Amid global scientific and technological (hereinafter âsci-techâ) competition and Chinaâs innovation-driven strategy, achieving high-quality sci-tech innovation (HQDSTI) is crucial for economic transformation but faces challenges such as resource mismatch, insufficient funding, and low commercialization efficiency. Using panel data from 35 major Chinese cities (2013â2022), this study distinguishes between public sci-tech finance (PSTF) and market sci-tech finance (MSTF) and employs benchmark regression, mediation, and threshold models to investigate their impacts on HQDSTI. Results show that: (1) Both PSTF and MSTF significantly promote HQDSTI, with stronger effects in coastal, dual-center, and pilot cities, and in regions with low fiscal decentralization. MSTF is more effective under high marketization, while PSTF and overall STF are more effective under high financial development. (2) Industrial upgrading serves as a positive mediator, whereas venture capital exerts a suppressive mediating effect that intensifies as its scale expands. The promoting effect of industrial upgrading weakens beyond the threshold level. (3) Policy recommendations include differentiated financial strategies: fostering market-oriented instruments in coastal cities, optimizing targeted support in inland areas, strengthening regional and publicâmarket financial coordination, and improving mechanisms of industrial upgrading and venture capital. This study provides theoretical insights for enhancing the synergistic effect between sci-tech finance and high-quality innovation development. ⢠Distinguish public and market sci-tech finance, explore synergistic effects and differential impacts. ⢠Develop a multi-dimensional evaluation framework for assessing high-quality sci-tech innovation. ⢠Examine heterogeneity across five analytical dimensions to uncover regional and structural variations. ⢠Reveal intermediary roles of industrial upgrading and venture capital. ⢠Identify threshold effects and define the effective range of sci-tech finance.
⢠âIncentive-regulatoryâ policy synergy promotes energy transition but falls short of â1 + 1 > 2â expectations. ⢠policy synergyâs marginal effect is lower than standalone incentive policy due to institutional conflicts. ⢠Transmission mechanisms (industrial/financial/cognitive) exhibit significant attenuation under policy synergy. ⢠policy synergy effectiveness hinges on city attributes: stronger in high-capacity, non-resource-dependent cities. ⢠Top-down institutional integration is critical to resolve âinstrumental tensionâ in multi-policy governance. Accelerating the energy transition (ET) is essential for achieving climate goals, yet the effectiveness of combining multiple policy instruments remains uncertain. This study investigates the synergistic effects of Chinaâs New Energy Demonstration Cities (incentive policy) and Key Air Pollution Control Zones (regulatory policy) on urban ET from 2011 to 2021. A multidimensional ET index is constructed under the âenergy trilemmaâ framework, and a double machine learning approach is employed to identify causal impacts and mediating mechanisms. The results show that: (1) policy synergy significantly promotes ET, but its marginal effect is lower than that of the incentive policy alone, failing to achieve the expected â1 + 1 > 2â outcome; (2) Heterogeneity analysis reveals that the synergy effect is more pronounced in cities with stronger economic foundations, higher fiscal decentralization, non-resource dependency, and non-old industrial base status, highlighting the role of local institutional carrying capacity; (3) Mechanism analysis further indicates that synergy promotes ET mainly through industrial upgrading, green finance, and public environmental awareness, but all pathways suffer from transmission attenuation. These findings underscore the challenges of fragmented governance in multi-policy environments and suggest that effective energy transition requires stronger institutional integration, clearer policy signals, and enhanced local implementation capacity.
