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.
Salah satu pelaku ekonomi yang terdampak akibat fenomena global pandemic Covid-19 adalah pelaku seni. Hal ini berdampak secara fisik maupun psikis bagi kehidupan mereka. Banyak pelaku seni bekerja dan berkreasi di rumah karena adanya larangan kegiatan berskala besar. Bali sebagai daerah terdampak dengan segudang pelaku seni, kini berusaha memulihkan perekonomian di berbagai sisi. Kehadiran perdagangan digital saat ini menjadi pilihan utama meneruskan usaha dan bisnis di tengah pandemic Covid-19. Penelitian ini berangkat dari fenomena hadirnya perdagangan digital yang disebut Non Fungible Tokens pada Crypto Art. Baliola menjadi satu-satunya marketplace di Bali yang menyediakan jasa perdagangan digital bagi para pelaku kreator seni. Banyak pelaku seni Bali mulai berbondong memonetisasi kreasi melalui perdagangan digital ini. Tujuan dari penelitian ini adalah untuk mengidentifikasi transformasi ekonomi yang dilakukan oleh pelaku seni Bali melalui marketplace virtual Baliola. Penelitian ini menggunakan jenis penelitian kualitatif dengan teknik pengumpulan data melalui observasi, in depth interview dan studi dokumentasi. Hasil penelitian menunjukkan pelaku seni yang telah berinovasi dan bertransformasi adalah pelaku seni ukir, seni tari, seni lukis, digital ilustrasi, seniman layanan, seni perfilman, seni pegiat heritage, dan komunitas seni. Wujud transformasi dipetakan berdasarkan pemasaran, jaringan sosial, ide kreatif dan legalitas. Dalam hal ini juga telah menghasilkan preferensi pelaku seni terhadap Baliola Marketplace yaitu dari individu berupa sistem yang mudah dijangkau atau lokasi Baliola berada di wilayah Bali, berfokus pada seni bali, serta penggunaan token berbasis kearifan lokal (uang kepeng) dan sosial berupa religiusitas yang berarti terverfikasi aman dan halal, diawasi dan didukung pemerintah Bali serta validasi rekanan atau teman yang telah menggunakan sebelumnya
Open access
SMEs Development and Digital Marketing
Sustainability and Innovation in Business
Community-based Tourism Development and Sustainability
Muslehuddin Musab Mohammed, Nida Tabassum Khan, Tabrez Ahmad
Abstract: The climate change is one of the biggest problems that humanity is facing and there is a dearth of solutions in tackling this grave impediment to the long-term sustainability of our planet. Accountability, greenwashing, traceability, impact assessment and trading of carbon credits are unresolved issues in the ESG sector. The paper aims at identifying the opportunity for Islamic finance by reviewing the novel business model of DCarbonX, a Decentralized Application (DApp) that solves the enumerated problems using NFTs on the blockchain platform through smart contracts. The paper combined the inductive method and descriptive approach to describe the functional architecture of DCarbonX, while elaborating on its salient features and highlighting opportunity in sustainable finance for Islamic finance players. The paper encompasses a study on the applications of DApps in DeFi, Web 3.0 and ESG, among other areas and gives a comparative analysis of blockchain platforms for DApp development. The paper concluded that there is a harmony in the SDGs and the primary goals of Maqasid al-Shariah. The blockchain platforms can be utilized to develop DApps for solving the issues related ESG and climate change. The Islamic finance can seize the untapped opportunity in blockchain based solutions for climate change by launching the DApps in the domains of Capital Market (like green Sukuk), Embedded Finance, Takaful, NFTs, RegTech, and SupTech. Keywords: Blockchain, DApp, DCarbonX, Climate Change, Carbon Market, NFT, Islamic Finance.
