In the context of the digital transformation of public administration, one of the key tasks is to create a unified information space that ensures the consolidation of information about the activities of core domestic enterprises in the economy. However, the existing approaches to the disclosure of data from strategic and systemically important budgetary (autonomous) institutions are fragmented, which makes it difficult to use them for analysis. The purpose of the study, based on the methods of systematic and comparative analysis, is to substantiate the choice of data architecture when designing the digital profile of strategic and systemically important budgetary (autonomous) institutions. As a result of the work, a three-level architecture of a digital profile with open and closed access contours is proposed, within which information is collected, processed and published. The choice of technological solutions is justified supporting automated upload with blockchain fixation, multidimensional grouping, extraction of parameters from unstructured documents and visualization in dashboards. The proposed architecture corresponds to the priorities of the national project «Data Economics and Digital Transformation of the State» regarding the implementation of platform solutions and artificial intelligence technologies in public administration. The results of the study are of practical value for economic entities, specialists in the corresponding field, as well as for a wide range of users of financial and non-financial reporting.
The article examines the role of cryptocurrencies in developing electronic commerce and transforming modern payment infrastructure within the digital economy. Particular attention is paid to the economic nature of cryptocurrencies as innovative financial instruments and their increasing use in online commercial transactions. The study analyzes the key features of applying digital currencies in e-commerce, including decentralization, transaction transparency, the high speed of cross-border payments, and reduced dependence on traditional financial intermediaries. The advantages of cryptocurrency payments over conventional systems are identified, such as lower transaction costs, enhanced security through blockchain technology, and expanded international market access for businesses and consumers. Conversely, the article outlines the main challenges and risks limiting the widespread adoption of cryptocurrencies in electronic commerce. These encompass significant price volatility, technical and infrastructural barriers, cybersecurity threats, and the absence of unified legal regulation across many jurisdictions. Special attention is devoted to analyzing the practical experience of leading international companies–including Amazon, Shopify, PayPal, Microsoft, Expedia, and Rakuten–that have implemented or tested cryptocurrency payment solutions. Results demonstrate that these practices improve payment efficiency, accelerate international settlements, reduce commission fees, and increase overall transaction security. The study concludes that integrating cryptocurrencies into e-commerce represents a natural evolutionary stage of the digital economy. Ultimately, cryptocurrencies possess substantial potential to strengthen electronic commerce and support its ongoing development.
The relevance of the study is determined by the growing role of decentralized autonomous organizations (DAOs) as an institutional basis for coordination and management in scalable digital business ecosystems in conditions of limited effectiveness of traditional hierarchical models. The purpose of the article is to provide a theoretical justification for the institutional effectiveness of DAOs and to identify the main mechanisms of their influence on the processes of coordination, distribution of responsibility, and decision-making in digital ecosystems. The methodological basis of the study is formed by the provisions of institutional economics, transaction cost theory, and collective action theory.The research uses methods of system analysis, theoretical generalization, comparative analysis, and institutional modeling. As a result of the research, the essence of DAOs as a new type of institutional construct in which formal and informal rules are integrated directly into the mechanism of coordination of economic agents has been clarified. It has been found that algorithmic enforcement, implemented through smart contracts, contributes to a reduction in transaction costs associated with the fulfillment and control of obligations, while strengthening institutional constraints. The main mechanisms of DAO’s influence on coordination have been identified, in particular procedural and asynchronous interaction, tokenized collective decision-making, and distributed responsibility. It has been found that the effectiveness of DAOs critically depends on the interaction between formal institutions and informal factors such as trust, reputation, and the activity of the community core. A generalized analytical model has been developed that demonstrates the relationship between DAO institutional mechanisms, their effects, and potential risks in the context of scaling digital ecosystems. The conclusions indicate that DAOs perform the functions of institutional coordination and reduction of transaction costs in digital business ecosystems through the algorithmization of formal rules and the use of smart contracts as a mechanism for ensuring compliance with norms.
