The integration of information technologies into all spheres of human activity, the proliferation of online communities, and the expansion of the virtual world have precipitated a transformation in consumer needs and an influence on their preferences. This paradigm shift has established the foundations for the emergence and development of digital assets, one notable example being the non-fungible token (NFT). The present article aims to examine the prospects for the development of non-fungible tokens (NFTs) in the context of global transformations in the digital asset market. A graphical method was employed in the study to identify global trends in the development of the NFT market. The use of a systematic approach allowed the identification of differences between NFT 1.0 and NFT 2.0. A comparative analysis was conducted to identify the strengths and weaknesses of the functioning of NFTs, as well as the threats and opportunities for the future existence of NFTs. A descriptive literature review allowed the development of optimistic, neutral and pessimistic scenarios for the development of the non-fungible token market. Product, functional and technological approaches to understanding non-fungible tokens were identified. The article examines NFTs in two forms: as digital assets and as digital certificates. The traditional and non-traditional reasons for using NFTs have been clarified. A comparative characterisation of NFT 1.0 and NFT 2.0 was made based on characteristics, ownership, participants, personalisation and areas of use. The article presents an analysis of the NFT market with a focus on its structural changes. The current state of the non-fungible token market is characterised by a shift from speculation to increased utility of NFTs in various sectors. The strengths and weaknesses of the functioning of non-fungible tokens were identified, as well as the threats and opportunities for their development in the context of global transformations. The study allowed the formulation of scenarios for the development of non-fungible tokens in the midst of critical transformations in the digital asset market. Under the optimistic scenario, market capitalisation, trading volumes, the number of users, the share of non-traditional NFT segments, the use of artificial intelligence in the creation of NFTs, the technical modernisation of NFTs and the legal regulation of all related relationships will increase. The neutral scenario will be characterised by volatility in market capitalisation, trading volumes and the number of market participants. In this scenario, regulation will focus on combating fraud and terrorist financing in the NFT market. In a pessimistic scenario, all key market indicators will decline, resulting in losses from non-fungible token transactions. In some jurisdictions, certain types of NFT transactions will be banned. The conclusions emphasise that with the expansion of the virtual world, NFTs are acquiring the characteristics of a digital product with high potential for use in various fields. The development of the NFT market is characterised by a combination of conflicting trends. On the one hand, there has been an increase in NFT capitalisation in early 2025, along with the growth of holders, buyers, and sellers in 2024. Conversely, there has been a decline in NFT trading volumes. These trends may provide the basis for the implementation of an optimistic scenario for the future development of the non-fungible token market.
Economic theory has long been governed by the principle of scarcity—an assumption that shapes the allocation of resources in virtually all historical economic systems. From classical economics, as articulated by Adam Smith in The Wealth of Nations (1776), to the critiques of capitalist frameworks offered by Karl Marx in Das Kapital (1867), scarcity has been the foundational pillar upon which economies have been constructed. Even in the 20th and 21st centuries, the models of Keynesian economics (Keynes, 1936) and neoliberal capitalism (Friedman, 1962) maintain that resource allocation is predicated on the limits imposed by scarcity, whether that scarcity is natural, human, or financial. However, the technological and systemic advances of the 21st century have begun to challenge this assumption, which, despite its dominance, no longer reflects the evolving nature of global economies. In the era of digital technologies, artificial intelligence (AI), and quantum computing, scarcity is increasingly being replaced by a new set of possibilities—an emergent paradigm defined by abundance and infinite scalability. Quantum computing offers the potential for processing power so vast that it could redefine the very nature of problem-solving. Simultaneously, AI-driven automation and digital decentralization are dismantling traditional models of labor, resource management, and value creation (Brynjolfsson & McAfee, 2014). Moreover, advancements in nanotechnology and synthetic biology could soon facilitate material abundance in previously unimaginable ways, fundamentally undermining traditional economic concerns about finite resources (Drexler, 2013). Blockchain technology, with its promise of decentralized finance (DeFi), is already challenging the very nature of money, while new models of governance enabled by AI and multi-agent systems are rethinking the need for centralized economic management (Helbing, 2015). This transformation signals the birth of a new economic model, one that transcends traditional notions of scarcity—what we term the Infinity Economy. The Infinity Economy represents a departure from existing paradigms of capitalism, socialism, and even post-capitalism (Piketty, 2014). It proposes a complete reimagining of how value is produced, exchanged, and distributed in a world increasingly defined by technological abundance. Rather than extending existing economic systems, the Infinity Economy seeks to eliminate the very foundations of economic thought—namely, scarcity and limited resource allocation—ushering in an era where value and wealth are no longer bound by finite constraints.