Banking & financial sector in India is reshaping rigourously as the technological disruptions are spreading<br> through Fintech, RegTech, SupTech, Robo-advice & so on. Adoption of Machine learning, Artificial<br> Intelligence, Distributed Ledger Technologies are bringing paradigm shift in banking sector. RegTech is a<br> technology to be used for regulatory functions by financial authority say RBI whereas SupTech represents<br> technology for supporting regulatory supervision functions. Robo-advice is machine-based programme that<br> helps corporates to predict risk of project in advance & design pro-active & protective measures
The rapid development of China's local e-commerce and the continuous improvement of its business model have not only pushed the country to the forefront of the globe but also opened up the unprecedented potential for China's cross-border e-commerce. Therefore, it is imperative to build a balanced and sustainable cross-border e-commerce system, and cross-border e-commerce on the Silk Road has become a new highlight of China's e-commerce development. This study proposes a cross-border supply chain model based on the complex computer blockchain for international cooperation scenarios, contrasts and analyzes decision making in two cross-border supply chain scenarios with and without blockchain implementation, and investigates the sufficient conditions for blockchain implementation in the cross-border supply chain from the perspective of various value objectives. The analysis reveals that the cross-border supply chain has sufficient incentive to implement blockchain when the value gain generated by implementing blockchain is high or the value gain is low but the potential market size weakening factor of cross-border products is greater than a certain degree. It demonstrates that the link between cross-border product price elasticity, manufacturer cross-border effort cost, and customer cross-border preference degree would impact the circumstances for adopting blockchain in cross-border supply chains. The model also lays out a plan for the government to improve cross-border e-commerce logistics, strengthen oversight, and create a regional financial service network system to reduce credit risk.4.
This article examines the impact of blockchain technology in the financial sector and international trade. The aim of the article is to measure the effect of blockchain technology on international trade and financial business. The paper uses methods of analysis and synthesis of information from researched academic articles, government programs, reports, and statistical data. The averages and regression analysis (in particular, the calculation of the Pearson coefficient) are used for getting analytical results. Graphic methods are used to summarize the information and to present the understudy materials. According to the results of the study, it can be concluded that blockchain technology has great potential for the development of international trade and financial business. It is possible by improving the settlement of international trade, applying smart contracts in the formation of the transaction, improving logistics chains, and reducing the speed of information and delivery processing, increasing the economic turnover. Blockchain has a positive impact on reducing costs for merchants and the banking sector, predicted by 2030 to decrease costs by 11% using this technology. The technology will have a very significant impact on the development of intellectual property, which could be particularly activated by the possibility of reducing the impact of pirated copying. It is possible to reduce corruption and fraud by applying blockchain technology in public procurement, which currently accounts for the bulk of international trade. Blockchain technology will add $3 trillion in additional business value by 2030 and $866 bln in international trade, including financial business.
In this article, the credit system is finalized to ensure the implementation of the Decree of the President of the Republic of Uzbekistan dated May 12, 2020 No. 5992 «On the Strategy for Reforming the Banking System in the Republic of Uzbekistan for 2020-2025». Information security problems in the credit system and their solutions, as well as effective modeling of lender-borrower relations, model iterative calculation and quantitative analysis of the assessment of loan funds by credit institutions based on established criteria, the introduction of a two-way graphical method for assessing the decision-making process, development of decision-making models by banks and other credit organizations as an integral part of the UzBCS credit platform (Uzbekistan Blockchain Credit System), a mathematical model of an integrated decision-making process has been proposed that allows banks and other organizations to evaluate and select reliable borrowers.
Sustainability and Innovation in Business
Advanced Computational Techniques in Science and Engineering
The article deals with the application of distributed ledger technologies in the material, information and financial flows of companies. The ability of the company to integrate and cooperate, to increase the efficiency and effectiveness of business processes when using blockchain technologies is substantiated. The factors affecting the stability of the supply chain are studied, the advantages and disadvantages of the implementation of systems based on the design of architecture and the creation of flowcharts for analyzing the suitability of applications for control systems for product promotion are highlighted. It explores the relationship between buyer-supplier relationships in cross-border e-commerce and the benefits of successful implementations of blockchain solutions in an interorganizational supply chain environment.
