Theoretical background: In general, authors claim that the business model for any human-beings organisation defines who and how creates values in a socio-economic context. Taking into account the organisational theories presented in literature, authors notice a variety of definitions and components of business models. In addition, values in the business models have different interpretations. By definition, decentralised autonomous organisation (DAO) is using the Blockchain 2.0 technology, which strongly supports its internal operational management, change of attitude towards organisation members’ identification, and controlling internal activities. Purpose of the article: Construction of the Decentralised Autonomous Organisation (DAO) business model for determining DAO strategic development is the main purpose of this study. The authors aim to provide their own proposal of business model, as well as the identification of DAO business model components. The authors expand the DAO business model canvas, and beyond variables included in Osterwalder’s model, and consider some other important DAO features by example of TalentDAO case study. Research methods: The authors have focused on surveys of the management science literature in some popular repositories. Beyond that, they have added a DAO case study. They have done descriptive analysis of publications on business models and DAO business models. The authors applied the case study approach, because they argue that each DAO is different and taking into account suggestions provided by practitioners, the exploratory case study method is the best method to reveal idiosyncrasy of business organisation as well as applicability of theoretical business models for practice of DAO management. Main findings: Through the literature surveys, authors concluded that selected theories in science of management are fundamental for DAO construction and applicable for development of business models. Although the reviewed models are various, they have many common features and allow constructing the authors’ model of DAO business, which is an extension of Osterwalder Business Model Canvas. The authors characterised DAO partners, customers, values, resources, and activities. The authors discussed constraints and risks of DAO activities as well as the applied methods of coordination and control. The authors claim that DAO supports decentralized decision-making and intra-organizational trust intensification. They argue that the case study on DAO business model is an exemplification, which can be useful for development of other similar DAOs.
In the context of the war, which has caused large-scale and systemic destruction of the energy infrastructure and significantly undermined the state’s ability to ensure stable and uninterrupted energy supply, there has arisen a need to revise the existing territorial energy provision systems due to the vulnerability of centralized infrastructure to physical and cyberattacks, as well as the necessity to secure a resilient, decentralized and autonomous operation of critical facilities and households. The purpose of this article is to examine the available potential and substantiate the prospects for cross-border cooperation of Transcarpathian territorial communities in the field of sustainable energy supply. The study reveals the existing potential of Transcarpathian in the sphere of sustainable energy, which is currently utilized at a very low level. It is well established that overcoming institutional, social, and infrastructural barriers to its full development requires strengthening cross-border cooperation both within existing programs and through new cross-border initiatives. One promising direction for an effective transition to sustainable energy supply in cross-border territories and communities is the creation of cross-border sustainable energy clusters, which would help mobilize investments, enhance coordination among government bodies, research institutions, and businesses, and reduce social tensions by involving communities in project planning and monitoring. An organizational model for cluster formation is proposed, representing an integrated multi-level system aimed at consolidating institutions, resources, and technologies of border regions to build a common energy space. Existing constraints to the model’s implementation under current conditions and possible ways to overcome them have been systematized. Keywords: sustainable energy supply, innovative sustainable energy clusters, renewable energy sources, territorial communities, cross-border cooperation.
The research explores the features of administrative-territorial reform in Ukraine within the context of European integration and active decentralization processes. The author examines the legislative framework for local self-government reform, including the Concept of Local Self-Government Reform and the Implementation Plan, as well as practical measures aimed at territorial consolidation and strengthening the financial capacity of newly established territorial communities. Special attention is given to improving resource management efficiency, developing municipal services, enhancing the organizational and institutional capacity of local government bodies, and ensuring citizen participation in decision-making at the local level, including expanding practices of direct democracy. The research analyzes the dynamics of local budgets, the growth of capital expenditures, and the level of public support for the reform, demonstrating the effectiveness of the implemented measures. The role of international assistance and inter-municipal cooperation in enhancing community capacity is highlighted, along with the importance of professional training and development of local officials. The research emphasizes the relevance of a comprehensive approach to creating financially autonomous and effective territorial communities, including the development of methodological foundations for assessing their capacity to manage local finances and socio-economic development. This research is valuable for scholars, local government practitioners, and international experts interested in decentralization, administrative-territorial reform, and the improvement of municipal financial sustainability.