ВНЗ "Університет економіки та права "КРОК", Сергій Андрійчук, Володимир Кузьмінський, ВНЗ "Університет економіки та права "КРОК"
This article examines the macroeconomic aspects of the impact of cryptocurrencies on the money market, focusing on their relationship with traditional financial systems, monetary policy, and financial stability. The relevance of the study is due to the growing use of cryptocurrencies as a financial instrument and their integration into the global economy. In the last decade, digital assets have become widespread not only as a means of payment, but also as an element of an investment portfolio, which requires an in-depth analysis of their impact on economic processes. The purpose of the study is to assess the impact of cryptocurrencies on the money supply, monetary regulation mechanisms, and financial stability of states. The research methodology is based on the use of macroeconomic analysis, statistical methods, and a comparative analysis of different approaches to regulating the cryptocurrency market in different countries. Empirical data were used to identify the main trends in the interaction of digital assets with traditional financial systems and potential threats to the monetary policy of central banks. The results of the study indicate that cryptocurrencies can act as a factor that changes the traditional mechanisms of money market regulation. The decentralization of cryptocurrencies and their independence from state control pose new challenges to regulators. On the one hand, crypto-assets can promote financial inclusion and provide alternative methods of financing, on the other hand, they increase the level of volatility and create risks of financial instability. The article examines the role of stablecoins in international financial flows and their impact on the stability of the money supply. It is noted that stablecoins can act as an alternative to fiat currencies in the digital economy, which raises questions about their regulation and place in the monetary policy of states. Potential scenarios for the integration of cryptocurrencies into the modern financial system are investigated, in particular, through the development of central bank digital currencies (CBDCs), which can become an answer to the challenges posed to financial systems by the rapid development of blockchain technologies. Prospects for further research in this area include analyzing the effectiveness of regulatory approaches to controlling cryptocurrencies, studying the correlation between the Bitcoin exchange rate and macroeconomic indicators, and developing models for predicting the dynamics of the digital asset market. An extended study of the interaction of cryptocurrencies with the traditional banking system and their impact on international financial stability remains an important area of scientific research in the future.
This chapter of the monograph presents a comprehensive and interdisciplinary exploration of digital transformation as a key driver of sustainable development in the modern world. It provides a robust analytical framework for understanding how emerging technologies—such as blockchain, cryptocurrencies, Web 3.0, tokenization, artificial intelligence, mobile platforms, and cloud computing—are fundamentally reshaping global economic systems, institutional structures, and patterns of social engagement. The primary objective of the chapter is to conceptualize digital transformation not simply as a technological advancement but as a strategic, multifaceted process with profound implications for economic productivity, inclusive governance, and social equity. The research situates digital transformation within the broader context of the United Nations Sustainable Development Goals (SDGs), illustrating how digital innovation intersects with global efforts to eradicate poverty, reduce inequality, and promote sustainable economic growth. Through the integration of qualitative analysis, theoretical modeling, and international benchmarking, the chapter offers a methodological approach that captures the complexity of this transformation. It employs tools such as the Digital Transformation Index and adapted production functions to quantify digital progress, while drawing upon case studies and global indices to identify practical applications and structural disparities across regions and sectors. Importantly, the chapter frames digital transformation as a socio-economic revolution that redefines traditional paradigms of governance, financial architecture, enterprise operations, and public service delivery. It explores the potential of decentralized finance (DeFi), tokenized assets, smart contracts, and digital identities to enhance transparency, financial inclusion, and resource efficiency. Special emphasis is placed on the roles of digital public goods, decentralized autonomous organizations (DAOs), and Web 3.0 ecosystems in fostering open access, interoperability, and citizen empowerment. The chapter examines real-world implementations of digital technologies in various sectors—ranging from blockchain-enabled land registries and transparent food supply chains to cryptocurrency-facilitated remittances and tokenized carbon credits. These examples illustrate the practical utility of digital innovation in addressing developmental challenges while also highlighting critical risks such as scalability issues, cybersecurity threats, digital inequality, and regulatory uncertainty. To address these challenges, the study proposes strategic pathways including the promotion of digital literacy, ethical AI governance, green technology adoption, and international policy coordination. Ultimately, the chapter underscores the imperative for globally harmonized efforts to harness digital transformation as a catalyst for building resilient, inclusive, and sustainable societies. By linking technological advancement with long-term development goals, this work contributes to a deeper understanding of how digital ecosystems can serve as enablers of equitable global progress.
