Blockchain Papers

E.M. Buchwald, Igor Bessonov

The article provides critical analysis of the new Strategy of spatial development of the Russian Federation up to 2030 with the forecast up to 2036 in view of evolution of federal relations and provisions of the institutional theory. Topicality of the research is envisaged by the necessity to comprehend the fact whether the present document in the absence of certain strategies of federative relations can perform the coordinating role in stimulating economic selfdevelopment in regions. The goal of the research is to identify systemic contradictions between declared targets of spatial development and real conditions and mechanisms of governing included in strategic documents. Principle conclusions of the research demonstrate a deep paradox of today’s Russian regional policy: in spite of the declared rejection of the idea of equal development and transition to rhetoric of differentiated approach and resource concentration the effective Strategy does not put forward any withdrawal from the model of controlled asymmetry but reproduces centralized vertical logics of governing. The key institutional gap is successive denial of the important role of institutions of in-regional level, i.e. city agglomerations and strong centers of population, which are recognized as objective reality but are not provided with real power and finance authorities. Tools being introduced, such as common lists of strong centers of population and geo-strategic territories, as well as the digital platform of governing are analyzed as mechanisms of increasing administrative priority fixing from above and tools of vertical supervision but not as the basis of decentralization and providing regions with authorities. The author shows increasing non-coordination in the system of strategic planning. As priority lines in restructuring the article proposes adoption of the federal law about regional development securing the real status of institutions on in-regional level; drastic change in inter-budget relations to raise region independence and restore on the federal level the common center of responsibility for coordination of spatial policy. The research contributed to the discussion about the necessity to elaborate complex strategy of federative relations and showed that without such a document and re-distribution of real power and resources any spatial strategy will not be able to resolve key institutional paradoxes.

В.В. Абрамов, Georgiy Kolesnik

Данная работа посвящена комплексному анализу эволюции моделей управления цифровыми платформами и организациями в контексте перехода от Web2 к Web3 и формирования перспективной парадигмы управления пост-Web3. Подробно рассмотрены основные существующие модели управления, выявлены их сильные и слабые стороны. Проведён многокритериальный сравнительный анализ трех моделей (централизованной, ДАО и гибридной) по параметрам демократичности, экономической эффективности и устойчивости к рискам. Результаты анализа демонстрируют, что ни одна из «чистых» моделей управления не является универсально оптимальной. При этом наиболее сбалансированные результаты по всем группам критериев демонстрирует гибридная модель, что позволяет считать создание гибридных институтов, обеспечивающих баланс между децентрализацией, эффективностью и устойчивостью к манипуляциям, основой для формирования пост-Web3 архитектуры управления. Излагаются принципы построения пост-Web3 системы управления как адаптивной, многоуровневой системы, сочетающей операционное ядро, экспертные суб-ДАО и широкое сообщество. Ключевыми характеристиками пост-Web3 являются переход от количественного голосования токенами к управлению на основе репутации и вклада участников (меритократии), внедрение алгоритмической легитимности и интеграция искусственного интеллекта для поддержки принятия решений. This paper is devoted to a comprehensive analysis of the evolution of management models for digital platforms and organizations in the context of the transition from Web2 to Web3 and the formation of a future post-Web3 management paradigm. The main existing management models are considered in detail, their strengths and weaknesses are identified. A multi-criteria comparative analysis of three models (centralized, DAO, and hybrid) is carried out in terms of democracy, economic efficiency, and risk tolerance. The results of the analysis demonstrate that none of the pure management models is universally optimal. At the same time, the hybrid model demonstrates the most balanced results in all groups of criteria, which makes it possible to consider the creation of hybrid institutions that ensure a balance between decentralization, efficiency and resistance to manipulation as the basis for the formation of a post-Web3 management architecture. The principles of building a post-Web3 management system as an adaptive, multi-level system combining an operational core, expert subdomains and a broad community are outlined. The key characteristics of post-Web3 are the transition from quantitative token voting to reputation-based management and participant contributions (meritocracy), the introduction of algorithmic legitimacy, and the integration of AI to support decision-making.

Marat Safiullin, Aliya Dinmukhametova, Leonid Elshin, Marat Sharifullin

No abstract is available for this record.