The article explores the potential of blockchain technology and smart contracts in the field of public administration. The emphasis is on the legal challenges that arise in the process of implementing relevant innovations, as well as on the opportunities they open up for increasing transparency, efficiency, and trust in state institutions. The relevance of the topic is due to global digitalization processes, the need to modernize public administration, and the growing demand from society for openness and public control over the work of state authorities. The novelty of the study lies in the study of the legal aspect of integrating decentralized technologies into the public sphere, which has not yet been sufficiently developed in the Ukrainian legal community. The international experience of regulating smart contracts is analyzed, legal gaps in Ukrainian legislation are identified, and proposals for its improvement are formulated. The results obtained may be useful for legislators, representatives of state bodies, and researchers in the field of digitalization of processes in public administration. Furthermore, the research highlights practical applications of blockchain and smart contracts in various public administration sectors, including digital identity management, tax collection, social welfare distribution, and property registration. By examining pilot projects and international case studies, the study demonstrates how these technologies can streamline administrative processes, reduce bureaucracy, and minimize the risk of corruption. The findings suggest that a gradual, regulated integration of blockchain solutions could significantly enhance operational efficiency and citizen satisfaction. Finally, the study addresses the potential risks and limitations associated with blockchain adoption in the public sector, including high implementation costs, technological challenges, and legal uncertainty. It emphasizes the importance of developing comprehensive regulatory frameworks, establishing clear standards for smart contract usage, and ensuring that public sector employees are equipped with the necessary technical skills. The paper concludes that while blockchain offers transformative opportunities, its successful adoption in public administration depends on a balanced approach that combines technological innovation with legal and institutional preparedness.
Open access
Legal, Health, Environmental and COVID-19 Challenges
The relevance of the study is determined by the need for in-depth study and systematization of innovative decision-making methods that Web3 technologies offer to the modern business environment. In the context of global digital transformation, traditional approaches to management and finance are proving insufficient to ensure the competitiveness and sustainable development of organizations. The purpose of this article is to analyze Web3 tools, in particular blockchain, asset tokenization, decentralized finance (DeFi), and decentralized autonomous organizations (DAOs), as a basis for forming new, more transparent, secure, and effective methods and models for management decision-making. The paper applies a comprehensive methodology that includes a systematic analysis of the functional capabilities of Web3 technologies and a structural-logical approach to classifying their impact on corporate governance and financial management. The use of case studies has made it possible to illustrate the practical aspects of integrating these tools into the activities of large companies. The results confirm that Web3 is not only a technological trend but also a new paradigm that provides managers with qualitatively different tools. It has been established that blockchain creates a foundation for trust and data security; tokenization and DeFi radically increase the flexibility and liquidity of financial management; and DAOs transform corporate governance into a collective and inclusive process. In addition, the integration of AI agents into routine operations allows managers to effectively refocus their attention on strategic planning. The practical value of the article lies in providing organizations with clear recommendations for implementing Web3 technologies: from the need to start with pilot projects to test systems and processes to the mandatory investment in the development of internal competencies. The materials in the article can serve as a basis for developing innovative strategies that will help business organizations minimize technical and regulatory risks and secure leadership in today's digital market.
The relevance of the study is determined by the need for in-depth study and systematization of innovative decision-making methods that Web3 technologies offer to the modern business environment. In the context of global digital transformation, traditional approaches to management and finance are proving insufficient to ensure the competitiveness and sustainable development of organizations. The purpose of this article is to analyze Web3 tools, in particular blockchain, asset tokenization, decentralized finance (DeFi), and decentralized autonomous organizations (DAOs), as a basis for forming new, more transparent, secure, and effective methods and models for management decision-making. The paper applies a comprehensive methodology that includes a systematic analysis of the functional capabilities of Web3 technologies and a structural-logical approach to classifying their impact on corporate governance and financial management. The use of case studies has made it possible to illustrate the practical aspects of integrating these tools into the activities of large companies. The results confirm that Web3 is not only a technological trend but also a new paradigm that provides managers with qualitatively different tools. It has been established that blockchain creates a foundation for trust and data security; tokenization and DeFi radically increase the flexibility and liquidity of financial management; and DAOs transform corporate governance into a collective and inclusive process. In addition, the integration of AI agents into routine operations allows managers to effectively refocus their attention on strategic planning. The practical value of the article lies in providing organizations with clear recommendations for implementing Web3 technologies: from the need to start with pilot projects to test systems and processes to the mandatory investment in the development of internal competencies. The materials in the article can serve as a basis for developing innovative strategies that will help business organizations minimize technical and regulatory risks and secure leadership in today's digital market.
