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Digital economic activity occurs between citizens and within the private sector in the forms of digital infrastructure provision, e-commerce, and e-business. What constitutes digital economic activity can include anything that involves a digital transactions: from payments and online shopping to social media marketplaces and collaborative tools or networked ways of producing new ideas and products.
The Digital Economy in Ukraine has similar demands to any digital economy in other countries. However, given the current context, an opportunity exists to harness recovery and development as a mechanism to accelerate digital economic activity. The four themes for supporting the digital economy in Ukraine (in order of priority) are as follows:
- Ukraine Recovery
- Digital Trust & Cybersecurity
- Accessible and Interoperable Ecosystems
- ESG Economy Impact
1. Economic Recovery
What is Economic Recovery in Ukraine. Economic recovery broadly refers to re-establishing sustainable and resilient economic activity within Ukraine.
Economic recovery and digital economic growth go hand-in-hand. Economic recovery in Ukraine is important so that the country can invest in its digital economy. However, the growth of the digital economy is also a driver for overall economic growth.
Economic recovery is a catalyst for the digital economy. Ukrainian recovery does not mean rebuilding Ukraine in 2022. We can rebuild Ukraine to a leadership position within Europe and globally. Recovery and rebuilding of relevant systems can begin before conflict ends and can focus on new digital economy enablement.
Web3 for Economic Recovery. Web3 applications can broadly support an inflow of capital, efficient handling of that capital, and stakeholder engagement. The role that Web3 can play in enabling economic recovery is outlined below.
1.1 Increasing Capital Inflows
1.2 Establishing Efficient Use of Funds
1.3 Establishing Transparent Processes
1.4 Engage All Stakeholders
1.5 Create Resilience and Longevity
2. Digital Trust & Cybersecurity
What is Digital Trust: Digital Trusts is an expanded view on trust in digital ecosystems. It includes traditional cybersecurity and privacy concepts but extends to the reliability of services and transparency of processes.
Digital Trust in Web3: Digital trust is especially important when applied to Web3 applications because it relates to securing automated processes for users, protecting individuals in peer-to-peer transactions, and disincentivizing malicious actors in decentralized ecosystems.
Digital Trust in Ukraine: Digital trust, which takes an expansive view on protecting and securing users and transactions in the digital economy, is an important antidote to corruption risks in a recovery period and beyond. Eliminating corruption risks is important for the success of a recovery effort outlined in the first theme.
Digital trust enabled by Web3 can increase the trust that users have in digital economic transactions and increase their willingness to engage with emerging technologies.
2.1 Secure Individual Privacy
2.2 Establish Indisputable Security
2.3 Deliver Reliable Products and Services
2.4 Reduce and Eliminate Corruption Threats
3. Accessible and Interoperable Ecosystems
Accessibility in the Digital Economy. Bringing digital economic activity to a breadth of users is necessary for a robust digital economy. Accessibility means expanding services to all types of users, increasing utility for those users, and ensuring inclusion for marginalized demographics.
Interoperability in Web3. Powering the digital economy with Web3 means bringing assets, information, and transactions on-chain. This provides unrestrained access to assets and objects via tools like tokenization.
Integrated Ecosystems. Means that we consider all aspects of an ecosystem and ensure that there are no blockers to their participation in the digital economy. This includes users and institutions but also infrastructure, automated processes, and assets or objects.
3.1 Infrastructure and Networks
3.2 Products and Services
3.3 Assets and Objects
3.4 Institutions Interaction
3.5 People and Users
3.6 Innovation
4. ESG Economy Impact
Social Economy. Relates to the digital economy as economic activity that prioritizes social or ecological impact or is unburdened by concern for profitability.
Social Economy in Web3. Applications that empower users to reclaim control, specifically related to governance, management, transacting are most common in the Web3 space.
ESG (Environmental, Social, and Governance) Applications for Ukraine. Impactful applications support the growth of the digital economy by introducing opportunities for social/sustainable impact. And by leveraging Web3 applications we can focus on the following missions which follow specific empowered actions for users.