Blockchain Papers

Vincent Lorenz Magabo, Bendalyn Landicho

No abstract is available for this record.

Yuliia Kovalenko, Yanina Belinska, Yuliia Verheliuk

A one-sided understanding of cryptocurrency in terms of the technical model of its functioning does not allow to reveal its essence from the point of view of economic science, which hinders the formation of adequate institutional support for the procedure of issuance and circulation of cryptocurrencies in general. The author defines the essence of cryptocurrency market institutions as a system which includes official (hard) restrictions (rules), unofficial (soft) restrictions (standards of behavior and stereotypes of thinking) and intuition, which ensure the achievement of optimal organization, coordination and stimulation of participants' behavior and lead to a reduction in transaction costs. The institutionalization of cryptocurrency markets implies that changes in hard restrictions (regu-lations) do not simply lead to evasion or adaptation to their implementation by their participants. Insti-tutional transformations in cryptocurrency markets are the process of formation and development of their participating institutions and other entities that implement their inherent institutions in financial transactions with cryptocurrencies; regulation of this activity through official (hard) restrictions on financial behavior with enforcement mechanisms in the presence of unofficial (soft) restrictions. The main components of institutional transformations in the cryptocurrency market in Ukraine are the im-portation of institutions and institutional transformations that can lead to institutional traps and con-gruence/convergenceof these institutions.As for the theories (concepts) in the field of cryptocurrency markets, many years of experience show that their implementation requires a long time to grow and root the relevant institutions in the mass consciousness for a certain set of ideal procedures. If successful, such theories become effective tools for cryptocurrency operations. The strategy of institutional reform of cryptocurrency markets should be systemic, i.e., along with economic transformations, shifts in morality, social and individual consciousness, etc. must be taken into account.

Valentyna Panasyuk, Khrystyna R. Halchak, Volodymyr A. Bosyi

Over the past few years, the term «cryptocurrency» has firmly entered the public consciousness. Virtual assets are gaining popularity because of their main advantages: availability, anonymity, the ability to make quick money, etc. Cryptocurrency is a code in a large book called «blockchain». Owing to the fact that the technology of «blockchain» is inherently similar to an accounting book, the world’s leading scientists are studying the issue of its implementation in the accounting system. This would allow to record each transaction automatically, reduce the cost and increase the speed of transactions. The article discusses the issue of accounting for settlements in the field of e-commerce using speculative assets. The regulatory framework for taxation of transactions with cryptocurrencies in Ukraine is analyzed. Several approaches to accounting for transactions with risky assets in Ukraine are proposed. The results of the study provide a detailed assessment of the situation in the international trade market and the state of development of settlements using cryptocurrencies, highlights the problematic aspects of normative regulation and accounting for transactions with risky assets in Ukraine and over the world. The field of e-commerce includes all transactions carried out via the Internet. This is indeed doing business online, i. e., by means of websites, social networks or mobile applications. The introduction of a method of making payments with cryptocurrency will greatly simplify the processing of transactions. This payment in digital currency is delivered anywhere in the world, regardless of the place of departure without intermediaries. At this, the cost of the transaction, or the payment fee, is much lower than with a regular bank transfer. The cryptocurrency market is currently quite volatile, classifying transactions with digital assets as «high-risk». The introduction of cryptocurrencies as a full-fledged means of payment is impossible without market regulation by financial institutions. Until that happens, commodity prices in cryptocurrency can fluctuate up to 25% compared to the previous day. Trading under such price conditions is impossible. However, a type of cryptocurrency such as «stablecoins» is protected from market fluctuations, since their pricing principle is based on the exchange rate of the real currency. For example, the USDT stablecoin is pegged to the US dollar, so its value changes along with the value of the real currency. In this case, an electronic currency such as USDT can be considered a means of payment and used in e-commerce.

С. В. Романенко

The digital transformation of public relations has become possible with the introduction of artificial intelligence, the Internet of Things, cloud computing, immersive technologies, and data analytics. These technologies make it possible to create a metaverse where communication, knowledge acquisition, work, business, investment, creativity, and much more are available to everyone. The article offers an in-depth analysis of the institutional legal framework governing the international financial architecture within the realm of digital transformation. It explores regulatory mechanisms and developmental trends within the legal and financial systems of both the European Union and the Republic of Poland. The study delves into instances of commercial fraud involving digital assets, thoroughly examining their implications on the traditional financial system. In the virtual world, the capital market has no borders and jurisdictions. False and unreliable information has become an instrument of manipulation by society and is actively used by market participants. The conventional financial system experiences a loss of control over its functions, particularly in the process of converting fiat funds into digital assets. Decentralized finance regulated by cryptocurrency can replace the Bretton – Woods system. Blockchain is “a technology of utmost honesty” in data transmission. The task of society is to be guided by ethical, social, moral, and environmental aspects in the initial placement of information. The effectiveness of legal regulation of the digital environment is possible only with the adoption of regulations, rules, and recommendations of international organizations in the legislation of each country. A single principle of legal regulation will allow us to build a more just world and its sustainable development.

