THE DEFINITION OF SMART ECONOMY AND DIGITAL TRANSFORMATION OF BUSINESS IN THE CONCEPTS INDUSTRY 4.0 AND 5.0

 A new article by Suntsova Olesia has been published: "The definition of Smart Economy and Digital Transformation of business in the concepts Industry 4.0 and 5.0". 

 The object of the study is the relationship between economic entities in the smart economy and their digital transformation in the conditions of Industry 4.0 and 5.0. One of the most problematic areas is the definition and structuring of the smart economy and establishing the effects of digital business transformations in the conditions of Industry 4.0 and 5.0.

The research used methods of grouping, system analysis, historical approaches to scientific research, synthesis, and analysis, forecasting, etc. A qualitatively new definition and structuring of the smart economy was obtained, connected with the use of new business technologies in the conditions of total digital transformation in the concepts of Industry 4.0 and 5.0. In particular, new classification approaches to the structuring of the smart economy and digital transformation of business in the concept of Industry 4.0 and 5.0 are singled out.

The conducted study of the state of the smart economy and digital transformation of business according to the concepts of Industry 4.0 and 5.0 indicates a significant potential for the use of digital technologies in business and a significant economic effect of their use, which requires further improvements. This puts the potential for investment in robotic manufacturing to reach 120.6 billion USD in 2025, followed by autonomous operations and 360-degree customer management at $90.9 and 74.7 billion USD, respectively. The industries that will have the highest spending on digital business transformation in the smart economy throughout the forecast period are discrete and technology manufacturing, followed by professional services and retail. The economic sectors that will experience the fastest growth in spending on digital business transformation in the smart economy, according to the forecast for 2020–2025, are construction (21.0 %), securities and investment services (19.2 %), and banking (19.0 %). Compared to similar well-known developments, all 19 industries considered in the digital transformation of business in the smart economy are predicted to provide double-digit growth over the five-year forecast. This provides significant economic advantages in the adaptation of economic agents to the conditions of introducing digital business transformation in the context of Industry 4.0 and 5.0.

Keywords: digital economy, business technologies, information economy, digitalization of business processes, Industry 4.0, Industry 5.0.

The publication is available : http://journals.uran.ua/tarp/article/view/265105/261223 

Suntsova Olesia THE DEFINITION OF SMART ECONOMY AND DIGITAL TRANSFORMATION OF BUSINESS IN THE CONCEPTS INDUSTRY 4.0 AND 5.0 TECHNOLOGY AUDIT AND PRODUCTION RESERVES — № 4/4(66), 2022. P.10-15. doi: http://doi.org/10.15587/2706-5448.2022.265105 

FINANCIAL TECHNOLOGIES AS A COMPONENT OF THE DIGITAL ECONOMY: TRENDS IN THE REALITIES OF COVID19-PANDEMIC

 A key factor for the growth of digitalization of the financial technology market is large investments in technology-based solutions. Moreover, infrastructure-based financial technologies are shaping the future of financial services in particular and the digital economy in general, thus contributing to the growth of the global financial technology market. In addition, financial technology companies are supplying personalized products at low cost in light of new developments in the technology sector caused by the COVID19 pandemic, which is driving consumer expectations, thereby stimulating global growth in the digital economy and, consequently, the rapid development of some segments of financial technologies, and the rapid decline of other segments.

Purpose. The article is devoted to the review of the main trends of financial technologies in the crisis of the economy, which takes place during the global pandemic COVID-19, and the search for patterns of financial technology in similar periods by sectors of FinTech as part of the digital economy.

Methods Macroeconomic Analyses, Econometric Analyses, Trend Analyses

Results. The main sectors of FinTech for the period before the pandemic and during the pandemic COVID-19 are analyzed, the peculiarities of FinTech firm's development depending on the level of economic development of a certain country, its geographical location, and segment of FinTech are revealed, and an integrated indicator of FinTech LFTA) to assess for a period of time all development opportunities for FinTech segments in times of crisis, such as the COVID-19 pandemic.

