Blockchain Papers

Arzé Karam

No abstract is available for this record.

Alina A. Zangionova, Arina B. Zagakhova, Zalina S. Kokaeva

In the modern world, where digitalization of the economy plays a vital role in the development of all spheres of life, decentralized finance (DeFi) is becoming one of the most relevant trends in the financial sector. DeFi is a new direction in the financial industry and is an alternative to traditional financial services and banking. This article provides the main theoretical aspects of DeFi, key categories, market analysis, advantages and disadvantages, as well as prospects for further improvement of this direction.

Roman Rusyn-Hrynyk, О. Є. Федорчак, Pavlo Kotsaba

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.

Benjamin Batte

No abstract is available for this record.

М. Л. Дорофеев

An advanced social welfare system in the context of sustainable economic growth is a crucial element of human life in contemporary conditions. It enables the state to go beyond mere economic growth and provide a range of social guarantees for citizens, meeting the principles of sustainable development and socially significant needs of society. The transformation of social welfare systems occurs in parallel with changes in the global economy, making the scientific discourse on future financial models for social welfare increasingly relevant. This article explores conceptual approaches to constructing financial models for social welfare within the framework of global challenges and structural economic transformation. Fundamental principles of such models are examined, including social justice, intergenerational solidarity, the protection of citizens' social rights, system stability and security, as well as economic efficiency. Various theoretical approaches to financing social welfare are analyzed: universalism, selectivism, subsidiarity, and residualism. The study substantiates the need to transition toward mixed financial models for social welfare, which can better adapt to challenges related to digitalization, population aging, climate change, and geopolitical risks. Particular attention is paid to the role of the state in the social welfare system and potential directions for fiscal decentralization to enhance resilience and effectiveness. The conclusions emphasize the importance of adapting social systems to achieve sustainable economic growth and social equity amid global changes. The author declares no conflicts of interests.

Aleksandar Arsov

No abstract is available for this record.

Д. А. Динец

The article provides an overview of theoretical approaches and justifications for using financial platforms in centralized and decentralized finance. The theoretical review allowed us to identify those characteristic features of financial platforms that, at this historical stage of development, can be used to overcome structural imbalances in the Russian economy and provide industrial clusters with the financial resources necessary to build up their competitive potential. As a result, the author’s approach to building the architecture of a financial platform - a supplier of resources for the implementation of priority projects for the structural transformation of the Russian economy - is proposed.

Vanitha Swaminathan

No abstract is available for this record.

David Hope Kanu

The Great Recession of 2007-2009 was preceded by decades of deregulation, reduced supervision, and growing belief in self-regulation. Today, the cryptocurrency markets operate in a similar fragmented and unregulated environment. An unbacked cryptocurrency market with 6.8% global ownership carried a familiar, dangerous optimism for financial stability. Therefore, this study through a qualitative approach explores the regulation of cryptocurrency and its implications for financial stability. The study proved that there are several weaknesses in the current regulatory framework for the cryptocurrency ecosystem, namely, (1) Regulatory fragmentation, (2) Absence of the integration of security and consumer protection issues, (3) Used of existing traditional financial institutions' regulations to regulate the cryptocurrency market; (4) Flaws in the European Union Market in Crypto-Asset (MICA) regulations (5) Lack of a comprehensive uniform global regulatory and supervisory framework for cryptocurrency. Hence, the study findings further shows that the identified weaknesses in current regulatory framework for the cryptocurrency market could amplify financial vulnerabilities in the cryptocurrency ecosystem that could hamper the resilience of the global financial system to cryptocurrency market-based shocks through an increased contagion risk that has significant implication for financial stability. The paper concluded that while a fragmented and unregulated global cryptocurrency market may not currently pose a risk to financial stability in the global economy, an extensive adoption of cryptocurrency without a comprehensive uniform global, regional and national regulatory framework will amplify their vulnerabilities, exacerbate contagion, and generate systematic risk, which will have significant implication for financial stability- Minsky moment. The research recommends that national, regional, and international regulators, and policymakers, must engage in constructive dialogue to develop a risk-based global regulatory and supervisory framework for the cryptocurrency ecosystem, with greater requirements on cryptocurrency issuers, cryptocurrency backed stablecoins, DeFi smart contract, non-fungible tokens (NTF), cryptocurrency exchanges, holding reserves and blockchains operation that generate significant risk for financial stability.

С. В. Зайцев, Igor N. Kutovoy, Anatoly M. Makarov, Irina N. Razhina · 5 authors

No abstract is available for this record.

Ableeva A.M., Garifullin R.F.