The economic and legal problems of the development of innovative technologies of the digital economy (using the example of cryptocurrency and blockchain) are studied: the issue of state regulation of cryptocurrency, the possibilities of its creation, use and limitations, the importance and prospects of their use in the modern world and in Ukraine. Cryptocurrency is one of the most promising technologies of the digital economy, which is actively developing every year, the volume of its circulation is increasing. Ukraine isamong the world leaders in the use of cryptocurrencies. In Ukraine, the Law ÂŤOn Virtual AssetsÂť was adopted, which regulates the procedure for the emergence, change, and termination of rights to a new object of civil law for Ukrainian legislation â cryptocurrency. It is shown that blockchain technology is the main technology of digitalization of social relations and legal processes in most developed legal systems of the world, which is used in the field of cryptocurrencies, smart contracts, registration of intellectual property (IP), ecommerce, and the Internet things, the economy of joint participation, etc. The connection between patents and cryptocurrency was revealed. The patenting of Blockchain, Crypto and DeFi technologies was analysed. Recently, many IP offices have revised the norms of patent legislation and the rules of examination of patent applications in order to recognize the patentability of these technologies. The best experience of legal regulation, inventive activity and the dynamics of patenting of inventions in this area in different jurisdictions (USA, EPO, China, France, Japan, South Korea), technological trends and regulatory problems are analysed. Recommendations on increasing the effectiveness of activities in this area in Ukraine have been provided. It is necessary to implement the rules of the EPO Guidelines (Guidelines for Examination) on computer-implemented inventions in the Rules for drawing up, submitting and examining an application for an invention and an application for a utility model.Cryptocurrencies and blockchain have significant potential, many companies have invested heavily in these fields, so countries' patent laws must ensure the protection of the respective investments.
This study explores the transformative impact of AI and DAOs on R&D financing in the life sciences. Traditional funding mechanisms are rigorously scrutinized in an era demanding enhanced efficiency, transparency, and inclusivity. Combining AI's advanced analytics and predictive capabilities with the transparent, decentralized governance offered by DAOs proposes a comprehensive solution to these demands. The research focuses on how these technologies promote innovation, accountability, and sustainability in R&D financing, drawing on qualitative methods and insights from thirty-two life sciences professionals between May and September 2023. The results highlight AI and DAOs' potential to collaboratively overcome the limitations inherent in conventional financing, improving decision-making, risk assessment, and fund distribution. However, the integration of these technologies faces obstacles including regulatory uncertainty, technical complexities, and security issues.
Decentralized Finance (DeFi) is a recent advancement of the cryptocurrency ecosystem, giving plenty of opportunities for financial inclusion, innovation, and growth domains by providing services such as lending, borrowing, and trading without traditional intermediaries. However, inadequate regulatory oversight and technological vulnerabilities raise pressing concerns around market manipulation, fraud, and regulatory compliance, exposing a clear research gap in effective DeFi risk management. This paper addresses this gap by proposing a utility-based framework to evaluate six leading DeFi tracking platformsâChainalysis, Elliptic, Nansen, Dune Analytics, DeBank, and Etherscanâfocusing on two critical metrics: transaction accuracy and real-time responsiveness. Applying a mixed methods approach that combines a quantitative survey (n = 138) with qualitative interviews (n = 12), we identified critical platform features and found significant differences across these platforms with respect to compliance features, advanced analytics, and user experience. We used a utility-based model that links accuracy and responsiveness metrics, allowing us to adjust differing priorities and risk management needs for users. The results show the need for balanced, user-centric solutions that accommodate regulatory, technological efficiency and affordability requirements. Our study contributes to the growing knowledge base by providing a structured evaluation model and empirical insights, offering clear directions for practitioners, platform developers, and policymakers aiming to strengthen the DeFi ecosystem.
