T.V. Shatkovskaya, A. B. Shumilina, Gennady Nebratenko, Ju.I. Isakova · 5 authors
The article is dedicated to investigate the problem of influence of cutting edge digital technology on the virtual and real legal relations, related to the movement and the turnover of intellectual property.Using the method of analyzing modern definitions of blockchain, and relying on the political-economic theory of social redistribution of wealth, authors define the term blockchain and its principles as a technological paradigm.Authors conclude the fact that blockchain can be used to guarantee intellectual property rights and it should be accepted at the national level.As a mechanism of a trusted environment, blockchain allows to reduce transaction costs and increase the level of commercialization of intellectual property.
The modern stage of the evolution of money is associated with the development of virtual economy as part of the global economic system based on interactive business on the ground of information technologies. The development of new forms of money is due to the activation and deepening of the information sphere and information society. Due to such conditions and the impact of technological innovation, economic science acquires a new meaning; significant changes take place in all spheres of economic activity, including the financial sector. The manifestation of such changes is the transfer of transactions into the electronic format, the emergence of new means of payment, the latest payment instruments and systems. The paper considers the main features of cryptocurrencies, with attention to the most popular and widespread of them - Bitcoin. Based on the expert survey and literature, the attitude of the central banks of foreign countries and the National Bank of Kazakhstan regarding the recognition and regulation of cryptocurrency have been analyzed, and conclusions about the prospects for using cryptocurrency in Kazakhstan have been made.
his article examines the risks and opportunities associated with distributed ledgers technologies. A novel methodology is developed and presented in order to diagnose and manage their impacts using a strategic risk management perspective. Possible responses to the identified challenges are suggested.
Марат Рашитович Сафиуллин, A.A. Abdukaeva, Leonid Alekseevich Elshin
The accelerated pace of development of the cryptocurrency market and its integration into the system of economic, operational, financial and other processes determines the need for a comprehensive study of this phenomenon. This is particularly relevant because in recent months, at the state level have intensified discussions on the prospects of the legalization of the cryptocurrency market and the possibility of using its tools in the economic activities of economic agents. Despite the sometimes polar views and approaches at the moment among Russian experts regarding the solution to this issue, the development of the crypto-currencies market is extremely high, regardless of its regulation. This determines and actualizes the scientific research in the field of evaluation of the prospects of development of this market, forming the subject of this study in order to predict the possible effects and risks for the national economic system. The purpose of the article is the development of tools of modelling and forecasting the volatility of the cryptocurrency market on the basis of “foreseeing” fluctuations in the value of “digital money” using special models of autoregression (ARMA, ARIMA). The study was based on the application of a class of parametric models. It allowed describing both stationary and non-stationary time series and on this basis to develop a system of prognostic estimates for the prospects of further development of the series under study. With the help of our ARIMA model, which evaluates the parameters of the analyzed time series of the cryptocurrency exchange rate, we developed a system of prognostic assessments for the short term. The authors proved that the application of such models with a high level of reliability predicts future adjustments in the market under study. It leads to a high level of prospects for their use in modelling future parameters of the cryptocurrency market development. This creates a basis for a business to develop adaptive mechanisms for to emerging price index adjustments of “digital money”.
The concept of “digitalization” came into use relatively recently, but in many respects the further development of the Russian economy will depend on it. Design of conceptual approaches and practical algorithm for adaptation of new technologies to the functioning peculiarities of the financial system is of great importance for ensuring competitive advantages of Russia, including those at the international level. The article presents the prospects for applying modern technologies in the activities of state audit institutions, which are designed to ensure financial stability and contribute to the formation of a solid foundation for the economic growth of the country. The purpose of the research is to identify the prospects for automation of control procedures, taking into account the level of development of modern technologies to prevent violations in the financial sector. In the process of research, general scientific empirical methods were used: observation, comparison, collection and study of data; analysis and synthesis, a method of scientific abstraction. The chosen approach allowed to ensure the reliability and validity of the conclusions drawn. According to the results of the research the prospects for using the national accounting digital unit in the purpose of the control are outlined; the technological possibilities and legal restrictions of creation of the state distributed ledger technology are revealed; the system for assessing risky transactions that could lead to financial violations is proposed; key characteristics of the system of conducting decentralized accounting are formulated; the expected result of the implementation of the proposed models of automation of control procedures in the Russian practice is assessed. The authors have proved the expediency of creating a state distributed ledger technology for financial control purposes. The expected result of the implementation of these proposals is estimated as more than 50% of the annual violations identified by the state audit institutions.