The complex interplay between the field of decentralized finance (DeFi) and the established realm of traditional banking presents a fascinating tale of convergence, divergence, and potential collaboration. This article takes a comprehensive look at the multifaceted interactions between these two financial landscapes to explore whether they are destined to merge or whether their collision is inevitable. Decentralized finance, or DeFi, represents a paradigm shift in the financial sector. Based on blockchain technology and smart contracts, DeFi platforms offer innovative solutions for lending, borrowing, trading and more. Meanwhile, traditional banking, with its long-standing institutional foundation, served as the cornerstone of financial services. However, the emergence of DeFi has challenged established norms, questioning the need for intermediaries and centralization.

Maksym Bespalov, Solodchenko Sergii, Anastasiia Matvieieva, Hryhorii Hrytsenko

The article examines the use of blockchain distributed ledger technology in various sectors of the economy. It was found that since 2008, blockchain has developed as a tool for cryptocurrency transactions and was later adopted by major transport companies for cargo transportation management, proving its efficiency. The study is based on general scientific methods of cognition, including the dialectical method for understanding phenomena and the comparative legal method for analyzing approaches to the legal nature of distributed ledger technology. Using a systemic-structural approach, the author examined the benefits and risks of digitalization and blockchain application, leading to the article's conclusions. Blockchain is applied in IT, energy, finance, agriculture, logistics, and other sectors, improving efficiency and transparency in business processes. However, Ukraine lacks legislative regulation of this technology. If implemented, blockchain could become a tool for promoting transparent business practices, reducing risks, and minimizing interference from government authorities.

Сергей Андреевич Вертепов

В статье рассматривается проблема системного разрыва в экосистеме Web3, проявившегося на фоне стремительного роста DeFi и числа пользователей: масштабирование выявило низкое качество пользовательского опыта, выражающееся в высоком оттоке новичков после первой транзакции и связанное с когнитивной перегрузкой интерфейсов, непрозрачностью комиссий и дефицитом персонализированных сценариев. В качестве решения предлагается концепция и архитектура интеллектуального слоя-посредника (AI Middleware), интегрируемого между пользовательским контуром и блокчейн-инфраструктурой. Его ключевая функция – автоматизированная реконструкция и формализация пользовательских намерений в парадигме intent-centric, где управляемым объектом выступает цель операции, а не набор низкоуровневых действий. Для интерпретации намерений предполагается применение методов машинного обучения, включая кластеризацию поведенческих паттернов и графовые нейронные сети для моделирования связей между адресами, протоколами и последовательностями операций. На основе исторических данных, а также результатов исследований российских научных центров (ИТМО, ВШЭ) обосновывается, что внедрение AI Middleware повышает удержание за счет снижения порога входа и неопределенности, и сокращает транзакционные издержки благодаря более точному выбору маршрутов и параметров исполнения с учетом контекста, и типологии намерений.

J. V. Mickiewicz

This article examines the theoretical foundations and conceptual specifics of the mechanism for adopting cryptocurrencies as a payment method in business. It discusses the definition and key features of this mechanism, along with summarizing essential recommendations for the use of cryptocurrencies and crypto assets in business payments. The cryptocurrency adoption framework is analyzed through the organizational–economic mechanism, aiming to achieve practical objectives such as cost reduction, improved access to cross–border payments, and transaction security with crypto assets. The article stresses the importance of risk analysis related to cryptocurrency use and the development of risk mitigation methods through proactive management and the application of appropriate tools. The conclusions highlight the feasibility and benefits of using an organizational–economic mechanism to incorporate crypto assets into business payment processes, ensuring efficiency and adaptability of crypto assets or other alternative payment instruments. The study’s novelty lies in its contribution to the development of a mechanism for integrating cryptocurrencies into business operations, while its theoretical value is in the synthesis and clarification of key issues related to cryptocurrency acceptance in business. The proposed concept and vision of the organizational–economic mechanism to enhance the efficiency of cryptocurrency use in business payments offer valuable insights for future research and practical implementation.