The Buru Regency Government, as the party tasked with administering government, development, and public services, is required to report on regional financial accountability as the basis for assessing its financial performance. The purpose of this study is to assess regional financial performance using ratios from 2020 to 2024, consisting of: Regional Fiscal Independence; Effectiveness of PAD Management; Effectiveness of Regional Taxes; Degree of Fiscal Decentralization; Fiscal Dependency; and Growth of Regional Government Finance in Buru Regency. Using secondary data sourced from the Ministry of Finance website, this study concludes that the financial performance of the Buru Regency Government consists of: 1) the regional fiscal autonomy ratio is still very low with an instructive relationship pattern, indicating that the local government is not yet capable of financing its own government activities, development, and services to the community, and the local government still needs intervention from the central government; 2) the fiscal decentralization ratio indicates that the local government's ability to increase its own revenue (PAD) to finance its own development is still very limited; 3) the local tax effectiveness ratio and local revenue (PAD) indicate that the local government is less effective in realizing tax revenue and local revenue (PAD) from the set targets and real potential; 4) The fiscal dependency ratio shows that the Buru Regency local government is still highly dependent on assistance from the central and provincial governments compared to its own regional revenue; 5) The PAD growth ratio shows that the local government is poor/negative in maintaining and increasing PAD.
Marta Spyra, Rafał Balina, Marta Idasz-Balina, Adam Zając · 5 authors
As the global economy undergoes rapid digital transformation, cryptocurrencies have emerged as a prominent alternative class of financial assets. Their decentralized nature, pseudonymity, and lack of centralized oversight have attracted considerable interest among investors while simultaneously raising significant concerns among regulators and compliance professionals. While cryptocurrencies offer benefits such as enhanced accessibility and transactional privacy, they also pose notable risks, particularly their potential misuse in financial crimes, including money laundering. This study explores the perceived risks associated with cryptocurrencies in the context of money laundering, drawing on insights from a survey conducted among 50 financial sector professionals. A quantitative research design was employed, using a structured online questionnaire to assess participants’ awareness, investment behavior, and perceptions of the role of cryptocurrencies in illicit finance and financial system security. The results reveal a complex perspective: while 70% of respondents acknowledged the potential for cryptocurrencies to facilitate money laundering, 60% expressed support for their wider adoption. Notably, statistically significant correlations emerged between active investment in cryptocurrencies and the belief that they could enhance financial market security and reduce laundering risks. However, self-reported knowledge levels and general awareness did not show a significant relationship with perceived risk. The findings underscore the importance of a balanced approach to regulation, one that fosters innovation while mitigating illicit finance risks. The study recommends increased investment in user education, the development of blockchain analytics, the adoption of global regulatory standards and enhanced international cooperation to ensure the responsible evolution of the cryptocurrency ecosystem.