Economic and Technological Systems Analysis
Sustainability and Innovation in Business
Digitalization and Economic Development in Agriculture
Few epidemiological studies have discussed the gender-specific prevalence of ischemic heart disease (IHD). We aimed to investigate the gender-specific prevalence of IHD among Saudi patients visiting the emergency department and if it is affected by diabetes mellitus and/or hypertension. Three hundred patients were recruited from Prince Sultan Cardiac Center in Al Ahsa, KSA. Hypertension was identified as systolic pressure equal to or more than 140 mmHg and/or diastolic pressure equal to or more than 90 mmHg or by the patient currently being on antihypertensive medication, and coronary artery disease (CAD) was diagnosed by electrocardiogram, cardiac markers, cardiac exercise testing or coronary angiography. Hypertension was found in 80% of males and 72% of females. A significantly higher rate of diabetes was noted in females (62%) compared to males (48%) (p<0.012). Co-existing diabetes and hypertension was found in 70% of females as compared to 38% of males. The occurrence of IHD in males was significantly higher than that in females (p<0.001). However, the incidence of myocardial infarction was greater in females (52%) compared to males (38%) (p<0.035). Co-existing hypertension and diabetes may affect the gender prevalence of myocardial infarction among emergency department patients, with more infarctions being noted among females. This finding helps to guide the treatment strategy for both genders.
Ukraine has a high navigable potential of rivers. At the same time, in Ukraine only about 0.5 % of goods are transported by river transport. The current situation of research in the scientific field in most cases is based on the study of the statistical basis for the use of ports in transportation, transshipment volumes, but scientists do not pay attention to the place of ports as a center of river transport infrastructure and transport development in general. An important step for Ukraine for the development of river ports should be the entry into force of the Law of Ukraine "On Inland Water Transport". This law will address a significant number of issues that have accumulated in the field of river transport and encourages the industry to actively develop soon. In our opinion, the state's efforts to obtain direct revenues from water transport operations, rather than indirect revenues through savings from reducing the load on road infrastructure, accelerating the flow of funds from businesses, payment of wages to river workers, indicates an underestimation of economic industry potential. In the context of decentralization, the transfer of the method of generating revenues to the indirect ones allowed to significantly support the united territorial communities in their search for opportunities to attract investors in their territory and the development of existing ports. International experience in port management shows that among the many sources of financing, modernization and renovation of port infrastructure, the concession is the most attractive tool for raising funds. There is another negative point of distorted statistics: the lack of accurate data contributes to the development of the shadow business on the river. The most striking example here is illegal sand mining, which significantly reduces tax payments, and not only state but also local budgets suffer from this. Shadow "developers", in particular, do not pay rent, VAT, income tax, single social contribution. They also "manage" without paying land rent and the cost of environmental measures, including not compensating for losses to fisheries. If in Ukraine the accounting and control of cargo handling in river terminals was carried out, it would always be possible to stop such activity. However, the adopted law is a lesson for our Ukrainian realities. Only equal relations between business and the state will stimulate both the growth of transshipment in ports, the development of new areas of logistics, and, in general, the development of the country's economy.
Elena Kirillova, Богдан Варвара Владимировна, Petr Filippov, Valentin Tkachev · 5 authors
This article discusses the main features of the classifications of blockchain technologies. Ten years after the first blockchain appeared, this technology is still largely experimental. It is difficult to predict the future of the blockchain industry and the technology itself with confidence, but its certain outlines are already emerging. The purpose of the study is to consider the classification of blockchain technologies and analyze the problems that arise when using these technologies. When writing the article, the authors used methods of collecting and studying individual facts, generalization, scientific abstraction, cognition of laws, as well as the methods of objectivity, concreteness, and pluralism. It has been proved that the legal regulation of blockchain technologies should be carried out through the development of uniform world standards and that prohibitions and restrictions on certain types of activities should be systematized and regulated at the international level. The study has concluded that three types of blockchain are used: public blockchains with open access (public blockchains), private blockchains with open access (consortium blockchains), and private blockchains with closed access (fully private blockchains). Following this typology, the authors have highlighted the main features of each blockchain category.