The article is devoted to the study of the transformation of the innovation process management paradigm under the influence of the accelerating digitalization of the economy and society. The relevance of the work is due to the need to rethink traditional models of innovation management in the context of the emergence of new digital platforms, data analysis tools and network forms of the organization. The purpose of the study is to identify the key challenges and systemic opportunities that digital transformation creates for technological entrepreneurship as a driver of the generation and commercialization of radical innovations. The paper analyzes how end-to–end digital technologies (big data, artificial intelligence, the Internet of Things, distributed ledgers) not only optimize existing business processes, but also qualitatively change the logic of innovation cycle management – from idea generation to product launch. Special attention is paid to such challenges as the need to manage high-speed iterations, work in conditions of hypercompetition and volatility of digital markets, the problem of cybersecurity of intellectual property, as well as an acute shortage of personnel with competencies at the intersection of technology and management.
Digital Economy and Transformation
Human Resources and Workforce
Digitalization and Economic Development in Agriculture
The article examines the current state and key developmental trends of the payment system of the Russian Federation under the conditions of financial sector digitalization and unprecedented external sanction pressure. The primary focus is placed on analyzing the performance of the National Payment Card System (NPCS) as a guarantor of the country’s economic stability and technological sovereignty. Based on statistical data, the dynamics of implementing “Mir” cards and the Faster Payments System (FPS) are considered, alongside a mathematical evaluation of the economic efficiency of transactional technologies for commercial enterprises. Key barriers in the sphere of cross-border settlements are identified, and perspective ways to overcome them are proposed, including the integration of the digital ruble and supranational distributed ledger technology platforms.
The trend toward digitalization and the implementation of ESG standards poses the challenge for Russian regions to rapidly restructure their governance. This paper demonstrates that integrating smart contracts into a region's transport and logistics system can significantly increase the flexibility of its institutional system. The authors explore the potential of blockchain algorithms for optimizing operating costs, ensuring the transparency of trade flows, and verifying non-financial reporting. A conceptual feedback loop is presented, demonstrating the intersection of digital technologies and regulatory mechanisms. The authors' contribution lies in their interpretation of smart contracts as flexible regulatory algorithms and their identification of the logistics industry as the primary vehicle for ESG principles at the meso-level. This material will be of interest to specialists in regional governance, institutional economics, and digital innovation.
Subject. This article discusses the peculiarities of forming a holistic approach to assessing human capital as an economic resource of regions to improve the efficiency of its use in the context of decentralization. Objectives. The article aims to study human capital as a factor in the economic growth of regions in the context of decentralization, identify interregional disparities in its development, and substantiate strategic areas for intensifying the formation, funding, and effective use of human potential at the territorial level. Methods. For the study, I used analysis and synthesis, induction and deduction, abstraction, comparison, generalization, and systems and dialectical methods. Results. The article proposes strategic areas for intensifying and financing the development of human capital, taking into account modern challenges, and it pays particular attention to the institutional capacities of regions. The article substantiates current approaches to financing human capital in the context of the transition to a decentralization model, as well as in the systematization of data on investments in human resources for 20232025, and it formulates proposals for improving the sustainability of regional development through the optimization of inter-budgetary transfers, taking into account the existing interregional imbalances in the Human Development Index. Relevance. The results obtained have a certain practical value, as they can help regions more effectively utilize their potential, attract investment, create new jobs, and develop their own unique strategies for human capital development based on territorial characteristics.