Anniina Saari, Seppo Junnila, Jussi Vimpari

Purpose The real estate industry is often highlighted as a significant beneficiary of blockchain-driven digital transformation (DT). This paper unravels blockchain’s role in driving rapid DT in the Finnish housing sector and its removal after market entry. Design/methodology/approach This four-year longitudinal study used 35 semi-structured interviews. Findings Blockchain was crucial in the early industry-wide DT, fostering innovation through shared value creation, delivery and capture while supporting collaboration and enhancing processes. The findings largely support blockchain’s theoretical benefits in reducing intermediaries, automating processes, minimizing errors, enhancing transparency and addressing data silos in real estate transactions. However, limitations – like the need for specialised expertise, scalability issues and centralisation tendencies emerged – ultimately outweighed the benefits, leading to blockchain abandonment. Regulatory commitment, contrary to expectations about regulatory barriers, regulatory commitment substantially boosted industry activities. While blockchain can spark transformation, maintaining momentum amid evolving market and regulatory developments may require more than blockchain alone can offer. Practical implications Blockchain can drive early-stage DT even in traditional industries like real estate, addressing issues like intermediary reliance, manual processes, inefficiencies and errors. However, it does not guarantee long-term decentralisation as initially promised and depends on off-chain governance. Originality/value This is the first empirical study on blockchain in real estate examining the drivers of a full-scale DT. It is also amongst the first to explore blockchain’s evolving role in successful industry-wide transformation based on a rare four-year study, extending insights into blockchain’s initial impact and subsequent limitations beyond the firm level.

Maria Hnatyshyn

No abstract is available for this record.

Ulysse Pavloff

Blockchains have sparked global interest in recent years, gaining importance as they increasingly influence technology and finance.This thesis investigates the robustness of blockchain protocols, specifically focusing on Ethereum Proof-of-Stake. We define robustness in terms of two critical properties: Safety, which ensures that the blockchain will not have permanent conflicting blocks, and Liveness, which guarantees the continuous addition of new reliable blocks.Our research addresses the gap between traditional distributed systems approaches, which classify agents as honest or Byzantine (i.e., malicious or faulty), and game-theoretic models that consider rational agents driven by incentives. We explore how incentives impact the robustness with both approaches.The thesis comprises three distinct analyses. First, we formalize the Ethereum PoS protocol, defining its properties and examining potential vulnerabilities through a distributed systems perspective. We identify that certain attacks can undermine the system's robustness. Second, we analyze the inactivity leak mechanism, a critical feature of Ethereum PoS, highlighting its role in maintaining system liveness during network disruptions but at the cost of safety. Finally, we employ game-theoretic models to study the strategies of rational validators within Ethereum PoS, identifying conditions under which these agents might deviate from the prescribed protocol to maximize their rewards.Our findings contribute to a deeper understanding of the importance of incentive mechanisms for blockchain robustness and provide insights into designing more resilient blockchain protocols.

Ishkuvatov Elyor Eldarovich

This article examines cryptocurrency as the newest form of money, analyzing the main risks, trends, and prospects for its development. The advantages of cryptocurrency, such as decentralization, anonymity, and security, are also analyzed. However, serious risks related to price volatility and the lack of government regulation are also addressed. We analyze the main development trends in the cryptocurrency market, including the growth in the number of users and the increase in transaction volumes.

Ankita Vashisth, Kolawolé Valère Salako, Pramitha Pinto

Blockchain-based digital assets, particularly cryptocurrencies and non-fungible tokens (NFTs), have gained significant popularity in recent years due to their unique attributes, benefits and challenges. This book chapter aims to provide a comprehensive understanding of the financial reporting and valuation of digital assets. The chapter is divided into three sections, with the first section presenting an overview of digital assets, highlighting the attributes, benefits and challenges of cryptocurrencies and NFTs. The second section delves into the valuation and financial reporting of digital assets, including the regulatory frameworks for cryptocurrencies and NFTs, tax implications for these assets and the types of valuation methodology used. The final section explores the future prospects of cryptocurrencies and NFTs, considering their global impact and adoption on the economy. The chapter discusses the similarities and differences between cryptocurrencies and NFTs. Both types of digital assets rely on blockchain technology; but cryptocurrencies represent fungible digital assets that can be exchanged for other assets or currencies, while NFTs are unique digital assets that represent ownership of a specific asset, such as artwork or music. In terms of valuation, the chapter discusses various methodologies used to value digital assets, including the cost, market, and income approaches and how these methods may be adapted to account for the unique characteristics of digital assets. Furthermore, the chapter provides insights into the financial and corporate reporting requirements for digital assets and how they may differ from traditional financial reporting standards. The regulatory framework for digital assets is also discussed with a focus on the current regulatory environment and the need for clarity and consistency in regulations to promote investor confidence and protect consumers. The chapter also explores the impact of taxation on cryptocurrencies and NFTs, highlighting the complexities of tax regulations and compliance considerations for digital assets. It examines the current tax regulations and their potential impact on the valuation and reporting of digital assets. The chapter also discusses the future prospects of cryptocurrencies and NFTs, considering their potential impact on the global economy, including their role in disrupting traditional financial systems and promoting financial inclusion. Finally, the chapter provides recommendations and best practices for stakeholders to consider when investing, valuing or reporting digital assets.