Lyudmyla Alekseyenko, Marta Dmytryshyn, Oksana YURKEVYCH
Introduction. Scaling the innovation ecosystem requires a digital transformation of publicprivate innovation management (PPIM). Transactional policies that guarantee the exchange of resources shape the international contours of the development of a globalized economy with local preferences. PPIM faces geopolitical, regulatory and communication challenges that require international cooperation to ensure digital transformation in the face of epistemic uncertainty. There is a growing academic discourse on decentralized finance (DeFi) and cryptocurrencies, which seek to replicate the core economic functions of traditional finance (TradFi), but their unique characteristics create new risks to financial stability. The purpose of the article is to substantiate the theoretical concept of scaling innovations with a focus on trends in public-private management of innovation transformation in the context of the epistemic nature of international transactional politics. Results. Digital transformation promotes synergy between the state and business, especially in Ukraine, where the PPIM activates innovation in the modernization of the defense sector. Transactional policy ensures the protection of intellectual property and the harmonization of standards through Horizon Europe innovation development programs, which can be adapted and scaled to achieve national security guarantees. It is argued that blockchain and DeFi are transforming financial content, but they also create regulatory challenges. The gravity model reveals the speculative role of native cryptoassets and the transactional role of stablecoins, highlighting the adaptability of regulation to reduce risks and support innovative technologies. The application of the latest regulatory measures, in particular the embedding of rules in smart contracts, will comply with the principles of technologically neutral regulation, which allows for a balance between innovation and stability. Prospects. Further development of PPIM requires research into the communication of DeFi with traditional finance, in particular asset tokenization and smart contracts, to minimize systemic risks. It is important to diagnose the stability of stablecoins and their impact on financial inclusion in developing countries. Regulating decentralized systems like DAOs will contribute to financial stability and define the framework for interaction with regulators. The implementation of AI requires ethical standards to ensure transparency and security. In Ukraine, the Brave1 cluster demonstrates the potential of PPPs for innovation in conditions of uncertainty, and the modernization of CSR taking into account transactional policy trends will harmonize economic and defense goals, contributing to sustainable development and adaptation of global standards to local dimensions.
Introduction Decentralized autonomous organizations in decentralized science face unique organizational and scientific demands. This study examines core challenges encountered by DeSci DAOs and how these challenges affect governance and research practice. Methods Ten semi-structured interviews were conducted with coâfounders, workingâgroup leads, and longâterm contributors. Transcripts were analyzed using Kuckartzâs sixâphase qualitative content analysis. Categories were developed and refined to synthesize recurrent themes across interviews. Results Nineteen sub-categories clustered into six domains: governance, financials, contribution, onboarding, operations, and science. Findings highlight tensions between tokenâweighted decision making and domain expertise, laborâintensive hybrid accounting practices, persistent talent shortages, steep Web3 onboarding curves, fragmented project coordination, and scienceâspecific issues that include negotiations with technology transfer offices and the tokenization of research assets. The resulting category system provides a diagnostic baseline for understanding how decentralized governance intersects with scientific rigor. Discussion DeSci DAOs progress most effectively when blockchain-enabled transparency is paired with clearly defined coordination roles, structured onboarding pathways, and credible mechanisms for scientific validation. These features help balance organizational experimentation with proven practices and support more reliable scientific workflows.
The article examines the evolution of venture business from its inception to contemporary trends driven by digital transformation. It outlines the key stages of development, starting from the mid-20th century and explores the influence of Web 3.0 innovations, including blockchain, decentralized finance (DeFi), and decentralized autonomous organizations (DAOs), on investment processes. The structure of venture funds is analyzed in detail, highlighting the roles of key stakeholders, funding mechanisms such as SAFE (Simple Agreement for Future Equity), SAFT (Simple Agreement for Future Tokens), and convertible notes, as well as the stages of the venture lifecycle. The study emphasizes how emerging approaches to asset tokenization and the implementation of smart contracts are transforming capital management models and contributing to the globalization of venture business. Special attention is given to the legal aspects of venture investments, particularly the role of the Term Sheet in shaping deal conditions. Furthermore, the article discusses how digital technologies reshape traditional practices, facilitate cross-border investments, and enable new stakeholder collaboration. It underscores the potential of Web 3.0 to democratize access to venture capital, create innovative funding opportunities, and foster sustainable growth in the global venture ecosystem. By examining case studies and providing a comprehensive overview of current practices, the study concludes that the integration of Web 3.0 technologies is not only revolutionizing venture capital processes but also redefining the future of the investment landscape.