Topicality. The digitalization of the economy in the context of the Fourth Industrial Revolution fundamentally changes the logic of the functioning of economic systems. Industry 4.0 encompasses a range of breakthrough technologies, such as artificial intelligence (AI), the Internet of Things (IoT), blockchain, cloud computing, 3D printing, big data, and robotics, which not only modernize production but also transform value creation processes, labor organization, consumption, and governance. This creates a need for scientific reflection on these processes, taking into account economic, social, and institutional aspects. Existing theoretical models do not fully explain the new patterns of economic development under conditions of digital transformation, which necessitates research into the mechanisms of structural change. Aim and tasks. The purpose of the article is to substantiate the mechanisms and forms of structural transformation of the economic system under the influence of the core technologies of Industry 4.0. In particular, the study examines how digital and autonomous solutions change the nature of production, distribution, consumption, and management. Materials and methods. The methodological basis of the study is a set of scientific approaches. The systems approach made it possible to consider digital technologies as a unified architectonics of a transformation model. Structural and logical analysis was used to identify the key directions of change: what is produced, how it is produced, and for whom. Comparative analysis was applied to contrast the classical “push economy” model with the modern “pull economy,” as well as human-centered and automated management solutions. Research results. The study established that the widespread implementation of Industry 4.0 technologies leads to systemic changes in the key parameters of the functioning of the economic system, namely the transformation of the coordinates “what to produce,” “how to produce,” and “for whom to produce.” It is proven that the integration of artificial intelligence, additive technologies (3D printing), and big data forms a model of customized, autonomous, and localized production, which is accompanied by a shortening of value chains and an increase in the flexibility of production processes. It is substantiated that blockchain technologically ensures a reduction in transaction costs and the decentralization of coordination mechanisms, while robotics drives productivity growth, and cloud computing and the Internet of Things ensure the rapid synchronization of production with real demand and enhance the adaptability of economic systems. Conclusion. The generalization of the obtained results allows us to assert that Industry 4.0 technologies form a qualitatively new architecture of the economic system, manifested in the transition from an extensive to an intensive model of economic growth, from a “push” to a “pull” logic of economic functioning, from mass to customized production, and from centralized to decentralized data management models. The identified shifts indicate the transformation not only of individual production or management processes but of the holistic structure of the economic system under the influence of digital technologies.
The article examines the role of cryptocurrencies in the shadow economy, their specific features that create conditions for illegal financial transactions. The methods of using digital assets in criminal activities, including money laundering and illegal transactions, are analyzed. Special attention is paid to the problems of regulating the cryptocurrency market in Russia, new legislative initiatives and control measures. Technologies for monitoring blockchain transactions aimed at detecting suspicious transactions and reducing the risks of using cryptocurrencies in criminal schemes are also affected.
Decentralized autonomous organizations based on team management and algorithmic mechanisms of decisionmaking play a serious role in the development of digital economy. Their introduction helps eliminate shortcomings typical of traditional hierarchical management and provides more democratic decision-making in digital communities. However, in spite of decentralization ideals today’s decentralized autonomous organizations demonstrate a stable trend towards recentralization of power. The article provides a systemic analysis of factors stipulating management centralization in decentralized autonomous organizations. By analyzing the current research and empiric data a comprehensive classification of such factors was put forward, as well as methods opposing them. Both technological and legal and social solutions are being discussed. The discussion substantiates the necessity to reach balance between decentralization and managerial efficiency. Finally, a conclusion was made running that sustainability of decentralized autonomous organizations does not depend on centralization elimination but on ability to develop adaptive mechanisms of power restriction.
Open access
Digitalization and Economic Development in Agriculture
Subject. The article discusses innovative digital technologies in improving the effectiveness of coordination of economic entities. Objectives. Based on the theory of transaction costs, the new institutional economics and the theory of public choice, the study aims to identify specifics of the impact of distributed ledger technologies on economic institutions, their transparency, and effective coordination in economic systems. Methods. We employed methods of theoretical analysis of literature on the new institutional economics, the theory of public choice, and constitutional economics. Innovative digital technologies are considered from the perspective of transaction cost reduction. Results. The paper shows that innovative digital technologies are not limited to a narrow application in the field of digital currencies and smart contracts, but represent a fundamental institutional mechanism that helps reduce transaction costs, increase transparency of transactions, and form more perfect market orders. Special attention is paid to the role of distributed registry systems in spontaneous and polycentric management according to E. Ostrom, and in "constitutional choice" according to J. Buchanan. Conclusions. The decentralized nature of distributed ledgers, backed by cryptographic methods and economic incentives, has the potential to transform organizational and political institutions, stimulating increased trust and inclusivity in collective decision-making processes.