М. М. Бабенко, К. Л. Косяченко

The aim: to develop a typology of the current management systems for health technology assessment (HTA) based on the identification of typological features in order to scientifically and practically substantiate a typological model that combines the most stable properties and can be implemented in a variety of modifications, taking into account the dynamic development of the health care system (HCS). Materials and methods: The study used scientific publications, official information from the websites of national or regional bodies/agencies, international organizations on HTA, reports, databases and official documents of the World Health Organization (WHO). The research used the following methods: the system analysis, content analysis, institutional analysis, structural-functional analysis, generalization, comparison, systematization, classification, synthesis, typology, and modeling. To conduct a typological analysis, 34 countries were selected in which the HTA has been implemented in the decision-making process for the use and financing of medical technologies (MTs). Research results. An institutional analysis of national HTA systems was conducted. The status of HTA in the national health care systems of the selected countries and, in particular, the role of HTA in the decision-making process regarding the use of certain MTs were studied. The author analyzes the institutional capacity of the HTA system (availability of a special authorized body, level of centralization/decentralization, financing, regulatory framework and human resources). The functionality and areas of activity of HTA bodies (organizations), the level of accountability, openness and interaction with various stakeholders are analyzed. The systematization and generalization of foreign experience made it possible to conduct a typological analysis by characteristic features). Four types of HTA management systems are identified (starting, centralized, decentralized, and balanced). Conclusions: The study identifies and analyzes the areas of activity of the bodies/organizations in most countries of the world that carry out HTA in terms of their mission, vision and functionality, as well as assesses the level of their openness and interaction with various stakeholders. The scientific generalization and systematization of modern approaches and models of HTA systems made it possible to typologize them on the basis of certain characteristic classification features

Murali Krishna Pasupuleti

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.

Marija Iljinaitė, Nijolė Maknickienė

The financial markets are undergoing rapid transformations that raise fundamental questions about the effectiveness of traditional investment models and strategies. Nowadays, investment options are incomparably wider than ever before, and one of the areas of this global financial transformation is alternative investments, so the question is what might be the trends of one of these alternative investments, non-fungible tokens (NFT). The object of the study is alternative investments, such as NFTs. The article intends to reveal how NFTs might impact the valuation and trade of digital assets, as well as to identify the key advantages and risks associated with NFTs for investors and creators. The research will carry out cluster analysis of NFTs, which will help to better understand the NFT market, learn about possible prospects and developments, possible advantages and disadvantages, as well as the level of risk.

Milankumar Rana

<div> Blockchain technology is making a huge difference in the global technology system where it proves better security than traditional system, gaining trust among users for transparency and solving many problems which the current economy is facing. Transaction being done via decentralized network has gasps attractions of many industries including shipping, healthcare and supply chain with less time and accuracy. The decentralized Finance system is solving problems including traditional banking accessibility in remote regions where banks are not available for transactions, Decentralized Finance (DeFi) which reduces cost of infrastructure and mankind by providing direct access to their asset and trade via internet. Although there are governments policies and regulations that are still not clear amongst many countries, even technology is for good but not able to use it due to limited knowledge and guidance. This paper explores how the global economy can be put in such a situation where new technology can not only help government bodies to tackle traditional finance challenges but also mitigate risks, tackle cybercrimes and increase transparency so that everyone across globe can feel secure about innovation in blockchain. This paper will also do analysis of how big data is making a difference in global economy and how government policies are affecting big data and blockchain technology. </div>

Vitaliy Podorozhnyuk, Оlena Lialiuk

This work examines the realities of social networks around the platforms of media giants on the world stage and the potential transition to a new stage - web3 marketing, thanks to the development and modernization of blockchain technologies. Advertising platforms are already changing marketing strategies and interactions with customers through targeted and sensory marketing, and the opportunities and challenges facing the industry in implementing centralized and decentralized technologies in the blockchain ecosystem are discussed. To begin with, modern approaches to promoting brands with the help of online marketing were considered, taking as an example targeted advertising on web resources. The next stage of the analysis of the marketing complex is the content strategy of attracting the target audience by means of the calculation of key metrics. Through this, you can gain insight into ways to directly influence key metrics to better understand your target customer's desires. The third stage revealed the history of the development of the Internet from version web1 to web3 using examples that influenced the development of modern finance and marketing strategies for brand promotion. The final stage in the work was the disclosure of the concept of decentralized and centralized financial systems based on blockchain technology. Thanks to this, it is possible to see the impact of these systems in the world economy, as well as to reveal their positive and negative sides, which mutually replace each other, looking at the problem set by the user, using blockchain technology, as an exchange of financial assets. As a result, the principle of setting up the metauniverse as one of the most promising traffic channels for the world economy is explained.