This new chapter investigates the impact of technology on the world economy and the creation of new marketplaces for digital and technology-related goods. It begins with a review of new but established technologies such as digital platforms, blockchain technology, and smart contracts. From there it discusses the impact of technology, more specifically, legaltech on the practice of law and access to justice. It then reviews the issues related to the rapid development of advanced forms of artificial intelligence (AI). It notes the broad recognition that AI will be highly disruptive to existing industries and to society as a whole. It then delves into the avenues to regulate AI to prevent the abuse and manipulation of consumers known as dark patterns. This includes a review of the first comprehensive law on the topic—the 2024 EU Artificial Intelligence Act (AI Act). The chapter concludes by discussing the issues related to technology including the burgeoning market for non-fungible tokens (NFTs) and the future creation of the metaverse.
The articles and opinions of GRUR International have frequently engaged with some of the leading issues that our legal systems are grappling with, two of which I want to explore in this short editorial focusing on the path travelled and the challenges ahead from an IP and competition law perspective. These are (possibly unsurprisingly) sustainability – including climate change – and digital and AI developments. The first part will briefly review how the two areas of law have interacted with these issues. The second part will focus on how the new era of polarisation, de-globalisation, protectionism, and nationalism, which has now been firmly ushered in with the re-election of Donald Trump in the US, will affect law and policy in these fields. It seems beyond doubt that sustainability and climate change, along with the developments around digitalisation and algorithms/AI, are among the most critical issues of our time. When exploring the issue of sustainability and especially climate, we can focus in particular on IP laws and competition laws, as each of these areas has started to grapple with specific challenges and made some progress. In the field of IP law, the role of IP and how it can foster sustainable technologies and other green innovation has become a focus of the debate. With its traditional focus, IP law has been designed with innovation incentives in mind by providing innovators with exclusive rights to their creations. This function is crucial in the green transition. The IP law framework can effectively be used in more or less unadulterated form to foster green innovation. However, given the need to rapidly scale and diffuse green technologies, a close eye needs to be kept on dissemination and in particular incentives for and costs of the dissemination of green technologies. For instance, patents related to renewable energy technologies, such as wind, solar, and bioenergy, have substantially increased over the last decade. Yet, the roll-out of these technologies on a global scale is something that deserves attention so as to ensure that they are accessible in developing nations. We have seen work in this area that has led to new proposals and the adoption of mechanisms for compulsory licensing, patent pools, and technology transfer, with WIPO’s ‘Green Platform’ being just one example in the area. Competition laws have also started to play a role in this area. Some EU Member States (and the EU itself), but equally other jurisdictions from Singapore to New Zealand, have been at the forefront, aiming to provide businesses with individual guidance and publishing general guidelines on how business activities fostering sustainability interact with competition laws. Similarly, we have seen first cases in Europe in which competition agencies pursued companies that have been restricting competition, thereby harming sustainability. For example, the European Commission pursued car makers in the AdBlue case for restricting innovation competition around better emission cleaning technologies. In some jurisdictions where there are rules on superior bargaining power, these might equally be used to foster different aspects of sustainability, ensuring that the weakest players in the market are not exploited by, e.g. powerful retailers. Overall, while (too) much still needs to be done in terms of sustainability and the climate, the fields of law covered by GRUR International have developed and adjusted their tools to play a role in addressing these challenges. The digital and AI fields are equally fields of global relevance in which we witness numerous challenges within existing legal frameworks, and GRUR International has featured many of them over the years. The role of IP has already been at the forefront of the digital transformation with questions around protection in the digital world. Yet, new frontiers are already emerging as complex questions around creations by and the creativity of AI become apparent. What protections are afforded where AI systems are trained on human-created material? How should creations made by, through or with the essential help of AI be treated? Questions around creation and inventions and subsequent ownership are crucial. How should the ownership of AI-generated art and inventions by AI be treated in applications for patents? We are seeing first attempts to regulate the space, such as the US Copyright Office’s decisions on AI-generated works. The blockchain space raises additional questions, particularly regarding digital ownership and copyright in the context of Non-Fungible Tokens (NFTs). Competition law has also seen an evolution, with questions about tech giants and the interaction with data and data protection laws becoming competition concerns. The adoption of the European Union’s Digital Markets Act (DMA) with the aim of protecting fair and contestable markets is a prime example. Other jurisdictions have