The aim of the study was to conduct a comprehensive comparison of selected popular cryptocurrencies, such as Bitcoin, Ethereum, XRP, Cardano, and Litecoin. The analysis was carried out in terms of technological categories, scalability, as well as security and privacy. In addition, the development prospects of selected cryptocurrencies were assessed.The research showed that despite its slow transaction speed and scalability issues, Bitcoin is the most widely accepted cryptocurrency as a form of payment, while XRP, which has the fastest transaction speed, is not as widely chosen and supported as a payment method. In terms of everyday applications, Ethereum is the best choice due to its ability to automate many business processes. Most cryptocurrencies are decentralized, which is the foundation of their existence and functioning. Bitcoin, Litecoin, and Cardano place considerable emphasis on this, while there is much debate about the actual decentralization of XRP due to their affiliation with Ripple Labs. An analysis of price stability and volatility has shown that a large proportion of cryptocurrencies are dependent on Bitcoin's market position, which gives an idea of how important it is as a resource. In terms of potential future applications, each of the cryptocurrencies studied can be used as a means of payment, but Bitcoin and Ethereum have the potential to find general use. In addition, they are seen by investors as the safest investment option due to the constant improvements and updates.Analysis in terms of selected factors, including technology, privacy, stability, and price volatility, allowed us to determine the relationship between these factors and the development prospects of the given cryptocurrencies. Bitcoin and Ethereum are the most popular currencies due to their price, and investors often treat them as long-term investments with high growth potential. XRP, Cardano, and Litecoin are less commonly used due to their high dependence on Bitcoin and low growth potential compared to other cryptocurrencies.
This research investigates how inclusive digital finance affects corporate green technological innovation, environmental decentralization, and how green transformational leadership moderates these relationships. As finance becomes more digitalized, especially in an inclusive manner, it encourages corporations to adopt sustainable practices, such as green technology integration, and to further decentralize their adaptive environmental strategies. This research applies the Resource-Based View (RBV) theory to explore the role of digital finance in promoting organizational green innovations, and the Ability-Motivation-Opportunity (AMO) leadership framework regarding the innovation mediating role of leadership. This study seeks to its address empirical research gaps regarding the role of inclusive digital finance in fostering environmentally sustainable corporate practices from an environmental and financial inclusivity perspective. The anticipated results would inform policy and practice in digital finance as a driver for sustainable corporate green innovations.
The article examines the legal mechanism for regulating the circulation of virtual assets in Ukraine and the regulatory and legal support for countering illegal activities with various types of cryptocurrencies. The provisions of the Law of Ukraine “On Virtual Assets”, amendments and additions to civil legislation in terms of introducing the concept of “digital thing” are analyzed. It is proven that the provisions of the European Regulation “Markets in Crypto-Assets” (“MiCA”) are essential for the legal regulation of the circulation of virtual assets and countering illegal activities with them. The classification of virtual assets contained in the European Regulation “MiCA” is disclosed in order to understand the essence of various types of cryptocurrencies. The peculiarities of the circulation of such crypto-assets as Bitcoin, Ethereum are disclosed and noted; the concepts of “blockchain”, “validator”, “service token”, “crypto-asset issuer”, etc. are investigated. The role of a number of state bodies in countering the illegal circulation of virtual assets in Ukraine is highlighted. It is argued that the coordination of analytical work and the detection of risky transactions is provided by the State Financial Monitoring Service of Ukraine. It is substantiated that the detection of criminal schemes and ensuring the prosecution of those guilty of offenses with virtual assets is entrusted to the National Police, the Security Service of Ukraine, the State Bureau of Investigation, the Bureau of Economic Security, and the Prosecutor’s Office. Such bodies as the National Bank of Ukraine, the National Securities and Stock Market Commission, and the Ministry of Digital Transformation of Ukraine form a regulatory framework that should prevent the use of crypto-assets for illegal purposes. It is established that countering the illegal circulation of virtual assets in Ukraine is carried out both through preventive measures, analytical work and improvement of the regulatory and legal framework, and through operational-search and criminal-law jurisdiction. This comprehensive model allows responding to the latest challenges, in particular, the use of decentralized finance, anonymous technologies, and cross-border schemes for the illegal circulation of virtual assets.