Blockchain technology and its industrial use cases can be detected worldwide. It is time for the state to think about the blockchain as an opportunity to reduce costs and build trust in the public spending. The paper and the presentation give an overview on how the state can apply the distributed ledger technology (DLT) and blockchain technology in the public administration: there are several countries with best practices already, and even more are in the introduction phase of opening to Industry 4.0 in the public services as well. On the field of FinTech area the state has great responsibility to regulate (or at least define) the phenomena of cryptocurrencies, that is already in use for more than 10 years now without any responsible governmental acts. Within this topic the Central Bank Digital Currency projects are also discussed in the paper, which are supported by IMF, and declared as the next natural step forward on financial markets. Keywords: blockchain, DLT, SDG, public spending
The article presents blockchain technology for developing national digital economy, efficiency of digitalization and basic principles of digitalization, and a set of blocks requiring material resources. The purpose of the article is to study features of digital economy development and propose application of blockchain technology in national economy sphere. Research methods: The instrumental and methodical apparatus of research based on application, in framework of a systematic approach, general scientific research methods. Implementing blockchain technology in financial system at micro-macro degrees, insurance system, system of government, electron trade system, industrial system, intellectual property account system, education system, health care system was analyzed in this article. Organizing in perfect way the operations to implement the digital economy in Uzbekistan, and develop and establish large financial projects at the state level, moreover, illustrated in details importance of using blockchain technology in national economy industries while developing and establishing large financial projects at the state level.
The relationship between the development of financial technologies and the formation of the financial ecosystem has been investigated. It is proposed to divide the properties of the financial ecosystem into general and specific ones. The definition of the financial ecosystem has been clarified on the basis of identification of the institutional, functional and sectoral approaches to its understanding. The signs of classification of blockchains in the financial sphere are systematized.
The purpose of the article is to study the forms of state participation in financing of culture in order to solve socio-cultural problems in the context of decentralization. The methodology of the research is characterized by a complex combination of general scientific (formal-logical, method of analysis and synthesis), philosophical (dialectical) and special (comparative, formal-legal) methods, which gave an opportunity to study the experience of other states and Ukraine in the sphere of state participation in financing of culture to overcome socio-cultural problems. The scientific novelty of the work lies in carrying out a comprehensive study of the state's participation in the financing of culture in Ukraine and in the world in order to overcome socio-cultural problems in the context of decentralization reform, and defining the forms of such participation. Conclusions. Ukraine takes direct and indirect participation in financing the culture in order to overcome socio-cultural problems regarding the decline of spirituality and prevention of a humanitarian catastrophe. The main forms of state participation in financing the culture include direct budget financing (at the expense of state and local budgets). Indirect participation provides certain special rights for more efficient use of own funds by budgetary institutions – cultural institutions.
Nowadays, Blockchain is one of the most desired technologies, because almost every industry seeks to apply it. Tourism was no exception. Manufacturers of services on the basis of a distributed database claim that thanks to the blockchain it is possible to completely get rid of the monopoly in the market, which in turn will lead to lower prices for services and increase the level of tourist comfort. The technology was first applied to the Bitcoin network. Now blockchain finds application in a wide variety of areas, from processing financial transactions to storage of data on the purchase of virtual cats. The tourism sector can use the blockchain to store publicly available information about the quality of hotels and the behaviors of tourists, to process transactions for the purchase of tickets and reservation of housing, to create databases for storing identity cards, etc. The subject of the article research is the use of blockchain in the tourism industry. The goal is to analyze the current state and determine the prospects for using blockchain technology in the tourism business. The tasks are to highlight the main problems and prospects for using the blockchain, as well as formulating a strategy for using this technology in the tourism market as a means of improving the quality of travel. The study uses theoretical, methodological and systematic methods of source analysis, including statistical materials, regulatory documents, scientific articles to assess the state of the use of blockchain technology in tourism and the prospects for its application. The following results were obtained: the main directions of the use of the blockchain in tourism were identified, its influence on the creation of a more diverse and flexible offer in the tourism services market. It is concluded that blockchain technology can provide greater security and transparency in the tourism industry thus increasing its profitability, which in turn affects the creation of new jobs and the standard of living of the population.
