compliance-as-a-code» через Transfer Hook. Доведено високу економічну ефективність моделі: зниження вартості залучення капіталу у 3,3 рази, прискорення фандрейзингу у 5 разів та розширення бази інвесторів у 100 разів при скороченні CAC у 10 разів. Обґрунтовано застосування гібридної юридичної структури (ТОВ+SPV) для мінімізації правових ризиків в умовах очікування MiCA. Визначено три стратегічні горизонти розвитку ринку до 2030 року в контексті конвергенції AI та Web3. Результати формують прикладну дорожню карту для масштабування бізнесу.
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.
The article examines risk management as a strategic foundation for managing the economic activity of an enterprise under conditions of wartime instability, macroeconomic turbulence, and digital transformation. The relevance of the topic is driven by the growing level of environmental uncertainty, intensified competition, and the emergence of new digital and war-related risks that require the formation of an integrated system of strategic risk management. The purpose of the article is to substantiate the theoretical foundations and develop practical approaches to the formation of a risk management system as a strategic tool for managing the economic activity of an enterprise.The paper systematizes the main risk management instruments (risk acceptance, avoidance, transfer, and mitigation), identifies the structural elements of the risk management process, and proposes a model for organizing business processes within the framework of a risk management strategy. The concept of risk zones (risk-free, acceptable, critical, and catastrophic) is disclosed, enabling the assessment of risk concentration levels and ensuring timely adjustments of managerial decisions.Special attention is paid to digital risks arising from the implementation of cross-cutting digital technologies, including artificial intelligence, big data, robotics, and distributed ledger systems. The authors propose an original classification of digital transformation risks at the enterprise level, distinguishing economic, technical, organizational, and war-related risks, as well as identifying key risks associated with the use of artificial intelligence technologies (data privacy risk, infrastructure risk, statistical discrimination risk, incorrect managerial decision-making risk, workforce imbalance risk, etc.). The necessity of integrating digital risks into the corporate risk management system (ERM) is substantiated.The article also considers modern strategic approaches to risk management, including the “three lines of defense” model, the method of defining risk appetite and risk tolerance, and the development of risk culture and effective communication. It is proved that their integrated application creates a holistic risk management architecture aimed at preventive response, balancing profitability and sustainability, and enhancing the economic security of the enterprise. It is concluded that under modern conditions, risk management acts not only as a mechanism for minimizing threats but also as a strategic concept for ensuring long-term stability, innovative development, and competitiveness of an enterprise in the context of the digital economy and wartime challenges.