This study examines the legal challenges associated with the commercialization of non-fungible tokens (NFTs) in Europe and Brazil. This paper provides a comprehensive analysis of the European and Brazilian legal frameworks, identifying key legal challenges related to intellectual property rights, consumer protection, taxation, and anti-money laundering (AML) regulations. Through a comparative analysis, we highlight the similarities and differences between the two jurisdictions, as well as best practices for addressing these legal challenges. The paper also discusses recent developments and court decisions, demonstrating the evolving legal landscape for NFTs in both regions. The findings of this paper have significant implications for the future of NFTs in Europe and Brazil, as well as for the broader digital economy, and offer valuable insights for policymakers, legal professionals, and market participants. Additionally, the paper identifies areas for further research, including the impact of technological advancements, the role of smart contracts, cross-jurisdictional issues, and the relationship between NFTs and traditional intellectual property rights.
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
Open access
Health Systems, Economic Evaluations, Quality of Life
Abstract The class of technology variously referred to as Web3 or crypto has been heralded as a democratizing force for economics and governance. This chapter argues that, to the extent such hype is justified, it is only partly due to the affordances of the technology itself. Perhaps more important is the amnesia it has induced, as an innovative paradigm whose novelty inclines people to neglect once-stable norms. In both economics and governance, crypto offers opportunities for greater democracy, but following through on them is guaranteed by neither the technology nor the amnesia it invites.
As the non-fungible token (NFT) market flourishes, price prediction emerges as a pivotal direction for investors gaining valuable insight to maximize returns. However, existing works suffer from a lack of practical definitions and standardized evaluations, limiting their practical application. Moreover, the influence of users' multi-behaviour transactions that are publicly accessible on NFT price is still not explored and exhibits challenges. In this paper, we address these gaps by presenting a practical and hierarchical problem definition. This approach unifies both collection-level and token-level task and evaluation methods, which cater to varied practical requirements of investors. To further understand the impact of user behaviours on the variation of NFT price, we propose a general wallet profiling framework and develop a COmmunity enhanced Multi-bEhavior Transaction graph model, named COMET. COMET profiles wallets with a comprehensive view and considers the impact of diverse relations and interactions within the NFT ecosystem on NFT price variations, thereby improving prediction performance. Extensive experiments conducted in our deployed system demonstrate the superiority of COMET, underscoring its potential in the insight toolkit for NFT investors.
Abstract Blockchain technology offers the potential to create an open, decentralised governance structure that empowers stakeholders to participate in decentralised engagement. However, how blockchain platforms configure their design elements to establish and maintain decentralised systems with high levels of user governance engagement requires further research. This study investigates the key design elements of blockchain platforms and their ideal configurations for promoting user governance engagement. Due to the complex and interdependent nature of the design elements, we adopt a configurational perspective accompanied by a fuzzy set qualitative comparative analysis (fsQCA) to uncover complex nonlinear relationships among key conditions that are relevant to decentralised governance. Our research identifies five key design elements that facilitate distributed governance ( Access to decision rights , Process visibility , Protocol automation , Incentives for developers/miners , and Incentives for other stakeholders ) based on existing blockchain governance literature. We analyse 14 unique blockchain platform cases that adopted onâchain governance. Our fsQCA results reveal three ideal types of blockchain governance configurations that are sufficient for high generative user governance engagement: Centralised incentive model , Impartial incentive model , and Automationâdriven model , whereas achieving high evaluative governance engagement requires the presence of all the design elements ( Comprehensive model ). Also, we found Access to decision rights and Protocol automation are necessary conditions for generative governance engagement, and Access to decision right s together with Process visibility is a combined necessary condition for evaluative governance engagement. Relevant theoretical and practical implications for platform designers as well as methodological implications for applying QCA to emerging IS phenomena are discussed.
