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New Quality Of Financial Institutions And Business Management

Author

Listed:
  • Nataliia Kraus

    (Borys Grinchenko Kyiv University, Ukraine)

  • Kateryna Kraus

    (Borys Grinchenko Kyiv University, Ukraine)

  • Valerii Osetskyi

    (Taras Shevchenko National University of Kyiv, Ukraine)

Abstract

Economic processes in the world are characterized by a high level of dynamism, change and innovative approaches to addressing key issues in nowadays. In a context of globalization and European integration of Ukraine into a high-tech competitive environment in order to financing innovative projects, it is necessary to use Blockchain technology as an effective tool for digital economy. Purpose of scientific research is to find out key priorities and functionalities of Blockchain’s application for solving business and government tasks. The object of scientific research is the latest financial technology Blockchain and a system of cult-technologies: crowdsourcing, crowdfunding, crowdinvesting. Methodology. In the process of research, the following methods are used: generalization is used in studying the nature, preconditions and principles of Blockchain technologies; formalization is used when comparing characteristics of the latest forms of financing, such as crowdsourcing, crowdfunding, crowdinvesting. In the course of scientific research, key qualitative characteristics of digital economy are described and the dominant components of its development are investigated. The result of the article. The priorities, new principles of business management and possibilities of Blockchain technology as an effective digital economy tool for solving business and government tasks are revealed. Future prospects from the implementation of crowd-technologies as an effective management tool in progress for solving the problems of innovative business are substantiated. Interconnection in the latest financial institution of creative initiatives realization is presented. The comparative analysis of management of new institutes of innovative development for Ukrainian economy in the course of doing business is carried out. The result of the research is presentation of the relationship in the latest financial institution implementing creative initiatives and a comparative analysis of new institutes of innovative development in the sphere of finance for the Ukrainian economy. Practical implications. The components of digital economy identified by the authors in the article are accelerators of the socio-economic life of Ukrainian society in the modern world and are capable of rapidly increasing Ukraine’s GDP. The described new forms of financing of Ukrainian startups (crowdsourcing, crowdfunding, crowdinvesting) are today quite interesting and effective tool for solving business problems in the financial, economic, innovative and marketing spheres. Value/originality. Blockchain technology, as an effective tool for Ukraine’s digital economy, is able to address the challenges of business and government, uncover the relationship between crowdsourcing, crowdfunding, crowdinvesting, and explain the content of innovative financial institutions for Ukraine’s economy.

Suggested Citation

  • Nataliia Kraus & Kateryna Kraus & Valerii Osetskyi, 2020. "New Quality Of Financial Institutions And Business Management," Baltic Journal of Economic Studies, Publishing house "Baltija Publishing", vol. 6(1).
    • Handle: RePEc:bal:journl:2256-0742:2020:6:1:8
    DOI: 10.30525/2256-0742/2020-6-1-59-66
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    References listed on IDEAS

    as
    1. Josh Lerner & Peter Tufano, 2011. "The Consequences of Financial Innovation: A Counterfactual Research Agenda," NBER Chapters, in: The Rate and Direction of Inventive Activity Revisited, pages 523-575, National Bureau of Economic Research, Inc.
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    More about this item

    Keywords

    innovations; imperative of management; Blockchain technology; crowdfunding; crowdsourcing; crowdinvesting; fintech projects;
    All these keywords.

    JEL classification:

    • B15 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Historical; Institutional; Evolutionary
    • B25 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Historical; Institutional; Evolutionary; Austrian; Stockholm School
    • O15 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Economic Development: Human Resources; Human Development; Income Distribution; Migration
    • O32 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Management of Technological Innovation and R&D

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