В статье рассматриваются теоретические и прикладные аспекты стратегической цифровой трансформации бизнеса с акцентом на потенциал технологий Web3 в корпоративной и региональной экономике. Проведен сравнительный анализ эволюции веб-технологий от Web 1.0 до Web 3.0, обоснована актуальность интеграции Web3-инструментов (токенизация, DAO, NFT, децентрализованные платформы) в программы цифровизации холдинговых структур и региональных цифровых кластеров. На основе анализа статистических данных и международных кейсов выявлены ключевые барьеры и точки роста для внедрения Web3 в управленческие и экономические процессы. Сформулированы рекомендации по нормативному сопровождению, внедрению пилотных проектов и развитию компетенций в области децентрализованных архитектур. Статья ориентирована на исследователей, управленцев и стратегов, заинтересованных в практическом применении Web3 в целях устойчивого развития цифровой экономики. This article explores the theoretical and practical aspects of strategic digital transformation in business, focusing on the potential of Web3 technologies within corporate and regional economies. A comparative analysis of the evolution of web technologies from Web 1.0 to Web 3.0 is provided, emphasizing the relevance of integrating Web3 tools – such as tokenization, DAOs, NFTs, and decentralized platforms – into the digitalization programs of holding structures and regional clusters. Based on statistical data and international case studies, the article identifies key challenges and growth opportunities for embedding Web3 into management and economic processes. Recommendations are formulated for regulatory support, pilot project implementation, and competence development in decentralized architectures. The study is intended for researchers, managers, and strategists interested in the practical application of Web3 to foster a sustainable digital economy.
Стремительное развитие технологического прогресса кардинально меняет экономическую сферу, формируя принципиально новые подходы к ведению бизнеса и финансовым операциям. Современная экономика трансформируется под влиянием цифровых инноваций, включая системы машинного обучения, распределенных реестров, автоматизированных процессов и виртуальных активов. Масштабное внедрение сетевых решений, технологий защиты информации и аналитики массивов данных создает фундамент для качественного скачка в развитии производственных и финансовых отношений. The rapid development of technological progress is radically changing the economic sphere, forming fundamentally new approaches to doing business and financial transactions. The modern economy is being transformed by digital innovations, including machine learning systems, distributed ledgers, automated processes, and virtual assets. The large-scale implementation of network solutions, information security technologies, and data analytics creates the foundation for a qualitative leap in the development of industrial and financial relations.
The article is devoted to the analysis of the problem of the development of the cryptocurrency market, the markets of their circulation and the prospect of using them as a means of payment in international settlements of the Russian Federation in the context of increasing sanctions pressure. The author analyzes a group of social and economic factors that led to the emergence of cryptocurrencies. Special attention is paid to the disclosure of their technological essence of cryptocurrencies and their rewarding nature. The article examines in detail the history of the development of cryptocurrencies themselves, their circulation markets, the business essence of this means of payment and the path of its entry into the global economic system. The paper compares the European, Russian and Chinese ways of regulating the cryptocurrency market, the consequences, causes and features of the use of various methods of regulating the crypto market for national economies and their impact on the cost and demand of cryptocurrencies. Special attention is paid to the study of the problem of the practical use of cryptocurrencies on the territory of the Russian Federation and in its international settlements both at the state level and on the scale of individual enterprises. The author evaluates the possible prospects for the development of the Russian national cryptocurrency, and the use of bitcoin as an alternative means of domestic and international settlements of the Russian Federation. It is this aspect of the development of cryptocurrencies that is particularly important for the Russian market, which is in dire need of a means of payment that will help circumvent Western sanctions. The paper also reflects the problem of the attractiveness of the cryptocurrency market for criminal transactions and the difficulty of countering illegal transactions without seriously compromising the attractiveness of cryptocurrencies as a means of payment.
This paper examines the phenomenon of digital transformation in socio-economic systems as an object of public governance through the transition from an instrumental to a substantional understanding of digital technologies’ role. Using an interdisciplinary approach, the research systematizes theoretical and methodological concepts of digital transformation and identifies its seven fundamental properties: transversality, recursiveness, emergence, accelerativity, cognitive-transformational potential, institutional reconfigurability, and ontological hybridity. These properties form the methodological foundation for a new understanding of digital transformation, where technologies are viewed not as external optimization tools but as constitutive elements of a new institutional reality. The study develops a matrix of digital transformation’s impact on components of the socio-economic system, structuring the nature of changes, influence mechanisms, and resulting effects for economic, social, political-administrative, innovative, and informational subsystems. The research analyzes the evolution of public governance instruments for digitalization—from e-government to digital statehood models focused on digital resilience and platform-based approaches. Based on analysis of real-world cases of public sector digital modernization across different countries, the study confirms that effective public governance of digital transformation requires a comprehensive approach that accounts for the systemic nature of transformational processes. The research demonstrates that the transitive model of digital statehood creates a methodological foundation for proactive responses to digital era challenges through vertical integration of artificial intelligence systems and distributed ledgers into mechanisms of strategic planning and institutional adaptation.