On 23 March 2023, the DLT-Pilot-Regime came into force. It provides market operators the opportunity to offer blockchain-/DLT-based securities trading subject to full EU financial markets regulation. Although this piece of legislation has not attracted as much attention as the Regulation on markets in crypto-assets (MiCAR), the impact of the DLT-Pilot might be signification. In this article, we outline how the EU legislators have identified the shortcomings of current EU market regulation when applied to DLT-based trading, and addressed them one by one. If successful, the DLT-Pilot could become a âtest kitchenâ for the development of DLT-based securities and crypto-asset trading in the EU. distributed ledger technology, DLT Pilot, financial instrument, MiCAR, regulatory sandbox, settlement system, multilateral trading facility
A non-fungible token is a digital unit of accounting, with the help of which a digital impression is created for any unique physical item or object, including a digital one, for subsequent performance of various types of transactions, including transactions within a closed blockchain system. The development of digital technologies, including NFT, poses many questions to the researchers. The author of this article conducts a comparative analysis of digital objects and NFT, considers the problems regarding NFT and copyright to the works of fine art, the transition of the right to NFT and the transfer of copyright, possible violations of copyrights using NFT, etc. The need and feasibility of changing the current legislation is assessed.
I have served as dean of the Faculty of Arts and Sciences at Harvard and as dean of the Graduate School of Business at Stanford University. As a result of these 15 years of experience in academic administration, I learned quite a lot about the history of these institutions, their competitors, and their modes of operation and financing. Urquiola's (2023) account of the origins and current industry configuration of American higher education is precise and accurate. Since it has evolved to be a very complex system, this is no small achievement. A distinctive, and I would say nearly unique, feature of the American higher education complex is the relatively large size of the private sector and the fact that it operates alongside and competes with a similarly large set of public sector institutions. In most countries, the public sector dominates, and even what is sometimes called the private sector has a much larger element of public sector funding. As a result of this unusual configuration and the fact that (excluding federal research funding) public sector institutions are largely funded at the state level, it is a highly decentralized system. Urquiola correctly makes the point that this contributes to a high degree of product differentiation across the system and probably an unusual amount of experimentation. Perhaps this is in part what Urquiola means by laissez-faire in this context. It also leads to a relatively high variation in quality. As Urquiola documents, US higher education in the early years consisted of small, mainly local, mainly religious in origin colleges with no ability or pretense to conduct research or advance scientific and technological frontiers. This changed dramatically at the end of the 19th century when a version of the German Research University model was imported and adapted to US conditions. Johns Hopkins is widely viewed as a key early adopter and leader, with others like Harvard following quickly. Leadership played a key role within and across institutions. Significant expansion of federal government funding for research was, and continues to be, an important enabler. Urquiola suggests that an increasingly technologically sophisticated set of industrial sectors may have provided additional impetus, and that may be true, though it is hard to document. It is important in this context, to emphasize that government funding is critical. Even the institutions with the largest endowments could not come close to funding research at the levels and costs that characterize the present system. The development of an American version of the research university began a process of differentiation in the entire sector. A few public institutions followed with support from their states, but not all. A group of colleges decided to remain 4-year colleges, to focus on education, not compete in the research sphere, and like the elite research university, restrict their size so they became increasingly selective over time, a process that continues to the present. This has turned out to be a highly successful segment, as Urquiola (2023) documents. There followed many dimensions of differentiation that are covered well in the paper: public and private institutions outside the research and elite teaching colleges and universities: 2-year colleges, locally publicly funded community colleges, and more recently private or non-profit versions of the same, focused on professional and skills training. Let me focus on selectivity for a moment, as it is often misunderstood. Why would not institutions move to try to satisfy the âexcess demand.