Social capital in the digital economy: Transforming hromada project financing models using RWA tokenisation

The relevance of this study lied in the implementation of innovative financing mechanisms for Ukraine’s territorial hromadas in the context of post-war recovery, focusing on the significant untapped potential of household savings. This study aimed to assess the feasibility of using Real World Asset tokenisation as a tool to mobilise internal financial resources by activating social capital. According to expert estimates, Ukrainian household savings held outside the formal banking system were estimated at between 70 billion USD and 120 billion USD. Scenario modelling showed that even a conservative mobilisation of 1% of these funds (1.2 billion USD) would enable the implementation of over 2,000 infrastructure projects. Under a realistic scenario (2.5% or 3 billion USD), hromadas could carry out up to 6,000 large or 20,000 smaller initiatives, including school renovations, water supply upgrades, and solar power plants. The study proposed a conceptual framework that integrated social capital (trust, networks, and shared values), blockchain tools (tokens and smart contracts), and economic incentives (dividends, savings, governance rights). A typology of projects eligible for tokenisation was presented, along with an investment distribution structure and expected financial and social outcomes. The research also outlined a multi-level benefits system for household investors – ranging from dividends to participation in decision making through Data Access Object platforms. It emphasised the reciprocal relationship between social capital and Real World Asset tokenisation: trust and local networks enabled investment, while successful implementation reinforced civic engagement and community cohesion. The practical value of this study is that it offers territorial hromadas a replicable model for converting passive savings into active capital for sustainable development through digital infrastructure