I.S. Smirnov

Смірнов І.С

Vitalii Levytskyi, Serhii Radynskyi, Sofiia Radynska

Purpose. The aim of the article is the determination of the normative and legal regulation of the cryptocurrency market, operations with cryptocurrencies; study of the main draft laws on the regulation of legal relations related to such assets; analysis of the activity of crypto exchanges in Ukraine and the world, prospects and possibilities of state control over trading operations as well as financial operations; studying the peculiarities of legal regulation and approaches to cryptocurrency. Methodology of research. The methodological basis of the article is an ordered system of general scientific methods of cognition, scientific deduction and induction, a method of comparison, abstraction and synthesis. Along with this, general scientific methods of research and special methods of scientific and legal knowledge were used in the article: descriptive and analytical, creative and critical, economic analysis. Analytical and synthetic, comparative and legal, hermeneutic, imitative and prognostic, phraseological methodological approaches are applied. This made it possible to find out the possibilities and legality of using virtual assets in entrepreneurial activity in Ukraine and the world; to analyse and compare the content of norms of international acts and norms that reflect the specifics of the legislative regulation of relevant relations; determine the prospects for legal regulation of the use of virtual assets; formulate conclusions, recommendations and suggestions. Findings. The development of the cryptocurrency market was considered. The essence of the main concepts and compliance with the rules in the field of normative and legal regulation of the cryptocurrency market and the activities of crypto exchanges in Ukraine and the world were studied. Features of the unification and consolidation of the legal regulation of crypto exchanges at the national and international levels are revealed. Ways of implementing regulatory and legal mechanisms for the stimulation and development of the cryptocurrency system in Ukraine at the current stage of economic development are proposed. Originality. An analysis of the legislation of Ukraine was conducted and the experience of foreign countries in the field of legal control over trading operations with cryptocurrencies and activities of crypto exchanges was substantiated for implementation in domestic practice. It is proposed to finalize the legislative framework for the regulation of the cryptocurrency market and the activity of crypto exchanges in Ukraine. Practical value. The results of the conducted research can become the basis for further scientific investigations regarding the normative and legal regulation and use of cryptocurrencies, the functioning of crypto exchanges in Ukraine for the harmonization and unification of legal norms at the national and international levels. Key words: cryptocurrency, cryptocurrency market regulation, virtual asset, digital economy, virtual assets, digital assets, civil rights object, money, means of payment, cryptocurrency, crypto market, law, bill, adaptation, financial circulation.

Андрій Дяків

Introduction. The article explores the prospects of using smart contracts to optimize business processes, the activities of the Defence Forces, and government institutions in Ukraine under martial law. Key advantages of blockchain technology are identified, including decentralization, automation, transparency, and security, along with its potential to enhance efficiency in logistics management, financial flows, and supply chains. The study highlights major challenges, such as the immaturity of IT infrastructure, legal uncertainties, and the threat of cyberattacks. The aim of the article is to develop theoretical and methodological approaches for evaluating and implementing smart contracts in the business processes of Ukrainian enterprises and public administration under martial law, taking into account legal constraints, economic feasibility, and security challenges. Methodology. The study employs methods of analysis and synthesis to assess the potential of smart contracts; comparison to analyze the advantages and disadvantages of their implementation; generalization to formulate recommendations; and SWOT analysis to identify the strengths, weaknesses, opportunities, and threats associated with the use of blockchain technologies in various sectors. Results. It has been proven that smart contracts can significantly optimize business processes, the activities of the Defense Forces, and government institutions, including reducing transaction costs, accelerating settlements, increasing the transparency of supplies, and mitigating fraud risks. Recommendations are proposed for integrating smart contracts into financial operations, military logistics, and resource management in public administration. A cost–benefit analysis methodology is developed, taking into account the specific risks of martial law and heightened uncertainty.