Viktoriya A. Evseenko

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.

Kirill V. Yermishov, Ekaterina V. Azimina

The article examines the evolution of theoretical and methodological approaches to evaluating the efficiency of innovative projects in relation to changes in the characteristics of innovations themselves. The relevance of the work is driven by the need to overcome the «innovation blindness» of traditional investment analysis methods under conditions of high uncertainty. Based on a retrospective analysis, a cause-and-effect relationship between the increasing complexity of the nature of innovations, changes in the economic environment, and the development of assessment tools is revealed. The author’s periodization of the genesis of approaches is proposed, synchronizing periods, development drivers, characteristics of innovations, dominant methods, and key concepts. Special attention is paid to promising directions for the development of methodology, including quantum computing, neuroeconomic modeling, and decentralized autonomous organizations, which is confirmed by relevant research in 2025–2026. The conclusion about the transition from static accounting models to dynamic, adaptive systems integrating real options theory, risk management, and digital technologies is substantiated.

M. R. Safiullin, L. A. Yelshin, M. D. Sharifullin

The sanctions restrictions imposed on the Russian economy have predetermined the risks of reduced control and blocking cross-border financial channels for international payments. Under these circumstances, an important element of the state’s economic policy is the development of adaptation solutions that ensure the ability to minimize the risks associated with transformation of foreign economic activity. One of the mechanisms that forms the basis for solving this problem is the use of decentralized finance (DeFi) in the practice of international settlements. Meanwhile, it should be noted that in this area of financial and economic relations today there are a number of open issues — ranging from the conceptual framework to the impact of these fintech-innovations on the prospects for the stability of national financial systems and economic development in general. These issues acquire a special level of relevance at the regional level. The subject of the study is the prospects and mechanisms for using DeFi tools in the system of cross-border payments within the region. The object of the study is the foreign trade operations of the Republic of Tatarstan with the People’s Republic of China. The purpose of the study is to develop and test methodological approaches for assessing the potential impact of fintech DeFi tools on the organization foreign economic activity in the region on the stability of gross GRP dynamics. The authors used methods of cointegration analysis, scenario modeling, substantiation of the studied patterns using regression analysis methods, etc. The information and statistical basis for the study were derived from data from the Federal State Statistics Service of the Russian Federation, the National Bureau of Statistics of China, as well as data from the territorial statistical authority of the Republic of Tatarstan. The study resulted in the systematization of the macroeconomic effects of using DeFi technologies for organizing international payments. A series of macroeconomic models have been developed that made it possible to identify and justify the potential for economic growth in the region through the practical application of DeFi tools in the system of organizing transnational settlements under sanction restrictions.

Oksana N. AFANAS’EVA, Д. А. Сапожников

Subject. The article examines the evolution of scientific concepts of financial intermediation as a key institution of the modern economy. The study focuses on theoretical approaches to explaining the nature, functions, and role of financial intermediaries in resource allocation, risk reduction, and maintaining financial system stability. Objectives. The aim is to systematize and analyze the evolution of financial intermediation theory—from classical models to modern concepts—considering their continuity and the influence of external economic and technological factor. Methods. The methodological basis includes comparative analysis, institutional and functional approaches, and elements of empirical generalization. Results. We identified and compared key criteria for evaluating theories of financial intermediation, established the continuity between major theoretical approaches, enabling to trace changes in views on the nature and functions of intermediaries. Furthermore, we described mechanisms of asset and risk transformation. The study also addresses whether decentralized finance constitutes an independent theoretical paradigm or continues existing approaches. The results are applicable for improving research in finance and formulating strategies for regulation and sector development. Conclusions. The functional content of financial intermediation has expanded considerably and is integrated into modern economic models. Modern theories view intermediaries as system-forming elements that ensure the stability and development of the financial system.

В.С. Кулаков

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.

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.