Open access
Economic and Technological Developments in Russia
Digitalization and Economic Development in Agriculture
The reasons for the rise of interest in cryptocurrencies are shown, the prospects for their development and possible consequences for national and international economic systems, the regulation of the circulation and use of financial and monetary authorities are evaluated.
Aleksandr Kapitonov, Ivan Berman, Vitaly Bulatov, Sergey Lonshakov · 5 authors
The paper describes work organization methods for manufacturing with plenty of autonomous agents with the help of market mechanisms what authors call robot economy. As a technological basis, the application of decentralized technologies is presented and justified: Blockchain technologies and smart contracts of the Ethereum network. The paper is an extension of the article “Blockchain-based protocol of autonomous business activity for multi-agent systems of UAVs” and describes in more detail the architecture of the robots economy protocol. The main attention is paid to the protocol functionality and its basic elements. There is a description of the architecture of an autonomous agent working on the principles of robot economy in the article. The article shows how the work of a smart factory is organized. As a result, the experience of approbation of the presented methods in various projects and experiments is presented.
Марат Рашитович Сафиуллин, Leonid Alekseevich Elshin, A.A. Abdukaeva
Importance The article discusses the process of economic and mathematical modeling of time series describing the volatility of the bitcoin exchange rate through the Autoregressive Moving Average (ARMA) models. Objectives We search for, and substantiate tools and mechanisms used to predict the cryptocurrency market developments. Methods The research applies tools of stochastic analysis of stationary and non-stationary time series.
S. P. Novikov, Олег Казаков, Н. А. Кулагина, Natalya Y. Azarenko
The blockchain typically described as a decentralized system in which transactional or ancient statistics are recorded, stored, and maintained throughout a peer-to-peer community of personal computers referred to as nodes. Counterfeit drugs are one consequence of such limitations within existing supply chains, which not only has serious adverse impact on human health but also causes severe economic loss to the healthcare industry. Blockchain technology has gained tremendous attention, with an escalating hobby in a plethora of several applications like safe and relaxed healthcare records management. Similarly, blockchain is reforming the traditional healthcare practices to an extra reliable means, in phrases of powerful progno- sis and treatment through safe and cosy facts sharing using SHA Hash Generation Algorithm. Within the future, blockchain will be an era that can probably assist in personalized, authentic, and at ease healthcare by means of merging the entire actual-time scientific information of a patient’s fitness and offering it in an up to date cosy healthcare setup. In this paper, we evaluation each the present and modern day trends inside the subject of healthcare with the aid of imposing blockchain as a model. We also talk the packages of blockchain, at the side of the demanding situations confronted and destiny views. The proposed system executed blockchain implementation in distributed computing surroundings and it gives the automated restoration of invalid chain by using Consensus and Mining Algorithm. In this system, we present a Custom blockchain- based approach leveraging smart contracts and decentralized off-chain storage for efficient product traceability in the healthcare supply chain. The smart contract guarantees data provenance, eliminates the need for intermediaries and provides a secure, immutable history of transactions to all stakeholders. We present the system architecture and detailed algorithms that govern the working principles of our proposed solution. We perform testing and validation, and present cost and security analysis of the system to evaluate its effectiveness to enhance trace- ability within pharmaceutical supply chains. Keywords— Blockchain Technology, Decentralization / Decentralized System, Distributed Com- puting, Peer-to- Peer Network, Healthcare, Supply chains, etc.
