Implementation of blockchain technologies and smart contracts as a driver of international investment activity in the post-war recovery of Ukraine
Keywords:
blockchain, smart contracts, international investments, post-war recovery, remediation, revitalization, digital transformationSynopsis
Blockchain and smart contract technologies are increasingly being considered as catalysts for boosting international investment activity. This study thoroughly explores how the implementation of blockchain and smart contracts can ensure transparency, trust, and efficiency in the process of restoring territories in Ukraine affected by military activities, thereby attracting foreign capital. The authors of the monograph present the genesis and potential of blockchain, describe a methodological model that includes a semantic analysis of key concepts (such as "remediation" and "revitalization"), and provide an analytical assessment of the introduction of blockchain to stimulate foreign investment in Ukraine’s post-war recovery. The authors present a project model of a blockchain system developed to support transparency within a specific settlement’s post-war remediation and revitalization project, with an emphasis on anti-corruption control and digital transformation of recovery efforts. Drawing on Ukrainian and international cases – from fundraising via cryptocurrencies during the war to blockchain-based land registries and procurement systems – the authors emphasize that the integration of blockchain and smart contracts can eliminate the human factor in record-keeping, ensure open access to information, and automate the execution of agreements. This, in turn, can increase the level of investor trust and open new opportunities for financing such projects (including through asset tokenization and smart contract-based funds). Special attention is paid to ensuring accountability in the use of resources for territorial recovery and to the role of blockchain in creating a transparent, corruption-resistant environment.
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How blockchain is revolutionising transaction transparency (2019). Business Reporter. Available at: https://www.business-reporter.co.uk/technology/how-blockchain-is-revolutionising-transaction-transparency
Post-war Blockchain Recovery Plan for Ukraine. Virtual Assets of Ukraine. Available at: https://virtual-assets.org/
Wellisz, C. (2018). Digital Crusaders: Technology offers weapons for the battle against corruption. Finance & Development, 40–43. Available at: https://www.imf.org/en/Publications/fandd/issues/2018/03/wellisz
Why the role of crypto is huge in the Ukraine war (2023). World Economic Forum. Available at: https://www.weforum.org/stories/2023/03/the-role-cryptocurrency-crypto-huge-in-ukraine-war-russia/
Khomiakov, K. (2023). Kriptovaliuta vo vremia voiny: mgnovennye donaty i blokchein-versiia "Plana Marshalla". LIGA.net. Available at: https://www.liga.net/economics/opinion/kriptovalyuta-vo-vremya-voyny-mgnovennye-donaty-i-blokcheyn-versiya-plana-marshala
Chavez-Dreyfuss, G. (2017). Ukraine launches big blockchain deal with tech firm Bitfury. Reuters. Available at: https://www.reuters.com/article/technology/ukraine-launches-big-blockchain-deal-with-tech-firm-bitfury-idUSKBN17F0N1/
Ukraina pryiednalasia do Yevropeiskoho Blokchein Partnerstva v statusi sposterihacha (2022). Ministerstvo tsyfrovoi transformatsii Ukrainy. Available at: https://www.kmu.gov.ua/news/ukrayina-priyednalasya-do-yevropejskogo-blokchejn-partnerstva-v-statusi-sposterigacha
Towards a new generation of blockchain-based public services in Europe (2022). European Commission. Available at: https://digital-strategy.ec.europa.eu/en/events/towards-new-generation-blockchain-based-public-services-europe.
UNHCR launches pilot Cash-Based Intervention Using Blockchain Technology for Humanitarian Payments to People Displaced and Impacted by the War in Ukraine (2022). UNHCR. Available at: https://www.unhcr.org/ua/en/news/unhcr-launches-pilot-cash-based-intervention-using-blockchain-technology-humanitarian-payments
Nakamoto, S. (2008). Bitcoin: A Peer-to-Peer Electronic Cash System. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3440802
Murphy, K. P., Sun, T., Zhou, Y. S., Tsuda, N., Zhang, N., Budau, V. et al. (2024). Central Bank Digital Currency Data Use and Privacy Protection. Fintech Notes, 2024 (4), 51. https://doi.org/10.5089/9798400286971.063
Britchenko, I., Cherniavska, T. (2019). Blockchain Technology in the Fiscal Process of Ukraine Optimization. Economic Studies, 28 (5), 134–147.