Ihor Chudyk, D. O. Panevnyk

Most modern digital technologies, which are part of the fourth industrial revolution, can be used to improve the efficiency of production processes in the oil and gas industry, in particular, in exploration, planning and optimisation of well construction and maintenance operations, secondary oil and gas recovery methods and enhanced oil and gas recovery. Information flow management can significantly reduce operating costs associated with oil and gas field logistics. Production processes in the oil and gas industry are accompanied by the collection, transmission, processing and storage of significant amounts of information aimed at making and implementing the necessary decisions. In these conditions, big data management technologies are becoming increasingly important. The proliferation of digital technologies, given the peculiarities of oil and gas technologies, requires improvement of measures and means of protection against unauthorised interference with information flow management processes. The use of distributed ledger technology makes data leakage impossible and provides a high level of protection of the information field. The conducted research has identified areas of rational use of simulation software and special applications in the form of automated calculation algorithms in modelling the work processes of oil and gas equipment. Simulation programs do not require a mathematical description of the oil and gas machine's workflow, but are ineffective in the case of a significant number of calculation operations. The use of an automated calculation algorithm is advisable if it is necessary to involve numerous arrays of source data, the analysis of which involves the implementation of numerous calculation procedures. Increasing the share of digital technologies in the educational process involves the widespread introduction of electronic document management, the legalisation of electronic signatures and distance learning methods.

Anna Khvorostyanaya, I. V. Rozhdestvensky, A. V. Филимонов

Abstract. One of the strategic priorities for the development of large companies is the growth of innovation, as they provide companies with long-term competitive advantages. Working with third-party developers allows corporations to get the development they need at a relatively mature stage, when the main technical risks have already been removed. At the same time, corporations are not ready to finance early-stage developments, while venture investors in Russia mainly finance projects already at the revenue stage. In this regard, the main purpose of this article is to consider a possible mechanism for solving this problem using digital platforms based on distributed ledger technology in the part that relates to smart contracts, as well as a platform for semi-automatic examination of projects using the technology readiness assessment methodology. The creation of digital platforms is due not only to the growth of corporate interests, but also to the increased development of the global and regional trend — digitalization. The article presents and summarizes various digital platforms that can be used by companies to develop a funnel of innovative proposals, that is, industrial acceleration. For this purpose, the methods of analysis and synthesis, deduction and induction are used in the article. The key result of this article is the identified tools of digital platforms, which can reduce the systemic and non-systemic risks of strategic investment. The platform for accelerating projects based on distributed ledger technology makes it possible to achieve transparency of transactional operations by fixing the client path, and the platform for assessing the level of readiness and auditing projects based on the methodology for assessing technological readiness solves the problem of balancing the interests of different market actors and optimizes the process of building tactical tasks. These models of digital platforms can be practically implemented in the activities of various market actors and make it easier for them to determine strategic goals and select quantitative and qualitative tasks for their implementation. Further research may be devoted to the analysis of the best practices for the creation and development of such digital platforms, strategic typology, and the study of industry effects of the use of digital platforms.

M.V. Permyakov, O.N. KHODASEVICH, V. Kotov

This article discusses the regulation of activities related to cryptocurrency in the field of entrepreneurial activity. Modern society is developing rapidly and recently a new entity called cryptocurrency has appeared in our world. A few years later, the first attempts were made to resolve it. However, to date, a single legislative framework for the regulation of this industry has not been developed. Along with this, there is a place to say about both positive and negative properties of cryptocurrency transactions, which, in turn, also have non-standard, and sometimes contrary to the generally accepted rules of the financial “game” manifestations.

Е.Н. Староверова

В статье описаны возможные сферы применения технологий блокчейн и распределенного реестра, а также действующие проекты в международной практике и перспективы формирования нормативного поля в РФ. Способность этих технологий обрабатывать несколько цепочек транзакций одновременно позволяет концентрироваться на определенных сферах использования, снижая трансакционные издержки, связанные с поиском информации, на основе скорости и мобильности. Отмечена необходимость учитывать риски и недостатки при реализации безопасности, масштабируемости и удобства использования технологий. The article describes the possible areas of application of blockchain and distributed registry technologies, as well as existing projects in international practice and the prospects for the formation of a regulatory field in the Russian Federation. The ability of these technologies to process several transaction chains at the same time allows you to concentrate on certain areas of use, reducing the transaction costs associated with finding information based on speed and mobility. The need for taking risks and weaknesses into account when implementing the security, scalability and usability of technologies is noted.

M. N . Makhonina, Olga Zinisha

No abstract is available for this record.