Money laundering is regarded as an offense in nearly all nations and has evolved into a significant global concern. Despite the implementation of global anti-money laundering initiatives, its prevalence continues to rise. The need to control this phenomenon is paramount due to the substantial risks it poses to the financial system, economies, and society at large. Consequently, accountants play a pivotal role in the fight against money laundering by virtue of their proficiency in financial transactions, reporting, and auditing. This article discusses the involvement of accountants in combating money laundering, shedding light on the obstacles they encounter. These challenges encompass the lack of harmonization among multiple jurisdictions in their regulatory frameworks, the dilemma of breaching client confidentiality by divulging dubious business activities to law enforcement, the integration of digital payment systems with decentralized finance platforms, and the limited access to adequate resources and training programs. The advent of cryptography and digital technologies further complicates the detection of money laundering activities. Moreover, the article explores the measures undertaken by accountants to counter money laundering. These measures encompass a range of tasks aimed at prevention, including the establishment of compliance systems, detection, and reporting functions. The implementation of forensic accounting techniques and the enforcement of Anti-Money Laundering (AML) regulations form integral components of the prevention strategy. By adhering to regulatory standards, monitoring transactions, and collaborating with relevant authorities, accountants can safeguard businesses and the broader financial system from the detrimental impacts of money laundering. Their contribution extends beyond mere compliance, encompassing the fostering of a culture characterized by transparency, integrity, and ethical behavior within the realm of finance.
Purpose. The aim of the study is to develop a detailed role model for the implementation of smart contracts in the logistics processes of freight transportation, which will enable the automation of interaction between participants and increase the transparency of operations. Methodology. To achieve the stated goal, a systemic approach using context-role analysis was applied. The study involves a detailed decomposition of the stages of the logistics chain when applying smart contracts, identification of key participants, and definition of their functions, rights, and responsibilities. This approach makes it possible to clearly delineate areas of responsibility, reduce the risk of conflicts, and ensure the transparency of each participant’s actions. The developed UML diagram demonstrates the sequence of interactions between subjects, and the integration of smart contracts ensures the automation and immutability of operations. Findings. A comprehensive analysis of logistics processes using smart contracts was carried out, which made it possible to define the rights and responsibilities for seven basic roles of logistics operation participants. This approach provides a holistic view of the system and makes it possible to describe the logic of interactions between subjects. The developed model demonstrates the automation of contract conclusion and execution, which contributes to the reduction of document processing time, optimization of operations, and ensuring a high level of data security in the distributed ledger. Originality. An approach is proposed that enables the integration of formalized roles of freight transportation participants with smart contract technology. The detailed structuring of the functional responsibilities of each role makes it possible to implement the program logic of a decentralized system, which significantly expands the possibilities of automated logistics process management. The approach is universal and can be adapted to different types of logistics scenarios. Practical value. The developed role model creates favorable conditions for the implementation of blockchain solutions in the field of freight transportation, which makes it possible to digitalize logistics processes, increase trust between supply chain participants, and reduce operational costs. The obtained results have practical application for logistics operators, software developers, and consulting companies that seek to modernize existing transportation management systems. The model can also be useful for educational purposes in the fields of logistics, computer science, and management.
The full-scale war in Ukraine has exposed critical vulnerabilities in centralized energy grids, driving the urgent need for decentralized renewable energy solutions. This study investigates the economic efficiency of state financial and investment support for the advancement of distributed green energy systems in Ukraine, particularly through concessional financing initiatives such as the "5-7-9" program. The decision-making analysis focuses on small and medium-sized enterprises investing in 10-, 20-, and 30-kW hybrid wind-solar photovoltaic systems accompanied by storage facilities. Financial viability was assessed using key indicators, including Levelized Cost of Energy, Net Present Value, Internal Rate of Return, Profitability Index, and Discounted Payback Period. Results indicate that with preferential financing, the considered projects achieved strong economic performance, while traditional commercial loans offered by commercial banks rendered small-scale decentralized renewable energy solutions financially unfeasible. Based on this, it has been demonstrated that strategic public-private collaboration and effective financial policy frameworks are critical for scaling renewable energy adoption and accelerating Ukraine’s green and digital transition. The article presents developed strategies and a roadmap for integrating decentralized power systems into Ukraine’s digital economy, which, during and after the war, will help strengthen energy resilience, reduce operational risks, and foster the country’s sustainable growth. However, limitations include assumptions of stable macroeconomic conditions and a focus solely on internal energy consumption. Future research should investigate tailored financial mechanisms for different business types and explore the broader socio-economic impacts of investments in decentralized green power systems, as well as the sensitivity of projects’ economic indicators for optimal decision-making.