Britchenko, I., Cherniavska, T., Cherniavskyi, B. (2018). Blockchain technology into the logistics supply. Development of small and medium enterprises: the EU and east-partnership countries experience. Tarnobrzeg: Wydawnictwo Państwowej Wyższej Szkoły Zawodowej im. prof. Stanisława Tarnowskiego w Tarnobrzegu, 307–317. Available at: https://philpapers.org/archive/BRIBTI-2.pdf
Brothwell, R. (2023). 6 countries using blockchain right now. BSV Blockchain Available at: https://bsvblockchain.org/6-countries-using-blockchain-right-now/
Service: City of Zug Blockchain Voting Trial (2018). EU Blockchain Observatory and Forum. Available at: https://ipsoeu.github.io/ips-explorer/case/50043
Ellahi, R. M., Wood, L. C., Bekhit, A. E.-D. A. (2023). Blockchain-Based Frameworks for Food Traceability: A Systematic Review. Foods, 12 (16), 3026. https://doi.org/10.3390/foods12163026
Haskell, S. R. R. (2022). Blockchain Technology in the Food Industry. Michigan State University. Available at: https://www.canr.msu.edu/news/blockchain-technology-in-the-food-industry
Blockchain Food Traceability: Enhancing Transparency and Safety (2025). Truvera Dock Labs. Available at: https://www.dock.io/post/blockchain-food-traceability
World Bank and CBA Partner to enable Secondary Bond Trading recorded on Blockchain (2019). World Bank Group. Available at: https://www.worldbank.org/en/news/press-release/2019/05/15/world-bank-and-cba-partner-to-enable-secondary-bond-trading-recorded-on-blockchain
EIB issues its first ever digital bond on a public blockchain (2021). European Investment Bank. Available at: https://www.eib.org/en/press/all/2021-141-european-investment-bank-eib-issues-its-first-ever-digital-bond-on-a-public-blockchain
Beesfund na ambitne plany, w ciągu 2–3 lat potrzebuje minimum 20 mln zł (2019). PARKIET. Available at: https://www.parkiet.com/crowdfunding/art20063361-beesfund-na-ambitne-plany-w-ciagu-2-3-lat-potrzebuje-minimum-20-mln-zl
Hall, I. (2020). Colombian blockchain trial cause for ‘cautious optimism’, says WEF. Global Government Forum. Available at: https://www.globalgovernmentforum.com/colombian-blockchain-trial-cause-for-cautious-optimism-says-wef/
Lanz, J. A. (2019). Peru sets its eyes on blockchain to fight government corruption. Decrypt Media Inc. Available at: https://decrypt.co/6893/peru-blockchain-government-corruption
Almost UAH 3.3 billion – revenues to budgets of various levels from small-scale privatization in the ProZorro.Sale system in 2023 (2023). State Property Fund of Ukraine. Available at: https://www.spfu.gov.ua/en/news/10191.html
Blockchain revolutionizes governance, business, and society by ensuring transparency... (2025). LEVEL UP UKRAINE. LinkedIn. Available at: https://www.linkedin.com/posts/levelupukraine_blockchain-transparency-digitaltransformation-activity-7297940956069203968-jq1I
Ukraine to Legalise Virtual Assets (2021). CMS Legal. Available at: https://cms-lawnow.com/en/ealerts/2021/09/ukraine-to-legalise-virtual-assets
Ihnatenko, O. (2024). Shaping Tomorrow: A Roadmap for Ukraine’s Reconstruction using Virtual Assets. Royal United Services Institute. Available at: https://rusi.org/explore-our-research/publications/policy-briefs/shaping-tomorrow-roadmap-ukraines-reconstruction-using-virtual-assets
Kitsoft developed a prototype of a web3 registry for real estate and land (2024). Kitsoft. Available at: https://kitsoft.ua/blog/Kitsoft-developed-a-prototype-of-a-web3-registry-for-real-estate-and-land
Panfilov, O. (2024). The role of blockchain technologies in the post-war restoration of ukraine. Grundlagen der modernen wissenschaftlichen forschung. Zurich, 23–24. https://doi.org/10.36074/logos-24.05.2024.002
Digital Tool for Managing Reconstruction of Infrastructure and Real Estate Projects (UA0101) (2023). Open Government Partnership. Available at: https://www.opengovpartnership.org/members/ukraine/commitments/ua0101/
Digital Restoration EcoSystem for Accountable Management. The Ministry for Development of Communities and Territories of Ukraine. Available at: https://dream.gov.ua/en.