Solomiya Ohinok, Kristyna Ianko

Due to the significant expansion of the use of cryptocurrencies in the world, there is a need to understand the perspectives and risks associated with their use. Today, the relevance of cryptocurrency has risen sharply again. The cryptocurrency market has increased and is in no hurry to fall. However, this topic is still ambiguous and surrounded by many myths. Before becoming a stable means of payment, the cryptocurrency began to resemble financial instruments. Cryptocurrencies have an impact on the economy, financial system, society, and ecology, so it is necessary to analyze their impact and consider possible ways to solve the problems associated with their use. In recent times, cryptocurrencies, particularly Bitcoin, have been actively used in the traditional financial system. Today, cryptocurrencies can help open up new markets and increase the volume of international trade, as they are not dependent on financial institutions or national currencies. The problem lies in the fact that cryptocurrencies are still relatively new and not fully understood by many people, and their impact on the global economy and financial system can be significant. Therefore, it is necessary to investigate the issue of the prospects and risks of cryptocurrencies in the modern world to understand their impact and make necessary decisions regarding their use. The economic characteristics of the crypto market are essential since blockchain and digital currencies significantly impact the economic sphere. Cryptocurrencies allow people to invest and store their assets without being tied to the traditional financial system. The purpose of this article is to analyze the perspectives and risks of cryptocurrencies. The article covers the impact of cryptocurrencies on the economy, financial system, society, and ecology. Additionally, it analyzes the fluctuations and growth rates of the most well-known cryptocurrencies. Cryptocurrencies can have significance for the economy and the environment if they are used properly and take into account certain factors such as social responsibility, energy conservation, and efficient use of resources. However, it is also important to remember the potential risks associated with cryptocurrencies, which can harm the economy, society, and the environment.

Svitlana Brik, Svitlana Kuznetsova, Tetiana Nazarova, Ievgen Strokov

Conceptual foundations for financing high-risk innovative projects based on the integration of financial theory, innovation theory, and risk management are substantiated. Specific characteristics of such projects are identified: information asymmetry between participants, J-curve cash flows, risk concentration at early stages, and the absence of tangible assets as collateral. Theoretical approaches to financing in the context of economic paradigm transformation are systematized. Current trends in the development of alternative capital attraction mechanisms based on digital technologies are analyzed: blockchain instruments (ICO, STO, IEO), crowdfunding platforms, smart contracts, and decentralized autonomous organizations. The specifics of forming a multilevel financing architecture using different types of financial instruments according to the stages of the innovation cycle are studied. The necessity of a comprehensive approach to financing high-risk innovative projects through the formation of a multilevel system that combines traditional and alternative sources of capital is proved. Strategic diversification of financial instruments allows balancing the interests of founders and investors, optimizing capital structure under uncertainty. Promising development directions are identified: formation of integrated financing ecosystems, transformation of state innovation support policy, institutionalization of meso-level structures, integration of ESG criteria, and development of artificial intelligence technologies to improve the accuracy of project potential assessment. The practical significance of the research lies in forming a conceptual basis for modernizing the financial support system for high-risk innovative projects through developing specialized financial instruments and risk assessment methods that account for information asymmetry and J-curve cash flows

Valentyna Panasyuk, Nataliia Muzhevych, Inna Melnychuk

The study determines the peculiarities of the development of the cryptocurrency asset market in the conditions of digitalization, their legal recognition and subsequent reflection in the accounting of transactions related to their circulation. The current system of regulatory legal and accounting support for the functioning of cryptocurrency assets in accordance with the requirements of national legislation has been analyzed. A critical assessment was made of draft legislative acts regarding the recognition of cryptocurrencies as an asset of the enterprise and the order of functioning of their market as a medium of exchange. The analysis of the definition of virtual assets and cryptocurrencies from the point of view of the legal aspect of their economic essence and recognition as an asset, as well as the implementation of accounting operations for the reflection and subsequent taxation of income and expenses in the calculation of financial results from operations with them, was carried out. The main trends in the development of the world market of virtual assets and cryptocurrencies in the conditions of digitalization of the economic space have been determined. The article presents different views of scientists regarding the procedure for displaying cryptocurrency assets in accounting, and also defines the main trends of the possibility of using cryptocurrency assets as electronic money when conducting settlement operations between business entities and related warnings from official governments and central financial regulators of the virtual assets market. It is emphasized the need to form a unified approach to the definition of the concepts of a virtual asset in domestic legal acts, as well as cryptocurrency from a legal and accounting point of view, with the application of the current instruction on the application of the Chart of Accounts for the accounting of assets, capital, liabilities and economic operations of enterprises and organizations, which would later meet the requirements of international accounting standards. The main recommendations for accounting transactions with virtual assets and cryptocurrencies are presented in accordance with the requirements of international accounting standards, depending on the purpose of holding such assets.