The article investigates the strategic role of FinTech solutions in strengthening business resilience for climate adaptation and mitigation challenges. Based on the analysis of the Green Climate Fund projects, the authors arranged a special database on 57 climate finance projects aimed at enhancing business capacities based on digitalization. The machine learning LDA method was applied to identify key types of FinTech interventions, encompassing areas such as mobile payments, digital lending, tokenization of climate assets, and decentralized innovative finance. Statistical analysis enabled the characterization of relationships between project financing and emission reduction volumes depending on project type, public-private financing sources, regional specificities and technological applications. It systematized the main trends of FinTech integration into climate projects and developed a typology of digital instruments supporting business resilience. As a result, the LDA model provided a conceptual framework for understanding the strategic role of FinTech in enabling businesses to adapt to, mitigate, and thrive amid climate change. Analytical generalizations enabled the delineation of strategic directions for future FinTech development to further strengthen the financial and adaptive capacities of businesses within the context of climate transformation.
Blockchain technology has rapidly emerged as a transformative force across sectors such as healthcare, supply chains, energy, and voting systems. Its decentralized, transparent, and secure architecture improves efficiency, enhances trust, and reduces costs. Among these domains, finance has experienced the greatest disruption, with blockchain reshaping banking by fostering transparency, security, and efficiency. This study presents a bibliometric analysis of blockchain in finance, mapping trends, patterns, and intellectual trajectories. The analysis explores publication growth, document types, and leading contributors, while identifying the most cited works shaping the field. Using VOSviewer, keyword co-occurrence and bibliographic coupling visualize thematic clusters and intellectual linkages. By synthesizing these findings, the study highlights blockchain’s current research landscape, identifies gaps, and proposes future directions.
Blockchain has matured from being mainly linked with cryptocurrencies to being a central technology with revolutionary potential for financial systems globally. By allowing safe, decentralized, and tamper-resistant ledgers, blockchain can cut down on the cost of transactions, enhance transparency, and raise efficiency in many areas of finance. This paper discusses the applications of blockchain in payments, cross-border remittances, capital markets, trade finance, and compliance. It includes fresh data from international organizations, central banks, and private industry reports to note both Indian and global developments. For example, close to 91% of the central banks surveyed are now investigating central bank digital currencies (CBDCs), and India's pilot retail digital rupee has already signed up millions of customers. Concurrently, the World Bank also points out that the global remittance average cost still exceeds 4%, a far cry from policy levels, indicating that blockchain is able to bridge this gap. While the technology has potential for efficiency and financial inclusion, there are issues around interoperability, privacy, cyber threats, and regulatory clarity. The report concludes that the contribution of blockchain to finance will most likely be characterized not by substituting current systems, but by integrating programmability and transparency into the mainstream financial infrastructure.
Introduction The initiation of blockchain has brought about revolutionary changes across multiple industries, including finance. This study analyzes published research related to existing financial reporting and audit practices relevant to the implementation and efficacy of blockchain technology. The decentralized, immutable, and transparent blockchain ledger is set to change traditional practices by enhancing accuracy, reducing fraud, and ensuring real-time data accessibility. Methods This study identifies and measures the factors influencing blockchain implementation in specific auditing areas, particularly financial reporting. This research analyzed accounting professionals’ awareness of information and communication technologies (ICT), data security, data privacy, and training among accounting professionals. Hence, the study conducted a survey that targeted accounting practitioners, chartered accountants, financial analysts, and auditors with the aim of analyzing and testing hypothesized relationships using structural equation modeling in AMOS software. Results It presents an empirical analysis that examines the extent to which these factors influence blockchain technology implementation in financial reporting and auditing. We found a significant influence of blockchain technology use on the practices of financial reporting and auditing, leading to enhanced accuracy and transparency, reduced audit time, and increased trust in financial reports. Key findings indicate that while blockchain technology offers significant advantages, widespread implementation faces hurdles such as regulatory compliance, technological integration, and stakeholder acceptance. Discussion Researchers can use these findings to determine potential areas for further research. In addition, this research provides valuable information to practitioners in the field, academics, industry professionals, and policymakers considering the integration of blockchain technology with financial reporting and auditing.