Conclusion. Illustrated trends in the FinTech market during the pre-pandemic period and during the global pandemic period are demonstrated. It is proved that in times of crisis FinTech generally develops rapidly, but at the same time, the structure and types of FinTech services by sectors change qualitatively. Methodological bases of integrated assessment of FinTech's level of adaptation to crisis phenomena in the economy by a generalization of weighted sums of indicators of investment activity of FinTech sectors, as well as the degree of use of information technologies in FinTech have been developed. Norway, Sweden, Finland, Denmark, and the Netherlands are in the economy; Ukraine belongs to the group of countries with a critically low level of FinTech's adaptation to economic crises, along with Bulgaria, Romania, and Greece; In recent years, the level of FinTech's adaptation to the crisis in Ukraine's economy has been growing. The low values of the FinTech adaptation index to economic crises in the context of the COVID-19 pandemic are due to the very low level of financial inclusion and use of digital financial services.

Keywords: financial technologies, FinTech, FinTech segments, digital economy, FinTech development trends, an integrated indicator of FinTech level of adaptation to economic crisis (LFTA)

Сунцова О.О. Фінансові технології як складова цифрової економіки: тенденції в реаліях пандемії COVID-19. Економічний вісник. Серія: фінанси, облік, оподаткування. Випуск 7. 2021. С.161-175. DOI 10.33244/2617-5932.7.2021.161-175  http://ojs.nusta.edu.ua/index.php/ojs1/article/view/593

DIGITALIZATION AND GLOBALIZATION IN TAXATION IN THE CONTEXT OF MODERN PRACTICE OF INTRODUCTION OF BLOCKCHAIN TECHNOLOGIES

 One of the essential features of the new economy (neo-economy) is the increasing use of information and communication technologies, which led to the emergence and spread of the concept of "digitalization" as a process of digitalization, which is gradually formed within the post-industrial period of economic development. technical progress and innovative management methods, intellectualization of human capital, the use of advanced technologies, accelerated development of knowledge-intensive industries, giving priority to the production of knowledge and services, and the mentality of creative, efficient, rational business. The vision of changes in taxation regarding the inclusion of blockchain technologies in the sphere of tax policy and introduction of taxation of tax differences of their exchange rate, as well as digitalization of cryptocurrency detection and taxation processes in Ukraine, which are currently outside the Tax Code of Ukraine. The world has changed significantly over the last decade. We live in an era of accelerating pace due to the rapid development of high technology. Traditional working tools used for years are losing relevance or disappearing altogether. Digital transformation, as a global trend, is steadily penetrating all industries. It affects both the most innovative and completely conservative areas. First of all, the client changes, both internal and external, his expectations, preferences, and requirements. It forms a new demand, which must symmetrically correspond to supply. In the conditions of modification of the external environment, there is an urgent need to reorient to modern methods of doing business. Only those companies that immediately translate their services into a more convenient and capacious mobile format of interaction with the client, will win the competition. Online retail and Internet banking, booking tickets and tours with aggregators or calling a taxi through mobile applications have become a reality of everyday life. According to Hampleton Partners, an international consulting firm specializing in technology mergers and acquisitions, the annual volume of transactions for the use of blockchain technology alone will be $6 billion. Many classic business models are giving way to technological innovation. The main message for businesses: "Upgrade or disappear", to which the modern tax system must also be adapted.

Keywords: financial technologies, digital economy, information economy, digitalization of taxation, blockchain technologies, cryptocurrencies. 

Сунцова О.О. Діджиталізація та глобалізація в оподаткуванні в розрізі сучасної практики запровадження блокчейн-технологій Фінансово-кредитні системи: перспективи розвитку №3, 2021. – С. 27-35  https://periodicals.karazin.ua/fcs/article/view/18331      https://periodicals.karazin.ua/fcs/issue/view/1140/1477