Oksana Storozhenko, Mariya Nastenko

The purpose of the study is to find a solution to problematic aspects of budget planning by analyzing the system of local finances and identifying opportunities for improving the budget planning mechanism. Because, in modern domestic science, in particular, considerable attention is paid to the issues of highlighting practical problems of the budget process and budget planning of local finances. However, there is no single definition of the concept of budget planning, its economic content, tasks and principles. To achieve the goal, general scientific methods were used: the method of scientific generalization ‒ to confirm the relevance of research in modern conditions; analysis and synthesis ‒ to understand the processes of reforming the territorial organization of power on the basis of decentralization as one of the key directions of systemic social transformations in Ukraine; scientific extrapolation and forecasting ‒ for further understanding that the local budget is gradually turning from a purely financial mechanism into a powerful means of influencing public opinion. The main results of the research, which form its scientific novelty, were: the search for a solution to problematic aspects of budget planning by analyzing the system of local finances and identifying opportunities for improving the budget planning mechanism, identifying the essence of the concept of «budget planning» and substantiating the organizational and legal foundations of budget planning; disclosure of local budgets as a link of the budget system with a presentation of the current state of the budget and budget indicators of the united territorial communities of Ukraine; coverage of the peculiarities of planning local budgets with a presentation of the problems of forming local budgets and ways to solve them. The practical significance of the obtained results is determined by the provisions of scientific novelty and the possibility of using research proposals and recommendations in the field of practical activities of local financial bodies of all levels, executive bodies of local councils, local state administrations, and relevant local councils.

Tetiana KIZYMA, Зоряна Лободіна, Andrii Kizyma

Introduction. Under the modern conditions of the Ukrainian society democratization and the reform of financial decentralization, the problems associated with increasing the effectiveness of the interaction of civil society and public authorities, primarily in the context of the modernization of public finance management in Ukraine, have been significantly updated. Therefore, the development of the methodological foundations of research in the field of public finance with the help of the latest approaches is highly demanded in the current domestic realities. One of such approaches is the application of the main principles and effects of the theory of behavioural finance in justification and interpretation of financial processes and phenomena occurring in the public sector of the national economy, since behaviour of all subjects of the public finance sphere is in the coordinates of political science, psychology, ethics, political science, etc., which is most clearly manifested primarily in the budget process. However, in Ukraine, the specified direction of scientific research needs active development, which determines the relevance of the scientific research topic. The purpose of the article is to substantiate the methodological foundations of research in the field of public finance in Ukraine through the prism of the concept of behavioural finance. Results. The article considers the main aspects of the functioning public finance in Ukraine from the standpoint of behavioural approach. Based on the study of existing points of view, theoretical approach to interpretation of the essence of public finance was formed, the main problems of interaction between citizens and public authorities in the context of public finance management were identified, and directions for their solution were proposed, taking into account the developments of the behavioural finance theory. Conclusions. The identification of key features and the most important problems of public finance functioning in Ukraine, as well as the analysis of the impact of the main effects of behavioural finance (in particular, the “framing effect”, “social influence effect”, “pushing effect”, “conservatism effect”, “trap effect”) made it possible substantiation of vectors for improving public finance management in the context of strengthening interaction between civil society and public authorities in Ukraine.

Світлана Дяченко

B a c k g r o u n d . Strengthening the financial basis of local self-government takes on archival importance, considering the economic circumstances of the wartime and post-war reconstruction of the territories of Ukraine. In this regard there is a need to improve the local finance management system and develop its institutional support in conditions of financial decentralization. Theoretical and practical aspects of management in the field of local finances, inter-budgetary relations, financial relations of local self-government bodies in the context of decentralization are considered in the works of domestic scientists: V. Bodrov, V. Vakulenko, I. Volokhova, N. Honcharuk, V. Gornyk, A. Degtyar. The strengthening of the financial basis of local selfgovernment in the process of the post-war recovery of the economy of Ukraine is studied in the works of Z. Varnalij, I. Vertsiuk, Ya. Zhalilo, M. Kosheliuk, I. Ozymok, O. Sokolova, U. Thomann and others. Implementation of financial decentralization, management of local finances is considered by such foreign scientists as: J. Buchanan, A. Wagner, R. Musgrave, W. Oates, P. Samuelson, J. Stiglitz, H. Zimmerman, F. Fukuyama, J. Schumpeter and others. It remains expedient to search for institutional mechanisms for further reforming the financial relations of local self-government bodies, models for managing inter-budgetary relations, sources of financing local budget expenditures, and expanding public control mechanisms in the process of managing local finances under conditions of decentralization. The purpose of the article is the scientific and theoretical justification of the institutional transformations of the local finance system of Ukraine and the development of practical recommendations regarding the mechanisms of its development in the context of the decentralization of state administration. The tasks of the article are to consider the existing problems and outline the prospects for ensuring the processes of financial decentralization, to propose mechanisms for the necessary institutional transformations in the system of local finance of Ukraine and tools for their implementation. M e t h o d s . The article was carried out with the help of modern theoretical and cognitive methods, the dialectics of the processes of public administration and local self-government in the conditions of financial decentralization and reforming of local finances. Methods of system analysis, synthesis and comparisons, historical, logical, deductive methods and modeling were also used. The research used the theory of public choice, public goods and the structural-functional approach to improve the management of budget funds in conditions of decentralization. R e s u l t s . It is claimed that the pre-war experience of active implementation of the decentralization reform in Ukraine gave positive results, from which it is necessary to move on, and further develop and improve this vector. It was determined that institutional transformations should take place within the framework of financial support system structural elements of local self-government – budgets of different levels. The mechanisms of the necessary institutional transformations in the local finances system in Ukraine and the tools for their implementation are proposed. In particular, such a method of improving the local finances system as budget cooperation is proposed. The Law of Ukraine norms "On Cooperation of Territorial Communities" have been analyzed and proposals have been made to expand the regulatory influence of the specified law regarding budget cooperation procedures. Attention was focused on the importance of training modern personnel of local self-government bodies that implement policies in the sphere of budget, finance and prices. The importance of the development of the institution of civil society is also emphasized. Emphasis is placed on the expansion of models and forms of self-organization bodies cooperation of the population in the processes of control and supervision of the local self-government bodies activities in the local finances field in Ukraine. C o n c l u s i o n s . Therefore, the goal of institutional transformations of the local finance system of Ukraine in the context of decentralization is to significantly expand the capabilities of local self-government bodies to independently manage all socio-economic processes at the level of territorial communities and to establish connections between regions, the symbiosis of which can bring the desired effect for the economy of the entire country. Such changes should be synchronized with the changes envisaged by the plan for Ukraine to acquire the status of an EU member state. Our proposals are designed to improve the quality of local self-government and encourage further scientific research in the field of local finance management in Ukraine.