The article analyzes the foundations of Ukraine's state regional policy for digital transformation, including the regulatory framework, strategic documents, and regional informatization programs. It is determined that implementing digital technologies is a key direction of state policy aimed at creating conditions for the development of an information society, integrating modern technologies into public administration, and ensuring the competitiveness of regions. Considering the decentralization of power, conditions are being created to align regional development policies with key areas of digital transformation, including the digitalization of regional governance, the development of the digital economy, the implementation of innovative technologies, process automation, the expansion of e-government, and the formation of e-democracy tools, among others. The study found that the primary tool for ensuring digital transformation at the regional level is regional informatization programs developed by the standard project for such programs approved by the Ministry of Digital Transformation of Ukraine. As of January 1, 2025, 16 regions of Ukraine have adopted these programs, which cover the implementation of e-government, digital infrastructure, cybersecurity, digital literacy, and more. Disparities in financing and levels of digital maturity among regions have been identified, requiring improved coordination mechanisms and ensuring the balanced development of digital infrastructure at the regional level. The study's results emphasize the need to synchronize regional programs with national priorities, integrate European digitalization standards, and implement a monitoring system to assess program effectiveness. These aspects are crucial for the harmonious development of a digital state, ensuring equal access to modern technologies and improving the efficiency of public administration.
Decentralized financing may become an effective tool for developing financial markets in the Russian Federation in the foreseeable future, but its legitimization is associated with a number of threats and occurs in conditions of uncertainty. At the same time, postponing decisions in the development of the state's financial policy may lead to even greater costs associated with the departure of a promising segment of the new financial market into the shadows. The paper considers the opportunities and threats of decentralized financing development for traditional financial institutions in the Russian Federation. The study was prepared using the methods of conceptual, comparative analysis, financial and economic foresight. Results: the concept of decentralized financing is clarified, the differences between decentralized financing and digital financial assets previously legalized in Russia are considered. International experience of companies - traditional financial intermediaries - entering decentralized financing is presented, which is mainly in the nature of a test approbation of possibilities. Based on international statistics, an increase in the share of traditional financial companies in the volume of decentralized borrowings is shown. The article describes the diversity of development opportunities in the decentralized finance market for such classic financial intermediaries as commercial banks. Solutions for the development of financial policy in the Russian Federation are proposed, the need for legalization and the fastest possible construction of a sovereign infrastructure of decentralized finance with the safe involvement of traditional financial institutions is argued.
Open access
Digitalization and Economic Development in Agriculture
Economic, Social, and Public Health Issues in Russia and Globally
В статье анализируются содержание и особенности краудфандинга и краудлендинга как инструментов альтернативного финансирования субъектов предпринимательства в условиях цифровой трансформации экономики. Изучены причины широкого распространения инструментов альтернативного финансирования предпринимательства в современных условиях, их преимущества по сравнению с традиционными инструментами финансирования. Проведен анализ публикаций российских авторов и выявлены предложенные ими подходы к идентификации форм альтернативного финансирования. Особое внимание уделено анализу особенностей краудлендинга, который рассматривается как одна из форм реализации бизнеса одноранговой (децентрализованной) модели инвестирования. Проведен анализ научных работ, посвященных проблемам развития финансовых технологий, и сделан вывод о том, что падение публикационной активности по данной проблематике компенсируется повышением интереса к формам реализации альтернативного финансирования, что активное внедрение цифровых технологий в сферу предпринимательства в современной России и ограниченный доступ субъектов бизнеса к традиционным источникам заемных средств способствуют широкому использованию инструментов альтернативного финансирования для реализации инвестиционных проектов. The article analyzes the content and features of crowdfunding and crowdlending as instruments of alternative financing of business entities in the context of digital transformation of the economy. The study examined the reasons for the widespread use of alternative financing instruments for entrepreneurship in modern conditions, their advantages over traditional financing instruments. An analysis of publications by Russian authors was conducted and their proposed approaches to identifying forms of alternative financing were identified. Particular attention is paid to the analysis of the features of crowdlending, which is considered as one of the forms of implementing a peer-to-peer (decentralized) investment model business. An analysis of scientific papers devoted to the problems of financial technology development was conducted, and a conclusion was made that the decline in publication activity on this issue is compensated by an increase in interest in the forms of alternative financing. It was concluded that the active introduction of digital technologies in the sphere of entrepreneurship in modern Russia and the limited access of business entities to traditional sources of borrowed funds contribute to the widespread use of alternative financing instruments for the implementation of investment projects.