The article is devoted to the study of the problem of harmonization of Ukrainian legislation in the field of crypto-asset market regulation in the context of the implementation of the provisions of the new European Regulation 2023/1114 of May 31, 2023. Given Ukraine’s status as a candidate for membership in the European Union, the task of unifying legal approaches to the definition and classification of digital assets is becoming increasingly relevant. The article provides a comparative analysis of the evolution of the conceptual and categorical apparatus in the European Union, using the provisions of Directive 2018/843, which focuses mainly on combating money laundering, and Regulation 2023/1114, and examines the transition from the term “virtual currency” to the systematic, expanded, and functionally oriented concept of “crypto-asset,” which includes both digital value and digital rights. Particular attention is also paid to the analysis of Ukrainian legislation and recent legislative initiatives, in particular the Law of Ukraine “On Virtual Assets” No. 2074-IX and draft laws No. 10225 and No. 10225-1. In the context of these documents, a detailed comparison of the definitions of “virtual asset” used is carried out and attempts to gradually adapt the Ukrainian conceptual framework to European standards are revealed, including by referring to the technological criterion (use of distributed ledger technology) and expanding the functional content of assets. Discrepancies between the Ukrainian and European approaches have been identified in both the basic terminology and the classification system for crypto-assets. A comparison of classification models has been carried out: the basic three-level structure enshrined in Regulation 2023/1114, which includes asset- referenced tokens, electronic money tokens, and other tokens, and the options proposed in Ukrainian draft laws, which attempt to adapt European categories to national specifics. Attempts to directly transpose the classification model of Regulation 2023/1114 into the Ukrainian legal system and the challenges associated with adapting certain categories of crypto-assets, taking into account the existing legal regime in Ukraine, are analyzed. Proposals are made on the advisability of revising the terminology and further work on the development of a national classification of crypto assets in line with European Union legislation.
Introduction. In the context of global crises, military aggression, and decentralization reforms, the transformation of budgetary policy has become a key factor in ensuring the sustainable development of territorial communities in Ukraine. Particular importance is attached to enhancing the adaptability, transparency, and strategic orientation of public finance systems under security and climate challenges. The purpose of the paper is to substantiate the conceptual foundations of budgetary policy transformation, taking into account fiscal decentralization, digitalization, green economy priorities, and the need for financial resilience of territorial communities. Results. The paper systematizes theoretical approaches to understanding the essence and structure of budgetary policy based on classical and modern financial theories. A conceptual model of budget policy is developed, including key structural components: methodological basis, principles, institutional architecture, information infrastructure, and implementation tools. The authors highlight six modernization vectors: institutional-regulatory, financial, managerial, socio-economic, environmental, and security-oriented. Particular attention is paid to digital solutions, open financial data, participatory budgeting, and the integration of environmental indicators into local budget planning. Conclusions. A comprehensive transformation of budgetary policy at the local level, aligned with strategic priorities of sustainable development, will strengthen fiscal autonomy, improve financial governance, and enhance the long-term resilience of territorial communities.
Introduction. The rapid development of technology is significantly transforming all spheres of human activity, and the financial industry is no exception. Recent decades have been marked by the emergence and rapid spread of blockchain technologies, which promise to revolutionize traditional approaches to doing business. From decentralized finance (DeFi) to smart contracts and asset tokenization, blockchain opens up unprecedented opportunities to increase transparency, security, efficiency, and reduce operational costs. Purpose: a comprehensive analysis of the prospects and challenges of applying blockchain technologies in the financial activities of enterprises, as well as substantiation of their role in increasing the efficiency, transparency, and security of corporate finances in the modern digital economy. Methods. To achieve the goal, our research will be based on the integrated application of a number of scientific methods. Analysis and synthesis will become the foundation for an in-depth study of existing scientific papers, reports and analytical materials related to the implementation of blockchain technologies in the financial sphere. Through analysis, we can break down complex concepts into components, and synthesis will help to combine the data into a single, holistic picture. A systems approach will allow us to consider the financial activities of enterprises integrating blockchain as a complex interconnected system, assessing the impact of the technology on various aspects of business operations and identifying potential synergies and risks. Results. In this scientific article, the conducted research deeply delves into the scope of application of blockchain technologies in the financial activities of enterprises, revealing both their significant transformational potential and significant challenges on the path to implementation. Conclusions: The application of blockchain technologies in the financial activities of enterprises has enormous potential for the transformation and optimization of many processes. From increased transparency and security to automation and access to new sources of funding, the benefits are clear. However, successful blockchain integration requires careful analysis, overcoming regulatory and technical challenges, and significant investment in skills development.