Ruslan Shaidulov, Zita Kenzhegalieva

Five years ago, it would have been difficult to describe Kazakhstan’s economy as highly digitized. However, the country is currently implementing state programs aimed at improving the socio-economic conditions of its citizens, with a focus on digitalization and the streamlining of financial monitoring systems for budget expenditure. The process of introducing digital technologies, in various forms, serves to increase transparency in state reporting, which in turn helps to control budget expenditures and investments. The goal of these efforts is to improve economic indicators within the state budget system and to allocate public funds more efficiently in order to achieve the best results across all sectors of Kazakhstan’s economy. In addition, the adoption of blockchain technology can address various security threats and problems, such as phishing attacks, server hacking, and compromised accounts, by allowing users to reclaim control of their data. The use of blockchain, which offers a high level of security and privacy, has the potential to revolutionize industries that rely on trust. In the long term, it is expected that blockchain will become a widely accepted and integral part of society, similar to the internet. The digitalization of finance in Kazakhstan is necessary to simplify and automate accounting, financial monitoring, and various banking and tax operations. It also makes it possible to improve the transparency of financial reports and increase the efficiency of budget management. The digitalization of finance can also reduce the risks of errors in working with accounting documentation, simplify accounting, and improve cost control. With the use of digital technologies, the process of data collection, processing, and storage becomes more efficient, saving time and resources.

Ирина Сергеевна Ферова, Svetlana A. Kozlova, Svetlana N. Grib

The paper is devoted to the development of tools for assessing the financial security of a region in order to form a strategy for the territorial development in the context of the interaction between the goals of sustainable socio-economic development and economic security. The paper considers the features of financial security assessment. The assessment was carried out by centralized and decentralized finance of a region. Taking into account the existing limitations of statistical observation at the level of municipalities, the composition of indicators and their threshold values used in assessing the financial security of a region was specified. The measurement was carried out in the context of six macro-districts according to three indicators: the average level of subsidization of local budgets of the macro-district; tax and non-tax revenues of local budgets per capita (coefficient of development of own revenues in local budgets); business efficiency ratio. An analysis of the dynamics and structure of subsidies for the period 2015 – 2020 shows that the main increase in subsidies falls on the Western and Southern macro-districts, the growth rate exceeds the average for the territory over the same period. There is a clear dynamics of development and improvement of the own revenues of local budgets of most macro-districts of the territory. There is a decrease in the business efficiency ratio in general in Krasnoyarsk Territory in 2020, due to the impact of the pandemic and lockdown.