This research is based on the phenomenon of new investment instrument called Cryptocurrency-Bitcoin which becomes popular in recent years. Based on that phenomenon, this research tries to search which is the best investment instrument from three instruments such as Bitcoin, stocks, and gold. The research method used is quantitative method with the type of research is comparative descriptive. In this study, the authors use Sharpe, Treynor and Jensen index approach to evaluate the performance. This study intends to do a comparison from the index using the data of the investment instrument in the period of January 2014 to August 2017. The study sample was taken from price result from every investment instrument during the period of study. The result shows that Bitcoin is the best instrument because based on Sharpe, Treynor, and Jensen value the return is better than the other two instruments.
Mikhail Yuryevich Kussy, В В Побирченко, Elena Alekseevna Shutaieva, Yevgeny Yuryevich Kakutich
This paper briefly presents the recent problems of the world financial system. The analysis of indicators of blockchain technologies has been carried out; their attractive aspects and disadvantages are singled out. Some potential possibilities of using blockchain technologies in various fields of activity are considered. Particular attention is paid to the prospects of application of blockchain technologies in the world financial system, which will allow solving a number of problems of the world financial system itself. The issues (including those of regulatory and institutional nature and predictable social strain as well) that people can face when implementing blockchain technologies in their everyday life, have been noted. The institutional changes in the world financial system that could appear after implementation of blockchain technologies are highlighted.
Modern financial technologies, in particular cryptocurrencies, penetrate deeper and deeper into the life of the modern world and the Russian society. The spread of cryptocurrencies in almost all areas is promoted by the following advantages: anonymity of payments, low commissions, and the inability to restrict the owners’ access to their funds. The use of cryptocurrencies is not limited to the banking and medical areas, insurance and services industries. Some experts suggest the creation of cryptocurrency as the single currency of the Eurasian Economic Union. Today this issue is only being discussed, but the advantages and a wide spread of cryptocurrencies prove that they can become one of the possible solutions in the currency agreement of the EEU being developed. To assess the prospects of using cryptocurrencies in the Eurasian Economic Union, it is necessary to analyze the prerequisites of cryptosystems, as well as to study the history of their development. The purpose of this article is to make a comparative analysis of cryptocurrencies on the EEU market in terms of possible use of the cryptocurrency as a supranational means of payment. The article considers the prerequisites of cryptocurrencies. Features of the currently most popular cryptocurrencies are analyzed. Possibilities of using them as EEU supranational payment means are estimated. Directions of the cryptocurrencies development on the EEU market are studied.
Open access
Economic and Technological Developments in Russia
Economic and Technological Systems Analysis
Economic, Social, and Public Health Issues in Russia and Globally
In recent years, there has been an intensive market formation process which involves interrelations of various cryptocurrencies and other financial tools formed on the basis of cryptoplatforms. This process is fraught with numerous difficulties relating to determining the status of these new tools in the legal sphere of relations among market participants. However, the key role consists in the identification of the economic content of cryptotools. The purpose of the present article is to substantiate the proposals on the economic essence of cryptotools and the resulting models of their market formation. The article deals with the economic aspects of cryptotools and suggests possible models of their markets. Currently, in cryptocurrency market formation, the evolutionary path is dominated. Therefore, the article discusses the main tendencies characteristic of this development path. However, the authors also emanate from the necessity of cryptocurrency market formation under the regulating influence of the state and give recommendations on the cryptocurrency market formation based on the interaction of market participants with regulating bodies of state power. It is this approach that allows minimizing financial risks for investors, providing stability of money circulation and macroeconomic resilience, creating favorable conditions for this market to take the proper place in the contemporary economy, and in the digitalization processes occurring in the economy.