also opted for the adoption of new regulatory tools that address digital markets with monopolistic tendencies. The algorithm and AI revolution further challenges the competition law framework. We have already seen a wide ranging discussion about algorithmic and AI collusion, and we are witnessing an emerging debate around abuses, market concentration and its effects in the AI domain and its AI stack, and a focus on the control of the digital value chain. The protection of innovation is a core theme in these debates. Overall, as digital and AI advances continue to transform our world, the legal frameworks have developed and will continue to have to develop to adjust to the emerging challenges, whether or not in the area of IP and competition rules. It might not be surprising that the recent years are described as a decade of increased global polarisation. Deepening social and political divides are visible all over the globe, and social media have certainly not been a moderating influence. The latest sign is the re-election of Donald Trump in the US, whose new administration is expected to push further in the direction of de-globalization. It is not farfetched to predict that the coming years will be a time characterized by even more protectionism and nationalism disrupting established global cooperation and trade. In other words, de-globalization will accelerate, thereby possibly increasing economic uncertainty and straining international relations. But what does this spell for the challenges in the sustainability and digital and AI areas discussed above? For sustainability, the new era of protectionism will have familiar consequences. On the one hand we might see a slowing of the pace of green transition and green innovation. While tariffs and other trade barriers could increase the costs for the adoption and development of green technology (e.g. rare earth minerals), the effects on green innovation work in a less direct way. On the one hand, the dissemination of green IP could be restricted due to nationalism in the form of national security restrictions. On the other hand, we might see IP law being used to protect domestic producers while harassing foreign producers and using alleged IP violations in trade disputes. In competition law, we might observe a reversal of the move towards a global consensus that competition and companies can play a role in sustainability matters. In fact, we might see the ‘anti-woke’ capitalist backlash building up steam, with antitrust rules used to harass companies that engage in ESG related matters. In other words, we could see more actions like that recently by Republican attorney generals in the US against financial investors and their climate-related actions in the coal industry. Whether such actions will ultimately be successful in court is a different question, but they might well sow doubt on the legality of corporate sustainability initiatives. This contrasts sharply with the legal certainty that many competition agencies have tried to provide to companies, and might hamper the latter’s global actions. Another avenue that might affect sustainability is national security concerns, in particular in mergers related to technology crucial for the green transition. For the digital space including algorithms and AI, the new era of protectionism will have some substantial effects. The area of digitalisation and AI is one that seems intrinsically linked to trade and competition between countries. Many countries identify this area as one of national strategic interest. The interaction between national security concerns and IP may become a crucial battleground that allows states to exclude foreign companies from any new and developing technology. Similarly, IP laws could be the tool of choice to pursue foreign companies in the digital and AI area. In the competition-law field, protectionism and nationalism might have two distinct effects. On the one hand, less harsh enforcement against dominant domestic companies, since dominant companies in the digital sphere are seen as a strategic and national security asset. At the same time, any antitrust action or regulatory action (such as e.g. the DMA) by foreign authorities against domestic tech companies will be seen as hostile and might be answered with trade retaliation. On the other hand, foreign tech companies will be seen as suspicious and worthy of antitrust scrutiny. Similarly, any merger of domestic and foreign companies in the tech area will likely face increased scrutiny. Overall, it is not without irony that the issues we are facing are becoming more globalized than ever, while de-globalisation takes hold. We can expect more heterogeneity or often even opposing approaches to the same (global) problems. Problem-solving within established (multilateral and multinational) institutions will become more difficult and possibly less influential. As a reaction, we might see a move away from formal to informal or even private cross-boundary networks for addressing global issues. For example, private standard setting organisations could gain an even greater role in addressing such issues. Yet, where such organisations face challenges, including open hostility, even such avenues for co-operation will become more difficult to maintain. In these situations, the individual legal comparativist will have an increasingly important role to play and, with it, outlets like GRUR International. The study of other systems and their solutions to problems can provide crucial insights and could be the main avenue for more global approaches to the challenges discussed here. In a de-globalized world where foreign and international measures are seen with suspicion, the comparativist has a new role. The internal critique of the existing national approach by the comparativist can be an argument for internally introduced change; the only kind of change perceived as legitimate in a de-globalized, nationalistic world.