A.M. Rafalska, V.O. Bukina

The processes of digitization and rapid development of information technologies have a direct impact on the transformation of modernity. The sphere of finance did not bypass these processes. A few dozen years ago, it became impossible to pay for services and goods without having a physical monetary unit with you, but now cashless transactions are being given more and more advantages. But today requires consideration of the issue of the functioning of a new type of currency, "cryptocurrencies", which have appeared very recently and began to develop rapidly. Such innovations need to be sensibly and legislated correctly, based on the prevailing principles of law. The article examines essential issues that clearly demonstrate the main problems that need to be resolved by legislators in order to legalize the cryptocurrencies. When studying the problem, attention was paid to the history of the creation of the first cryptocurrency and its development, others see cryptocurrency and their differences among themselves, the principles of operation and the advantages of using such currencies. At the current stage, there are already more than two thousand types of cryptocurrencies, but this is not the final number of such currencies, because the progress of growing interest in the topic of digital money attracts the attention of more and more Internet users every day. Since development processes don’t stand still and the trend of digital money acquires new manifestations, the exceptional need to regulate such phenomena challenges the many rights systems of different countries, as well as their budgets, to properly achieve legal value and stability for the state and society as a whole. Although domestic and foreign regulation of cryptocurrencies circulation is insufficiently resolved, the analysis of information and positions of scientists and law owners gave a fairly broad identification of the growth of the cryptocurrencies circulation market and interests among citizens of both Ukraine and foreign countries. With proper research, development, and compliance with legal regulations, cryptocurrencies can gradually take a significant place in people's full lives.

Olha Popelo

The article is devoted to the research of the impact of the phenomenon of “corruption” in the state authorities on the functioning of the healthcare system in Ukraine. The article considers not only the impact of corruption on the functioning of the healthcare system in general, but also such issues as state regulation of medical institutions, redistribution of management functions in the healthcare system, granting autonomous status to medical institutions (autonomization), and financing of the healthcare system in general. The article describes the Ukrainian legislative anti-corruption regulators, institutional levers of the Cabinet of Ministers of Ukraine, local administrations and executive authorities. The author presents an organizational and economic mechanism for preventing corruption in the healthcare sector. The mechanism is based on the system of institutional and legislative regulators, and also reveals their subordination and sequence of influence. The main elements of the organizational and economic mechanism for preventing corruption in the healthcare sector are anti-corruption legislation, legalization of the healthcare market, decentralization of the healthcare management system, autonomy of healthcare institutions, openness of financial and economic activities, and transparency of information and communication activities. The presented scheme of the mechanism reflects the elements of regulatory prevention of corruption, as well as the subordination and sequence of activation of elements in healthcare management. the proposed mechanism for preventing corruption in healthcare allows for effective and anti-corruption management of healthcare institutions at all levels of subordination to state and local authorities. The author formulates conclusions regarding the possibility of corruption’s impact on the functioning of the healthcare sector. The author analyses the possibility of creating and implementing a rational organizational and economic mechanism for preventing corruption in public authorities in the context of ensuring effective regulation of the healthcare system.

Вячеслав Дзюндзюк, Б. В. Дзюндзюк

Blockchain is one of the most innovative technologies that is currently used in many areas as part of the spread of web3 technologies. Although the origins of blockchain are linked to the emergence of cryptocurrencies such as Bitcoin, today’s application of blockchain technology focuses on a wider range of issues where trust is required for a large number of transactions. For this reason, many researchers today believe that these technologies have great potential for use in the public sector. The public sector can use these technologies to fulfill its role as a generator of innovation and progress, which is part of its responsibilities, and to modernize projects that will enable citizens to receive the services they need. Therefore, this work aims to determine the main factors of success or failure in the implementation of blockchain technology in public authorities based on the analysis of existing experience in this area, in particular, in EU member states. Blockchain has proven useful for government agencies for several reasons. First, blockchain is a technology characterized by the ability to generate trust in information and processes in a heterogeneous context with a large number of participants and users. Second, blockchain facilitates governance by leaving no traces and acts as a tool to promote transparency, as it allows people to know who did what and when. Third, it eliminates the need for a centralized certificate authority to control access and use of services by large groups of people. Fourth, the successful development of blockchain-based systems can lead to significant cost savings. However, the analysis shows that authorities are not yet ready to widely use and offer blockchain-based services. In many cases, a lack of understanding of the benefits and opportunities, as well as a still unclear interpretation of the legal and regulatory environment, prevent senior executives from making decisions that may involve greater risk. With this in mind, we believe that the implementation of blockchain technology in the public sector can be facilitated by the implementation of blockchain systems as a complement to existing tracking and transparency systems and processes, as well as increasing their efficiency while simultaneously reducing the cost of services provided. This will require the development of adaptive management structures in public institutions aimed at developing reasonable and acceptable solutions to solve real problems.

