BLOCKCHAIN ADOPTION IN CORPORATE INVESTMENT ACTIVITY

Abstract

This article examines the feasibility of adopting blockchain-based asset tokenization within the investment activities of Ukrainian enterprises. Utilizing international case evidence, such as RealT and Tokeny, the research compares technical and legal designs to identify recurring constraints and proposes an adaptive six-stage implementation model tailored to the Ukrainian context. The study emphasizes that tokenization can enhance transparency, reduce transaction costs, democratize investment access, and automate compliance through smart contracts and distributed ledgers. Methodologically, the research employs a structured literature review and a comparative assessment of token design choices, including permissioned versus public issuance and specialized legal wrappers.
The results indicate that the primary challenges are legal (classification and taxation), organizational (ERP integration and KYC/AML operations), and market-related (secondary-market liquidity). However, technical constraints are increasingly mitigated by platform standards and interoperability protocols. The proposed model specifies transition criteria from readiness assessment to pilot issuance and legal harmonization, incorporating compliance-by-design and gate-based management principles. Furthermore, the study argues that the Ukrainian business environment, characterized by high transactional frictions, presents unique opportunities for blockchain-enabled transformation.
Practical implications include a roadmap for launching low-risk pilots in asset classes with high transactional costs, such as real estate and private debt. The findings contribute to the broader discourse on digital investment transformation, offering a foundation for evidence-based policymaking in Ukraine’s post-war economic recovery. The study concludes that legal clarity, cybersecurity standards, and digital literacy remain fundamental prerequisites for sustainable implementation.