Foreign direct investment (FDI) in Ukraine (2025). Lloyds Bank. Available at: https://www.lloydsbanktrade.com/en/market-potential/ukraine/investment.
Ukraine Foreign Direct Investment: Stocks: by Economic Activity (2024). CEIC Data, an ISI Emerging Markets Group Company. Available at: https://www.ceicdata.com/en/ukraine/foreign-direct-investment-stocks-by-economic-activity.
General profile: Ukraine (2025). UN Trade and Development. UNCTAD. Available at: https://unctadstat.unctad.org/CountryProfile/GeneralProfile/en-GB/804/index.html
Global foreign direct investment flows over the last 30 years (2023). UN Trade and Development. UNCTAD. Available at: https://unctad.org/data-visualization/global-foreign-direct-investment-flows-over-last-30-years
Cherniavska, T., Tanklevska, N., Cherniavskyi, B. (2024). A decision-making system for managing the remediation of water resources in the Kherson region: agent-oriented modeling in the context of post-war economic recovery. Transformations of National Economies under Conditions of Instability. Tallinn: Scientific Route OÜ, 223–256. https://doi.org/10.21303/978-9916-9850-6-9.ch8
Riabokin, M., Kotukh, Y. (2024). RWA-tokenization as a tool for attracting investments and developing post-war Ukraine. Global Scientific and Academic Research Journal of Economics, Business and Management, 3 (11), 64–77.
Tan, E. (2022). Ukrainian Flag NFT Raises $ 6.75M for Country’s War Efforts. CoinDesk, Inc. Available at: https://www.coindesk.com/tech/2022/03/02/ukrainian-flag-nft-raises-675m-for-countrys-war-efforts
Chernobaevka: kak zhivet posle deokkupatcii legendarnyi khersonskii poselok. Reportazh "Drona" (2024). Dron Media. Available at: https://dron.media/chiernobaievka-kak-zhiviet-poslie-okkupatsii-lieghiendarnoie-khiersonskoie-sielo-rieportazh-drona/
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74-109
Text Identifier of this Chapter
Chapter 4
Published
June 30, 2025
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Copyright (c) 2025 Nataliya Tanklevska, Bohdan Cherniavskyi, Halyna Zapsha, Liubov Borovik, Viktoriya Miroshnychenko, Oleksandr Slobodyanyk
How to Cite
Tanklevska, N., Cherniavskyi, B., Zapsha, H., Borovik, L., Miroshnychenko, V., & Slobodyanyk, O. (2025). Implementation of blockchain technologies and smart contracts as a driver of international investment activity in the post-war recovery of Ukraine. In T. Cherniavska (Ed.), & L. Barabash, L. Khudoliy, O. Nepochatenko, Y. Tsymbalyuk, S. Vlasiuk, O. Rolinskyi, A. Karnaushenko, B. Cherniavskyi, N. Tanklevska, H. Zapsha, L. Borovik, V. Miroshnychenko, O. Slobodyanyk, H. Blakyta, V. Susidenko, A. Andreichenko, Y. Remyha, O. Podmazko, R. Rogaczewski, … A. Nadtochyi, Economy in the era of digital transformation: trends, opportunities and perspectives (pp. 74-109). Scientific Route OÜ®. https://doi.org/10.21303/978-9908-9706-0-8.ch4