Gabriela Ioana Enache

ABSTRACT: The supply chain is a network of interconnected companies and individuals working together in sequential steps to create products and deliver them to customers. Cross-border transactions make the network more complex. It cannot be stressed enough how important it is to have uninterrupted supply chain operations. The world we live in changes constantly, so it is important to adapt to changing requirements and new challenges. Integrating technology like the blockchain system, which is considered more efficient and secure, can help support supply chains. Blockchain, also known as distributed ledger tech, allows participants to securely settle transactions, archive transactions, and transfer assets at a low cost. Blockchain is not only an innovative internet infrastructure that uses distributed applications but also a new supply chain network that may open up new opportunities for business. This emerging technology is undergoing a lot of research and revolution.<br> KEYWORDS: supply chain, blockchain, logistics, economy, digital

Ministry of Digital Transformation of Ukraine, Yuliya PARKHOMENKO

Introduction. Сryptocurrency as a component of Ukraine's digital war against Russia. Rapid collection of funds from all over the world to help Ukraine.The USA imposes sanctions on the Russian Federation. Russia is looking for methods to circumvent sanctions. The purpose of the research work is to develop proposals for greater effectiveness of international sanctions and to find new useful methods of using cryptocurrency for Ukraine, which is part of the international financial system. Problems. Sanction packages are applied to various sectors of the economy, and following the implementation results, the following packages of sanctions are produced by the countries, so, according to the results of the implementation of sanctions, certain Russian banking institutions have been circumvented by using crypto market tools and operators that interact with sanctioned Russian banks, companies, and individuals. The use of traditional financial services, financial technologies and alternative payment services is a more effective way of circumventing sanctions in terms of volumes and costs than the use of crypto-assets.Goal. Development of proposals to increase the influence on the implementation and effectiveness of international sanctions, the need to take quick and optimal actions to eliminate the activities of many Russian cryptocurrency tools for circumventing sanctions. Materials and methods. General scientific and research methods are used: analysis, theoretical generalization, synthesis, description, comparison, observation and study of foreign mass media articles. Results. Attention was focused on Ukraine's new positive use of cryptocurrency, which is part of the international financial system, unprecedented use of new digital assets to raise funds to support Ukraine during the war. Conclusions. Crypto assets have become Ukraine's deadly weapon against Russia. Taking into account the advantages of the circulation of cryptocurrencies and virtual assets in general, the private sector in Ukraine organized charitable funds for the accumulation of resources, among which crypto funds took a leading place and were able to quickly cover the needs of defenders of Ukraine, citizens who suffered from Russian military aggression, supported socially vulnerable Ukrainian citizens. At the same time, IT specialists and amateurs organized themselves into an IT army, which was able to completely or for significant periods stop the activity of the infrastructure of the aggressor states, which slowed down the flow of resources for the continuation and escalation of military operations.

Наталія Осадчук

The implementation of state regional policy is closely interconnected with the reform of the administrative and territorial system, fiscal decentralization, development and stimulation of the competitive foundations of the economy, strengthening the role of local self-government. The purpose of the study is to justify the implementation of state regional policy to solve the problems of financing regions and territorial communities in conditions of decentralization. The article examines how the mechanism of state support for regions has changed, which led to the need to review approaches and principles of state regional policy formation. It is substantiated that the creation of a new regional support tool – the State Fund for Regional Development (SFRD) should contribute to the development of territorial communities. It has been established that the effective functioning of the DFRD allows financing of regional development projects to be initiated in Ukraine on a competitive basis and in accordance with regional development strategies and action plans for their implementation.

Glendal Wright, Sergii Slukhai, Bohdan Yakymchuk

Purpose: The article aims to measure the impact of the voluntary amalgamation approach applied in Ukraine in the course of the decentralization reforms undertaken over a period of five years, and assess how much these reforms have been successful in improving the local government fiscal situation. Ukraine began a long-delayed decentralization process in 2015 through amalgamation based on a voluntary approach, with an emphasis on improving the fiscal resources of the amalgamated units. The decentralization reform was based on three pillars: (1) voluntary amalgamation of the territorial units, (2) enhanced financial resources through own source revenues and infrastructure grants, and (3) utilization of inter-municipal cooperation to support improved service delivery.Methodology: A time series of fiscal data from amalgamated territorial communities in selected regions of Ukraine have been analysed to measure the impact of the amalgamation policy on the amalgamated territorial units.Findings: The fiscal improvements anticipated by the amalgamated territorial units have not been demonstrated by the statistical data analysis and no significant improvement in local government finances appears to have been realized through the application of a voluntary merging approach. There have been significant regional and urban/rural variations based on the population segments and access to financial resources.Academic contribution to the field: While there has been considerable research on the impact of merging or amalgamating local governments, there has been very little, if any, on the voluntary approach to amalgamation.The study seeks to address this problem and present evidence of the advantage of utilizing a voluntary over a mandatory approach to amalgamation.Significance: The study provides a unique opportunity to measure the impact of amalgamation process in Ukraine over a five-year period based on the voluntary approach to amalgamation and determine how much this approach and the accompanying policies have been successful in improving the local government fiscal situation.