This chapter delves into the transformative impact of artificial intelligence across various global industries, illustrating these changes through specific industry case studies. It begins by exploring the fusion of AI with healthcare, highlighting innovations that are enhancing drug development efficiency, optimizing commercial health insurance, and enabling real-time health management. The chapter then shifts focus to the media industry, where AI and data analytics are reshaping content delivery through mobile, video, and personalized trends. It discusses how these trends enrich user experiences, drive interactive advertising, and pose challenges related to data privacy and the decline of traditional copyright structures. The discussion moves to the automotive sector, examining how electric, autonomous, and connected technologies are disrupting traditional models, with a special emphasis on Tesla’s innovations and the challenges of big data, such as insurance fairness and data authenticity. Finally, the chapter addresses the evolution of finance, with platform technology companies making significant strides and Wall Street embracing large models. It concludes with a look at the decentralization of finance and the potential future of digital currencies.
Muhammad Azam, Imran Lohdi, Muhammad Haroon, Hammad Ali
This book chapter delves into the complex dynamics between corporate governance and digital finance, thoroughly examining this intersection’s risks, rewards and policy ramifications. The story begins with a look back at the development of corporate governance and then traces the revolutionary effects of digital money on established institutions. We examine how the two worlds are converging, focusing on how technological advancements influence new approaches to money management. This section helps readers understand the difficulties policymakers confront in keeping up with the ever-shifting digital world as they attempt to modify existing regulatory frameworks. Regulatory flexibility, cybersecurity risks, openness and data governance are emerging as essential policy issues. Case studies shed light on practical implementations, offering assistance for businesses only beginning to incorporate digital finance into their management systems. As the digital finance era unfolds, the chapter explores future directions, anticipating trends that include decentralized governance models, enhanced cybersecurity measures, the integration of artificial intelligence (AI) and global standardization. Ethical considerations, sustainability and social responsibility are integral to governance. Insights gained from real-world experiences underscore the importance of adaptability, collaboration and ethical decision-making. The narrative concludes with a forward-looking perspective, positioning organizations to navigate the evolving landscape with resilience and innovation. The abstract encapsulates a holistic view of the chapter, offering readers a glimpse into the complexities and opportunities at the intersection of corporate governance and digital finance.
Over the past decade, digital assets have transformed from a niche technological experiment into a mainstream financial instrument, attracting institutional investors, governments, and retail traders. With the increasing adoption of blockchain technology, cryptocurrencies are reshaping traditional financial systems, offering new mechanisms for wealth creation, transaction efficiency, and decentralized financial services. This article explores the profit opportunities and risks associated with the cryptocurrency market, highlighting its rapid evolution and significant impact on the global financial landscape. A key focus of this study is the investment potential within the cryptocurrency sector. It examines various opportunities, including short-term gains driven by market volatility, long-term asset appreciation, passive income through staking, and innovative financial models within decentralized finance (DeFi). However, the cryptocurrency market is fraught with substantial risks alongside these profit opportunities. Extreme price fluctuations remain a defining characteristic, often leading to significant losses for uninformed investors. Regulatory uncertainty poses another challenge as governments worldwide struggle to develop clear frameworks, with potential legal restrictions impacting the market’s stability. Security vulnerabilities, including exchange hacks, smart contract exploits, and phishing attacks, add another layer of risk, making cybersecurity a crucial concern for market participants. Furthermore, the lack of consumer protection mechanisms means that investors may have little recourse in cases of fraud, theft, or technical failures. By analyzing these factors, this article provides a balanced perspective on the potential rewards and dangers of investing in digital assets. The study is supported by academic research, industry reports, and real-world market trends, offering valuable insights for investors, policymakers, and financial analysts. As cryptocurrencies evolve, understanding their opportunities and risks is essential for making informed financial decisions in this rapidly changing landscape.