â There are several complimentary reasons (see Urquiola, 2023, Section 8). Learning from one's peers is one. A second is the signaling effect (a derivative of imperfect information in job markets) (Spence, 1974). Higher education certainly adds human capital to the students, to which there is a return in employment. But the signaling effect associated with degrees from highly selective institutions adds an additional return to the investment in education at that level. A third one, perhaps more important in professional schools, but still present at the undergraduate level, is the alumni network. It is an asset that creates valuable options in the future for those who are in it. Selectivity and an actively supported alumni network are important parts of the financial model. An active alumni network is a key ingredient in fund-raising. Since elite institutions are expensive places to attend, that funding permits, among other things, a scholarship system that frees the admissions process to some extent from the constraint of âability to pay,â which in turn expands the merit pool. The development of the highly selective model led to an expansion of the target population. Early on, colleges served largely local markets. Now, the major research institutions, especially the private ones, serve a fully nationwide market with a significant additional component consisting of international students. That transition, to be able to recruit and evaluate on a national and international scale, required a major additional commitment of resources. Selectivity is highest on the private sector side of the system. It is much more difficult to justify high degrees of selectivity when one is deploying public funds. And there are continuing contentious issues about the criteria to be used in selecting. The federal research funding mechanisms are highly competitive, and generally, the screening is carried out by experts and is of high quality. This is not to say there are no biases in the direction of conventional wisdom or problems funding completely new lines of inquiry. But it is critical that the funding agencies do not directly fund universities. The funding goes to scientists who compete for funding. Provisions are made to help cover âoverheadâ costs that universities incur. In many countries, research funding goes to the institutions and then gets allocated to principal investigators, giving rise to additional layers in allocating resources and quality slippage. The modern version of the US system has produced many internationally recognized research universities (public and private) and important research output along with highly trained scientific human capital. Whether it has served the broader population and the country well is more complex. It is on average, for the students and their families, an expensive system. And the real costs keep rising rapidly. Student debt, in excess of the value added in some segments, is also a persistent problem. Urquiola (2023) is a valuable contribution, especially for readers whose experience is largely in state dominated systems (the normal case internationally). It very effectively captures the essential and somewhat unusual features of the US higher education sector.
This article shows a brief history of Techno-Economic Assessment (TEA) in Communications, a proposed redefinition of TEA as well as the new challenges derived from a dynamic context with cloud-native virtualized networks, the Helium Network & alike blockchain-based decentralized networks, the new network as a platform (NaaP) paradigm, carbon pricing, network sharing, and web3, metaverse and blockchain technologies. The authors formulate the research question and show the need to improve TEA models to integrate and manage all this increasing complexity. This paper also proposes the characteristics TEA models should have and their current degree of compliance for several use cases: 5G and beyond, software-defined wide area network (SD-WAN), secure access service edge (SASE), secure service edge (SSE), and cloud cybersecurity risk assessment. The authors also present TEA extensibility to request for proposals (RFP) processes and other industries, to conclude that there is an urgent need for agile and effective TEA in Comms that allows industrialization of agile decision-making for all market stakeholders to choose the optimal solution for any technology, scenario and use case.
Blockchain technology is suited to the high-quality development of the digital economy in addressing privacy and data security issues. This study explores the synergistic mechanism of the following six factors from three dimensions based on the Technology-Organization-Environment (TOE) framework theory with a fuzzy set qualitative comparative analysis (fs/QCA) method: technology, organization, and environment, namely, Blockchain service capability, Blockchain knowledge accumulation, government attention allocation, government funding support, industry carrying capacity and blockchain technology R&D environment, on the quality of the digital economy of 43 cities in China. The conclusions are as follows: (1) the absence of government funding regarding the blockchain domain is a condition contributing to the absence of high urban digital economy quality; (2) there are three driving configurations for the high-quality urban digital economy in the blockchain technology adoption perspective, which are as follows: knowledge-industry driven, government-service driven, and R&D-service driven; (3) there is one driving configuration for the absence of high urban digital economy quality, namely the knowledge-R&D-funding-inhibiting type. The relevant policy implications can provide theoretical references for local governments to develop the digital economy with the help of blockchain technology.