Vyacheslav Shebanin, Olena Shebanіna, Yuri Kormyshkin, Alona Kliuchnyk · 6 authors

The study is based on the example of Ukraine, which in 2014 has implemented decentralization reform and become a follower of globalization basic concept, based on subsidiarity and decentralized financial regional development. The study's main purpose is to identify the positive and negative aspects of the development of local self-regulation in the process of global transformation in Ukraine. To this end, a study was conducted based on the latest published statistics on regional production, population, average income, international trade, and foreign direct investment. As a result, it allowed identifying the main areas that form the potential for economic development based on foreign direct investment activity. It should be noted that the main aspect of regional development quality is financing, so an analysis of the entrepreneurial activity of the regions, an analysis of the funding for the regional development support fund, and the main areas of financing by international funds was conducted. The main problems of quality of economic development related to globalization were also identified, which relate to the uncontrolled activities of Transnational corporations, which reduces the resource potential of Ukraine and reduces the level of economic security.

Oksana SKLIARSKA

The article analyzes the results of the activities of territorial communities in 2020-2021, as well as the methodology for determining their capacity, from a socio-geographical perspective. The main advantages of reforming the basic level of the administrative and territorial system are indicated, the main trends and factors of the formation of successful communities are revealed.&#x0D; The methodology of the formation of capable territorial communities, defined by the authors of the reform, contains criteria for the size, population, accessibility zones of new administrative centers, as well as the presence of social, educational and household infrastructure. Such communities of villages, towns, and cities are considered capable, which, as a result of voluntary association, are able to independently ensure the appropriate level of services provision in the field of education, culture, health care, social protection, housing and communal services, while taking into account personnel resources, financial support and infrastructure development of the corresponding administrative and territorial unit. At the same time, the financial capacity and infrastructural security of a territorial community depends on many socio-geographical factors: favorable location, effective use of the socio-economic and demographic potential of community centers, development of transport links, etc.&#x0D; In particular, it was found that communities of regional centers, large cities, as well as satellite communities of these cities or with a powerful business sector have the best financial indicators. Large enterprises of wealthy communities are the main tax payers and jobs provider for residents, as well as sponsors of the construction of social infrastructure facilities (kindergartens, sports complexes, etc.). An interesting fact is that the rating of the most successful communities in 15 regions of Ukraine is headed by rural communities. A significant number of communities have not benefited from financial decentralization and the level of their subsidy is more than 50%.These are communities in general, with a significant share of the rural population, where there are not enough jobs, the entrepreneurial sector, and, accordingly, tax revenues.These are also large communities of sparsely populated areas with a demographic crisis situation, where there are problems with the transport connection of villages, remoteness from the center of the community. We counted the number of communities by region that at the end of 2021 had a subsidy level of more than 50% and the number of those with a subsidy level higher than the average for Ukraine (14.5%). Thus, the maximum number of subsidized communities is in Chernivtsi, Ivano-Frankivsk and Zakarpattia regions. In the Lviv region, only in Strilkivska and Borynska communities, subsidies amount to more than 50%. In general, in the 16 regions of Ukraine, rural communities are the most subsidized: the 5-8 poorest communities in each region are mostly rural and peripheral, only 1 urban - Vatutinska, the rest ones - townships.&#x0D; The question of the capacity of the community is also related to the controversial changes that are taking place regarding the optimization of the network of secondary education institutions. Support institutions are being created in urban and town communities, as well as in the centers of rural communities, which receive a larger amount of funding and better conditions for development. On the other hand, subsidized communities cannot finance small rural schools. Over 2 years in Ukraine, the status of almost 670 schools was lowered, and 918 schools were closed, and this process will continue in the future.&#x0D; Therefore, the self-organization of the population and local authorities in communities has become an important factor of self-defense and resistance in the conditions of a full-scale invasion of the Russian aggressor. Thus, after the end of the war, the support and provision of self-government of territorial communities will become an important condition for the reconstruction of the state. At the same time, it will be necessary to improve the mechanism of formation of local budgets, as well as the methodology of determining the capacity of territorial communities&#x0D; Consequently, in a special period, it is worth providing exclusively state financing of educational and medical institutions, especially in the front-line regions. Obviously, it will not be possible to avoid another stage of consolidation, primarily to ensure the real capacity of territorial communities in areas with a deep crisis demographic situation. Using the potential of capable communities, developing their infrastructural and industrial base will contribute to strengthening the grassroots link of the administrative and territorial system as well as to ensuring the national security of the state.&#x0D; Key words: capable community, decentralization, financial capability, infrastructural capability.