This paper investigates the speed of price discovery when information becomes publicly available but requires costly processing to become common knowledge. We exploit the unique institutional setting of hacks on decentralized finance (DeFi) protocols. Public blockchain data provides the precise time a hack’s transactions are recorded—becoming public information—while subsequent social media disclosures mark the transition to common knowledge. This empirical design allows us to isolate the price impact occurring during the interval characterized by information asymmetry driven purely by differential processing capabilities. Our central empirical finding is that substantial price discovery precedes common knowledge: approximately 36 percent of the total 24-hour price decline (∼27 percent) materializes before the public announcement. This evidence suggests sophisticated traders rapidly exploit their ability to process complex, publicly available on-chain data, capturing informational rents. We develop a theoretical model of informed trading under processing costs which predicts strategic, slow information revelation, consistent with our empirical findings. Our results quantify the limits imposed by information processing costs on market efficiency, demonstrating that transparency alone does not guarantee immediate information incorporation into prices.
The article presents a comprehensive study of the dynamics of the digital financial assets (CFA) market development under the influence of artificial intelligence (AI) technologies. The purpose of the work is to identify key trends, mechanisms of influence and transformational effects that arise when integrating intelligent systems into the functioning of elements that make up financial assets: the cryptocurrency market, decentralized finance (DeFi), tokenization and related segments. In the course of the study, a detailed analysis of the quantitative indicators of the CFA market for the period 2020–2024 was performed, including the features of the total capitalization of cryptocurrencies, trading volumes, the value of blocked funds, the share of institutional investors and the spread of AI trading platforms. Special attention is paid to the directions of transformation of the CFI market under the influence of AI. In particular, the key areas of changes in the market are highlighted, covering the areas of algorithmic trading, risk management, security systems and auditing. The results obtained in the course of the study suggest that AI technology has a significant impact on the modern digital financial asset market, which is inherently subject to changes accelerated by the use of artificial intelligence and its implementation in the processes taking place on the market.
The article presents conceptual approaches to the formation of an adaptive and predictive paradigm of enterprise financial management, which is gaining particular relevance under conditions of growing economic turbulence, digital transformation, and geopolitical instability. Traditional financial management models based on fixed budgets, retrospective analysis, and standardized procedures are no longer capable of ensuring flexible responses to dynamic changes in the external environment. In this context, the study aims to justify and structure a new management paradigm that integrates predictive analytics, digital technologies, adaptive strategies, and a systemic approach to enterprise finance. The research outlines five key components of the adaptive-predictive financial system: analytical (collection and processing of big data), predictive (scenario modeling, probabilistic forecasting), adaptive (flexible budgeting, KPI monitoring), integrative-technological (implementation of ERP, BI, cloud platforms), and organizational (coordination, decentralization, information flow management). The tools enabling each component are detailed, including GARCH, ARIMA, machine learning models, neural networks, decision support systems (DSS), and real-time analytics. Special attention is paid to the role of digital technologies in transforming financial functions, particularly the possibilities for automation, complex risk profiling, unstructured data analysis, and the creation of integrated analytical platforms. The article emphasizes the need to develop a new managerial culture focused on rapid response, cross-functional collaboration, development of digital competencies, and data-driven decision-making. A number of unresolved issues are identified, including the lack of unified approaches to evaluating the effectiveness of adaptive-predictive systems, underdeveloped risk management models using AI, and barriers to implementation in organizations with traditional hierarchical structures. The findings of the study may serve as a foundation for developing industry-specific models of adaptive financial management and enterprise digital transformation.