This article explores the innovation management strategies employed by Ukrainian IT companies during the ongoing war and global instability. In response to unpredictable circumstances, such as infrastructure destruction, cyberattacks, labor migration, and economic uncertainty, Ukrainian IT firms have exhibited extraordinary flexibility and innovation capacity. The study investigates structural transformations in organizational models, including the shift to decentralized management, the formation of autonomous R&D teams across different time zones, and the utilization of virtual collaboration hubs. The adoption of agile frameworks and remote-first policies has enabled rapid adaptation and continuity in development cycles despite adverse conditions. Particular attention is paid to the role of emerging technologies—such as artificial intelligence (AI), machine learning, generative models, and low-code/no-code platforms—in maintaining operational efficiency and fostering product innovation. These tools have become essential for automating customer service, enhancing cybersecurity, and optimizing internal logistics, especially in the context of humanitarian initiatives. The research also analyzes sociological surveys, including those conducted by DOU and Lviv IT Cluster, indicating a rise in R&D investment and innovation engagement across the sector. Case studies of MacPaw, Reface, and Ajax Systems exemplify successful adaptation strategies, from geographic relocation and contingency infrastructure to participation in global digital resilience initiatives. The findings emphasize the importance of integrating innovation with strategic foresight, psychological resilience, and legal frameworks such as Diia.City. Key recommendations include fostering mental health support, increasing R&D funding through public-private partnerships, deepening EU digital integration, and expanding innovation-focused regulation. The conclusions provide actionable insights for developing crisis-resilient innovation strategies, particularly relevant for digital industries operating under prolonged stress. This research highlights how the Ukrainian IT sector, despite extraordinary hardship, can become a global model for innovation-led recovery and sustainable transformation.
Introduction. In the current context of the digital transformation of society, there is a growing need to rethink the role of public finance as a tool not only for fiscal regulation but also for strategic development. Traditional models of budget administration are proving insufficient to ensure transparency, accountability and efficiency in the management of public resources. At the same time, the rapid development of digital technologies, such as blockchain, big data, and artificial intelligence, opens up new opportunities for modernizing the financial system. In this context, the study of the digital transformation of public finance is extremely relevant, as it meets the challenges of the innovation economy and the need to increase trust in public administration. Methods. The methodological basis of the study is a combination of systemic and structural-functional approaches, typological analysis, case method and visualization methods. The empirical basis is based on examples of the implementation of digital platforms in public finance in Ukraine, Georgia, the Baltic States, and Canada. The chronological scope of the study covers 2015-2024. The source base is formed on the basis of data from open budget portals, regulations and international reports (IMF, World Bank, OECD). Results. The article presents a classification of digital solutions into four generations: from open data portals to blockchain platforms with smart contracts. A comparative analysis of the functionality, legal integration and scalability of the OpenBudget, ProZorro and GovChain platforms is carried out. Discussion. The results obtained can be used as an analytical and methodological basis for further research in the field of digital design of budget ecosystems, as well as for the development of regulatory approaches to the integration of decentralized technologies into public financial management. Keywords: public finance, digital transformation, blockchain, smart contracts, ProZorro, OpenBudget, GovChain.
Ministry of Youth and Sports of Ukraine, Alina Hrushyna
The main mechanisms of targeted financing in Ukraine are revealed, and their role in ensuring socio-economic development under martial law is defined. The article analyzes the effectiveness of the implementation of active state targeted programs up to 2023, particularly in terms of the fulfillment of planned funding from both the state and local budgets, as well as the achievement of performance indicators. The key shortcomings in the system of program design, financing, and effectiveness evaluation are identified. The paper proposes ways to improve the effectiveness of program implementation, including through decentralization, enhanced monitoring, and independent auditing. Particular emphasis is placed on the importance of adapting programs to the challenges of war and national recovery, as well as the expediency of long-term programs in periods of limited public financial resources.