A. V. Babkin, Diana Burkaltseva, Aleksandr Betskov, Hizri Shapievich Kilyaskhanov · 6 authors
The authors consider the problems, trends and consequences of automation of processes in various sectors of the economy, including industry. These activities are becoming more and more relevant in the current era of digitalization and the formation of the digital economy both abroad and in Russia. Currently in the process of automation, which includes robotics and automation of technological processes (production machines); development in the field of artificial intelligence; open systems (Blockchain); big data concept; software algorithms and systems (software); neural networks – it is not possible to adequately assess the consequences and possibilities of qualitative changes in the activities of enterprises in its implementation.The purpose of this research is to study the trends and consequences of the automation introduction and of the implementation of enterprise, industry and economy digitalization processes. Accordingly, the objectives of the research are: to identify the main directions and problems of the introduction of automation, to study the current state of the labor market in the world, to consider the Blockchain technology and its advantages in various fields.Methods of research. Dialectical method of scientific knowledge was applied in the research of the role of automation, the computational and analytical methods of observation, measurement, analysis and comparison of indicators characterizing unemployment in the world.Results. At the moment, the main problems of the implementation of automation are the institutional and legal norms, including the uncertainty of responsibility in the case of the event. In the process of economy and industry digitalization Blockchain technology is actively used – as one of the areas of automation and digitization tool of economic and technological processes. Blockchain remains an experimental technology – many problems of its use have not been solved yet. The uniqueness of the Blockchain lies in the immutability or irreversibility, which is guaranteed by the cryptographic protection system. The authors show that the new ways of using the technology are being developed: banks, payments and money transfers, cyber security, education, voting, car leasing and sale, network technologies and the Internet of things; insurance, forecasting, car sharing, document flow.Summary. On the basis of the conducted research, the authors propose to use Blockchain in the document flow in the Universities, where in particular, it is possible to solve the problem of the teaching staff and students reporting. By developing the system of authorization of the teaching staff reporting at the University on the basis of the Blockchain technology, it is possible to identify and verify qualitatively and to generate scientific reports faster within the structural units and Universities as a whole.
Objective: to consider the features of centralized and decentralized monetary systems development and to identify the necessary conditions for the transition of the national economy to decentralized network platforms operating within the distributed ledger technology, public and private digital currencies.Methods: a systemic approach to the cognition of economic phenomena, enabling to study them in dynamic development, taking into account the influence of various environmental factors. The systemic approach determined the choice of specific research methods: empirical, historical, logical, comparative and statistical.Results: the article considers different approaches to the organization of money issue. It is shown that the era of the centralized monetary system, based on the issue of Central banks, has come to its end. The Central bank is the main link of the centralized monetary system, while in the context of 2008 financial crisis the functions of the Central Bank as the lender of last resort were significantly expanded by changing the paradigm of the monetary mechanism. It is established that the new monetary mechanism has become the main channel of money supply in the economy, while the main factors of the new monetary supply formation are the reserve money of Central banks, new Basel standards and high requirements for borrowers. This monetary policy and the centralization of the financial market have led to a distortion of the market pricing mechanism in the monetary market and to the disruption of competition in the financial intermediation market. The author analyzes the new trends in the emergence of a decentralized monetary system in the world economy based on public and private digital currencies issued by users of distribution computer networks. The article shows the mechanism and technology of crypto currency emission, which implies the use of public or private blockchain without any participation of the Central bank and other financial intermediation institutions.Scientific novelty: for the first time, the article shows that the era of centralized monetary system based on monopoly issue by Central banks, has come to its logical end; a decentralized monetary system is emerging in the world economy today, based on public and private issue of digital currency; in the course of legalization, growth of scalability, confidentiality, validation and tokenization of real assets, the crypto currencies will become a liquid and less volatile monetary asset.Practical significance: the main provisions and conclusions of the article can be used to clarify the target mandates, tools, channels and mechanisms of monetary policy of the Bank of Russia, capable of launching a decentralized crypto currency market, acting as a built-in stabilizer of financial sustainability and elastic regulation of trade and financial imbalances within the country and between countries.