The problem of the essence of cryptocurrency as a method of payment has been investigated. The absence of a unified legal regulation of the terms "method of payment", "cryptocurrency" is proved. The possibility of cryptocurrencies’ application through the prism of performing the functions of money is analyzed. Attention was drawn to the need for flexible legal regulation to further effective evolve along with the cryptocurrency and technology sector without hindering innovation.
Global supply chains more and more rely on modern information technologies which contribute to expenses decrease, improvement of processes quality and clarity in-crease. Transaction history tracking possibility between sender and recipient throughout the whole supply chain is key factor, especially if there is confidence problem between chain members. This article enlightens basic principles of blockchain practical use and distributed registry construction in addendums of blockchain. Main attention is payed to analysis of integration increase in supply chains that are created between business partners based on digital data and web-transferred funds. There are blockchain technology application methods defined that are used to increase supply chain resistance in the face of risks and indetermination. The methods provide a close connection between financial, logistics and commercial participants of trade and economic transactions with payments unification possibility and supplies via post operators. Analysis performed shows that blockchain technology concentrates around material and financial actives commerce; potentially the most interesting for both transactions and management processes inside organizations and between them. Processes, strategies, technologies and practical blockchain application in supply chains evidence about its vast potential and wide possibilities for development and efficiency increase of organizations that are parts of chains. Blockchain technology application can enlarge competition advantages of company and decrease risk by increasing of reliable information about chain members, particularly when two entities perform such an operation for the first time.
In this paper, we deal with comparative analysis of cryptocurrency wallets and traditional wallets. In addition to security analysis, we will observe the most important elements that should ensure a high level of social acceptability. In that regard, we will make a brief overview of the existing mechanisms for disposing a funds expressed in traditional currencies as well as for crypto currencies. Under the traditional safe keeping mechanisms and the disposal of cash, we will consider systems based on payment cards, payment by cash and payments over the internet. The use of digital wallets is reflected in various characteristics. The convenience of using the ability to execute a mobile phone transaction in matter of seconds. Efficiency is reflected in the speed of transaction execution. This paper describes the current state of digital wallets on the market, the choices of a better solution for purchasing and using digital wallets, security of digital wallets and future trends in their development.
Nadezhda N. Pokrovskaia, Vladimir A. Spivak, S. O. Snisarenko
The optimizing and increasing the efficiency of human resource management in a knowledge-based economy becomes the central issue for research in the field of training and professional integration of high-qualified specialists. The description of competencies and skills required by companies as well as the personal features of candidates, their motivations and interests presented through human resources portfolio and cv need high level of security requirements and agile decentralized methods of governance. Blockchain technologies are able to allow the necessary level of data security and to minimize costs, for this purpose blockchain platform is seen in this paper as a pertinent basis to build a global register of qualification certificates and competency assessment. Developing such a ledger requires coordinating assessments of competencies and qualifications at the global level of business processes, which can be carried out by regulators, for example, government institutions, and on the basis of decentralizing corporate and individual requests, goals and self-actualization motives, which seems more appropriate to the actual practice of creating infrastructure.
Over the last years, the blockchain technology has attracted the attention of both business users and IT specialists. In essence, blockchain or a chain of blocks is a distributed and decentralized database replicated across the multiple nodes of a network. Until recently blockchain has been associated mainly with cryptocurrencies, but nowadays it is revealing its serious potential as a means of replacing the business models that facilitate the operations of business organisations and the communication between them. The utilisation of the advantages provided by blockchain, however, requires their appropriate interpretations within the framework of business processes. With reference to this, the article analyses some of the main concepts and mechanisms of this technology. Special attention is paid to the interrelation of blockchain and distributed ledger (DLT) technologies, hashing of transactions and data management through consensus as well as the so called “smart contracts”. A parallel is made between the capabilities of public and private blockchain. Based on this, the study defines the fundamental blockchain characteristics and the advantages resulting from them. It is suggested that the blockchain technology offers a solution to the primary problem of trust between people in the context of global communication and ensures better transparency, reliability and security of data and business processes. In addition, the author outlines certain potential technical and business risk that have to be taken into consideration in the process of data transfer with reference to blockchain.