The article examines the transformation processes of the formation and use of the budget funds of the territorial community of Kharkiv, which are due to the peculiarities of changes in the budget and tax legislation. An analysis of the implementation of planned indicators regarding the main sources of filling the revenue part of the budget of the Kharkiv urban territorial community was carried out. Priority areas of budget allocations were identified, determined by the specifics of financial management under martial law, with an emphasis on ensuring the stable functioning of critically important elements of the city infrastructure. It was found that the strategic task of the decentralization process is not only to expand the competence of local government bodies in the field of decision-making regarding financial and budgetary autonomy, but also to form an effective system of managing the revenue receipts of the territorial community budget in order to ensure its sustainable socio-economic development and the most effective use of accumulated financial resources with a clear socio-economic effect in accordance with the identified priorities. It was noted that the implementation of public finance reform in the context of decentralization is part of a more complex and general problem, which consists in ensuring the conditions for more responsible and effective implementation of their powers by local authorities within the financial resources of their budgets. A detailed analysis of the features of the budget process and an assessment of their impact on the implementation of the budget of the territorial community allowed: to identify problematic issues related to the implementation of revenue replenishment indicators, budgeting of measures of city target programs; to identify internal reserves for replenishing financial resources and attract additional inter-budgetary transfers; to ensure the effectiveness of budget funds management in the established regime of their resource availability and expenditure priority. Within the framework of the local finance reform implemented within the framework of the decentralization process, along with the growth of tax revenues to the budget of the territorial community, two key mechanisms for financial support of the united territorial communities at the expense of state resources were introduced. In particular, we are talking about financing through the State Fund for Regional Development, as well as the provision of a subvention from the state budget to local budgets aimed at implementing measures to develop and modernize the infrastructure of these communities.
The rapid development of the cryptocurrency market forces states around the world to look for effective mechanisms for legal regulation of this new financial reality. In addition, Russian citizens are active users of online platforms that trade cryptocurrencies. Thus, the urgent task of the Russian Federation at the present stage of its development is to find the optimal cryptocurrencies legal regulation. Purpose: to analyse trends and prospects of cryptocurrencies legal regulation, including various approaches to legal regulation, counting abroad. Methods: comparative analysis of the legal regulation of cryptocurrencies in various jurisdictions, as well as a study of technological solutions used abroad. Results: the study made it possible to analyse legislative initiatives regarding cryptocurrencies, from a liberal approach to a complete ban. It also reflected the need to maintain a difficult balance between the desire to protect investors, fight crime, and encourage innovation in the digital economy.
The presented study provides a comprehensive analysis of the determinants and consequences of the transformation process of the global financial system, which was initiated by the spread of innovative forms of money and payment services. Based on a systematic approach and the analysis of empirical data, the authors explore the genesis and evolution of phenomena such as crypto-assets, stablecoins, central bank digital currencies (CBDCs), and decentralized finance platforms (DeFi). The study focuses on their disruptive impact on traditional financial institutions, monetary policies, and the architecture of payment systems. The paper identifies and classifies key advantages, such as increased financial inclusion and efficiency of settlements, as well as systemic risks associated with volatility, cybersecurity issues, and regulatory arbitrage problems. The final part of the article provides a predictive assessment of the development vectors of the financial sector in the context of the formation of a new digital ecosystem.
В статье проводится анализ децентрализованных автономных организаций как неосубъектов цифровой экономики с фокусом на их консистентности с экономической безопасностью. Цель работы – систематизировать угрозы, связанные с распространением ДАО, и установить перечень необходимых мер по минимизации дестабилизирующего воздействия ДАО на метанациональную экономическую безопасность