The transformation of the system of public financial control should occur through applying the latest IT technologies and innovative practices of monitoring and analysis. The existing problems of the system of public control and management should be an impetus for the transformation, the use of the most advanced technological achievements. The article discusses the advantages and disadvantages of applying distributed ledger technology (blockchain), the stages and sequence of performing the tasks of its implementation as the basis for effective, transparent, reliable public control. There determined the content of the stages and the sequence of actions to transform the architecture of public financial control on the basis of new technological capabilities that give an impetus to the initialization of regulatory and legal support for using blockchain technology in Ukraine. There proposed a general algorithm for implementing blockchain technology in the system of public financial control, which realization is aimed at clarifying and synchronizing the processes of improving the system of public financial control, IT support for the control system, increasing the safety and transparency of control actions, monitoring and interaction of individual control bodies and tasks. It is proved that the only significant restriction in the implementation of blockchain may be the rules regarding disclosure of personal data and information constituting a commercial secret.
Aleksandr Kapitonov, Ivan Berman, Sergey Lonshakov, Aleksandr Krupenkin
The article presents the architecture of communication protocol for modern industrial processes and business based on cyber-physical systems - Industry 4.0. The main attention is paid to one of the key trends of this concept - to economical autonomous agents i.e. to robots or smart things, which are able to make decisions independently about their economic actions. Agents begin to fully participate in business processes, so it is important to automate the processes and ensure formal and secure communication between multiple heterogeneous agents, taking into account the economic component of the industry. The article shows how to organize economic interaction between agents using a peer-to-peer network based on decentralized Blockchain technology and smart contracts. The general concept of protocol work is described and the experience of its implementation on ROS and Ethereum Blockchain is presented in the form of universal software for different agents. As a result, the experience of applying this solution in various projects is described: a business project with unmanned aerial vehicles (UAV) and an educational project of "smart city".
Over the years, as a response to the increased demand for international clearing of transactions that are conditioned by globalization, it has inevitably led to the expansion of product assortments and, consequently, services. The economy and the finance of this century are characterized by innovation and recognition of new trends and needs for simple and maximum available non-border products. For example, as Google assumed the role of Yahoo, so in the world of finance it was looking for a single practical system to outperform the previous ones. With the emergence of cryptocurrency, we can consider that there has been a new global system without the involvement of mediators and expensive international transactions. The idea was to create an electronic payment system that would be decentralized so that individual entities do their job themselves. The use of cryptocurrency might be able to replace Internet banking and mobile banking to a greater extent. But, it is not yet known which will be the first cryptocurrency found on official financial stock markets, and which will be able to provide the easiest implementation and use today. So far, no cryptocurrency is in any official stock market yet, and the transactions are carried out through private sites. There are over one thousand cryptocurrencies in the world and, depending on the current market situation, and the adequate investment moment in a particular cryptocurrency, it can be gain, but at the same time it can be loss. Cryptocurrency have caused a real financial insanity in recent years. In that period, a handful of people gained great wealth, while others remained without millions of dollars due to unpredictable fall in prices. The basic parameters for deciding when investing in a particular cryptocurrency are numerous and some of them are: the stability of the currency in a certain period, the final number of coins to be released into circulation and their security of storage, the number of users and merchants who have accepted that currency as a means of payment and other. One thing is for sure, that there were a lot of comments and confusion when the cryptocurrency was introduced and when it became very popular. The aim of this paper work is to expand, as much as possible, the knowledge that new innovative changes in the world of finance are inevitable and, if they are good, to be acceptable and useful as soon as possible. The paper work will also show the types of cryptocurrencies, but among them the bitcoin will be distinguished as the most famous cryptocurrency of the world. Among other things, we will see the cryptocurrency market in Serbia, how we can buy bitcoin, types of bitcoin digital wallets and we will give a prognosis of the bitcoin rate by 2020.