The article examines the role of digitalization as a key trend in the turbulent environment of corporate enterprises. Key infrastructure components necessary for the successful functioning of the digital economy have been identified, including the regulatory framework, digital skills of professionals, and effective and accountable institutions. An important trend in the development of the digital economy is the emergence of "FinTech" companies that replace traditional financial intermediaries. The main aspects of the essence of the concept of financial technologies "FinTech" are considered. The tools for implementing digital technologies in the financial market of Ukraine are analyzed, including neobanking, artificial intelligence and machine learning, cryptocurrencies, open banking and financial ecosystems. The rapid development of these instruments is causing turbulence in both the financial sector as a whole and the emission activity of corporate enterprises. Among the features of the digitalization of emission activity in the financial market, the network effect, globalization, changing business models and increasing the speed of change are highlighted. The risks of introducing digital technologies into the financial market, including in the context of digitalization of emission activities in Ukraine, in addition to general risks related to cybersecurity, data privacy, lack of qualifications and knowledge, lack of flexibility and dynamism, include such specific risks as the emergence and development of decentralized autonomous organizations (DAO). A feature of DAO is that their role as a mechanism for protecting interests of stakeholders does not require the usage of an extensive system of various intermediaries that are necessary for the traditional stock market, which helps minimize transaction costs. The analysis of the role of digitalization as a modern trend in the formation of the corporate environment of enterprises showed a dual nature of the impact, since digitalization contributes to the growth of the adaptability of enterprises by accelerating the response to the challenges of a dynamic environment. However, digitalization enhances the dynamism of the environment itself and, in the process of interference with other factors, generates its turbulence. Prospects for further research include the development of a methodology for assessing the effectiveness of the usage of digital technologies, in particular artificial intelligence and blockchain, for the digitalization of the emission activity of corporate enterprises.
Open access
Economic Development and Digital Transformation
Digitalization and Economic Development in Agriculture
With Facebook officially changed its name to Meta in Oct. 2021, a new stage of digital revolution has begun, as the metaverse has become a new norm of social networks. Blockchain and NFTs, or non-fungible tokens, happened to be the cornerstones of the modern era. The thesis examines the influence of the two technologies on digital market. Key models such as Play-to-Earn and Create-to-Earn are analysed and their impact on virtual commerce is being highlighted. By reviewing the implementing modern ideas and of legal aspects, the thesis forms an idea of how the global economics would look like.
Abstract: This chapter explores the transformative role of artificial intelligence (AI) in driving economic growth and innovation across critical sectors, including cryptocurrency, circular economy, manufacturing, small and medium-sized enterprises (SMEs), and infrastructure development. AI is revolutionizing cryptocurrency systems by enhancing security, optimizing mining processes, and supporting decentralized finance (DeFi). In the circular economy, AI enables resource optimization, waste reduction, and sustainable supply chain practices. In manufacturing, AI improves automation, predictive maintenance, and quality control, leading to more efficient and sustainable production processes. For SMEs, AI democratizes access to advanced tools, enhancing competitiveness, operational efficiency, and financial management. Additionally, AI is shaping the future of infrastructure development by promoting smart cities, sustainable urban planning, and resilient infrastructure. The chapter discusses the challenges and opportunities AI presents for global economic transformation, highlighting the need for collaboration, innovation, and sustainability. Keywords: AI, economic transformation, cryptocurrency, blockchain, circular economy, manufacturing, SMEs, infrastructure development, decentralized finance, resource optimization, sustainability, smart cities, automation, financial management, predictive maintenance.
This paper examines the concept of central bank digital currencies (CBDC) and its evolution as the interest of monetary authorities and regulators in the phenomenon of digital currencies increases. The purpose of the article is to identify the nature and purpose of central bank digital currencies and their underlying qualities through a comparative analysis of the definitions given to them by researchers and monetary authorities developing them, as well as a quantitative analysis of data on the stages of development of digital currencies by central banks around the world. Drawing on the results of the study, we may conclude that with central banks digital currency projects the concept of digital currency, which previously denoted private electronic currency, as well as the classification of money, has become more complicated; regulators of large economies developing digital currencies of central banks view it primarily as a digital form of national currency, close to the characteristics and purpose of cash, and also that the use of distributed ledger technology is an optional, but quite a common attribute of central bank digital currencies.
