CRYPTOCURRENCY AS A TOOL FOR ATTRACTING INVESTMENT AND THE PROSPECT OF STRATEGIC DEVELOPMENT OF BIOENERGY POTENTIAL OF PROCESSING ENTERPRISES IN THE AGROCHEMICAL INDUSTRY IN UKRAINE
Journal: International scientific journal "Internauka." Series: "Economic Sciences" (Vol.1, No. 77)Publication Date: 2023-09-30
Authors : Dankevych Andrii; Malinov Vladyslav;
Page : 35-41
Keywords : cryptocurrency; bioenergy; processing enterprises; tokenization; effective mechanism; bioenergy potential; economic situation; processing industry; agro-industrial complex; alternative energy sources; biogas;
Abstract
The article is devoted to the study of the possibilities of using cryptocurrency as an innovative financing mechanism in the agricultural sector of Ukraine, in particular, processing enterprises. The agricultural sector, which is the foundation of many countries' economies, faces challenges in ensuring effective financing. Traditional financing methods often fail to meet the sector's needs due to high interest rates, collateral requirements, and lengthy approval processes. Cryptocurrencies based on blockchain technology offer a number of advantages, such as transparency of transactions, reduced transaction costs, and the ability to make international payments without intermediaries. This may be of particular importance for agricultural enterprises looking for ways to optimize their operations and attract investment. The article focuses on the role of cryptocurrencies in agriculture. The basic principles of cryptocurrencies, such as Bitcoin, Ethereum and others, as well as their potential use in the agricultural sector are discussed. Particular emphasis is placed on the possibilities of using «smart contracts» to automate payments and manage risks. The authors also discuss potential challenges and limitations associated with the introduction of cryptocurrencies in agriculture. These include regulatory issues, the need for education and understanding of new technologies, and risks associated with cryptocurrency volatility. The main findings of the study emphasize the enormous potential of cryptocurrencies to transform the agricultural sector, providing new economic opportunities for farmers and processing companies. In particular, cryptocurrencies can play a key role in financing innovative agro-technological projects, contributing to the sustainable development of the sector. Overall, the article is an important contribution to the study of the role of cryptocurrencies in agriculture, providing valuable insights for researchers, practitioners, and policy makers interested in optimizing and modernizing the agricultural sector.
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