Cryptocurrency is constantly increasing in popularity at global level. While it provides advantages such as limited government oversight and low transaction cost for the users, it can cause concern for the state and tax administrations. On the basis of this concern is the fact that cryptocurrency can not easily be placed in the legal categories of the country's legislation. From this point on this study; aims to evaluate the idea of taxation of cryptocurrency from the perspective of Turkish Tax System in the light of different country practices. Findings of work; the economic dimension of the crypto money is that it has a significant tax revenue potential. The results of the study show that cryptocurrency carries a significant tax revenue potential due to the economic size it has.
The article is aimed at disclosing the methodological and practical provisions of formation of budget expenditures in the conditions of institutional modernization of the country’s economy together with developing recommendations for their improvement. The basic principles of institutional transformation of the system of budgetary financing of socio-economic development are defined. An analysis of the budget policy of Ukraine in the sphere of expenses is carried out. The features of the budget expenditures structure according to their functional and economic classification are disclosed. The expediency of use of the program-target method of management of expenses on planning and performance of the budget for the medium-term perspective is substantiated. The features of formation of budget deficit and the structure of sources of its financing are characterized. The basic approaches to improvement of the mechanism of formation of expenditure part of local budgets through decentralization of the budget funds management are developed.
The study deals with the legal nature of the institution of cryptocurrency in the worldwide practice. It examines the legal regulation of the turnover of cryptocurrency in foreign countries. Cryptocurrency is considered as a means of payment, property, and asset. The author identifies the following approach-es of the states to the legal regulation of this eco-nomic and legal phenomenon: 1) the legislation of countries is neutral toward this phenomenon and does not regulate it; 2) the new legislation that is adopted regulates the turnover of cryptocurrency and promotes its development; 3) the scope under review is regulated within the traditional legal institutions; 4) there is a ban on the use of cryptocurren-cy in the civil and financial field. The author investigates the possible effects of the formal approval to carry out digital currency transactions. The case studies for declaring cryptocurrency exchanges bankruptcy are discussed.
R. A. Andreev, P A Andreeva, Л Н Кротов, Elena Krotova
В современном IT-пространстве блокчейн находится в числе наиболее быстро развивающихся технологий. В первую очередь это связано с ростом рынка криптовалют, которые созданы на базе технологии блокчейн. Но это не единственное возможное применение данной технологии. Блокчейн является многопользовательской надежной книгой учета транзакций, которую каждый может проверить, но ни один отдельный пользователь не может контролировать. Цель работы - анализ различных типов блокчейн технологии по различным параметрам (скорость работы, безопасность, условия доступа и другие). В данной статье представлен обзор различных типов блокчейна и возможные варианты применения этой технологии. Подробно рассмотрены различные виды данной технологии: публичные, федеративные, частные и гибридные блокчейны. Частные блокчейны имеют важное значение для решения проблем, связанных с эффективностью, безопасностью и мошенничеством в рамках традиционных финансовых учреждений. В то же время публичные блокчейны обладают потенциалом для замены большинства функций традиционных финансовых учреждений программным обеспечением, главным образом переопределяя способ работы финансовой системы. Федеративные блокчейны являются более быстрыми и обеспечивают большую конфиденциальность транзакций. Гибридный блокчейн объединяет возможности масштабируемости распределенной базы данных с неизменяемыми элементами блокчейна. Раскрыты условия и правила работы с тем или иным типом блокчейна. Приведены примеры использования блокчейн-технологии для работы с криптовалютами. Представлены результаты сравнения публичных и частных блокчейнов по доступу, скорости, безопасности и идентификации. Результаты обзора показали, что технология блокчейн все еще находится на ранних стадиях развития и имеет ряд проблем, требующих решения.