Today’s transformational changes affect all spheres of business. The economic space is changing, which in turn is changing the economic tools of doing business. Under such conditions, the development of the financial sector also acquires its own characteristics, which is conditioned by the formation of the digital economy. The purpose of the presented work is to determine the main transformations of the financial sector under the influence of digitalization and under the conditions of the formation of a digital economy. The main research methods are: methods of deduction and induction to determine the main transformation vectors, synthesis and analysis to study the main components of the transformation of the financial sector in the conditions of the digital economy, mathematical methods to confirm and justify the results of the research. That is why it should be noted that the digital economy promotes the development of alternative forms of financing, such as crowdfunding, crowdlending and cryptocurrency ICOs (Initial Coin Offerings). These mechanisms provide new opportunities to attract capital for startups and innovative projects, providing quick and direct access to investments for entrepreneurs. The digital economy is driving culture change in the financial sector by increasing openness, transparency and collaboration between financial institutions, customers and other stakeholders. This contributes to increasing trust in financial services and improving interaction with clients. Financial institutions are actively experimenting with new technologies such as artificial intelligence, machine learning, distributed ledgers and quantum computing to improve their services and processes.
Бабанов Андрей Борисович, Южно-Российский институт управления – филиал Российской академии народного хозяйства и государственной службы при Президенте РФ, Ростов-на-Дону, Россия
The need for the use of new, digital forms of organization of monetary and financial settlements with foreign partners, as well as the formation of a national system of secure payments. The article presents the result of analysis of motivations of introduction of digital currencies of central banks (positive and negative moments of the considered process). The article gives an overview of existing international payment systems, including the Russian one, and identifies advantages and disadvantages. The main tendencies of the cryptocurrency market as a possible mechanism of formation of decentralized finance are considered.
The article is devoted to a comprehensive study of the impact of digitalization on the transformation of global financial markets in the context of modern global technological changes. The paper analyzes the main trends and challenges of the digital transformation of the financial sector, identifies key technological drivers of change, and examines their impact on the development of financial institutions. The article examines the role of such technologies as artificial intelligence, blockchain, big data, and cloud computing in the transformation of financial services. Particular attention is paid to the analysis of the development of digital financial technologies in leading countries of the world, in particular the USA, China, and the countries of the European Union. The specifics of the implementation of alternative payment systems and their impact on international trade are studied. The article highlights the processes of transformation of financial institutions under the influence of digitalization, including changes in the organizational structure, operational processes, and client services. The main risks and challenges of digital transformation are analyzed, in particular cybersecurity issues, regulatory aspects, and technological risks. Key trends in the adaptation of international financial markets to the digital reality are highlighted, including the introduction of central bank digital currencies, regulation of the crypto-asset market, development of alternative financial systems and integration of financial technologies. The role of blockchain technologies in increasing the efficiency and security of international financial transactions is investigated. The issues of cybersecurity and data protection as critical elements of modern financial infrastructure are considered. Promising areas of further research are outlined, in particular, the analysis of the impact of central bank digital currencies on financial stability, research on the effectiveness of algorithmic trading and the study of the long-term consequences of decentralized finance for the traditional banking system.
Carlos Alberto Durigan Junior, Mauro de Mesquita Spínola, Rodrigo Franco Gonçalves, Fernando José Barbin Laurindo
Central Bank Digital Currency (CBDC) can be defined as a virtual currency based on node network and digital encryption algorithm issued by a country which has a legal credit protection. CBDCs are supported by Distributed Ledger Technologies (DLTs), and they may allow a universal means of payments for the digital era. There are many ways to proceed, they all require central banks to develop technological expertise. Considering these points, it is important to understand the new IT governance in the financial markets due to CBDC and digital economy. Information Technology is an essential driver that will allow the new financial industry design. This paper has the objective to answer two questions through an updated Systematic Literature Review (SLR). The first question is What IT resources and tools have been considered or applied to set the governance of CBDC adoption? The second; Identify IT governance models in the financial market due to CBDC adoption. Bank for International Settlements (BIS) publications, Scopus and Web of Science were considered as sources of studies. After the strings and including criteria were applied, fourteen papers were analyzed. This paper finds many IT resources used in the CBDC adoption and some preliminary IT design related to the IT governance of CBDC, in the results and discussion section the findings are more detailed. Finally, limitations and future work are considered. Keywords: Blockchain, Central Bank Digital Currency (CBDC), Digital Economy, Distributed Ledger Technology (DLT), Information Technology (IT), IT governance.