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International hydrogen market meets blockchain: A new frontier in trade

Yıl 2024, Cilt: 9 Sayı: 4, 581 - 599, 25.12.2024
https://doi.org/10.58559/ijes.1536117

Öz

This research investigates the convergence of the nascent hydrogen market and blockchain technology. Driven by renewable energy policies, hydrogen demand has surged across traditional industries, expanding the overall market. However, hydrogen trading remains a relatively new sector in need of growth and investment. By examining the interplay between trade mechanisms and blockchain within the existing international regulatory landscape, including World Trade Organization frameworks, this study explores the feasibility of blockchain integration. Stakeholder analysis highlights the government as a pivotal actor in this emerging ecosystem. At the same time, to enhance the efficacy of smart contracts, the integration of artificial intelligence is proposed.

Kaynakça

  • [1] The Future of Hydrogen – Analysis - IEA. (2019, June 1). Retrieved May 20, 2024, IEA. https://www.iea.org/reports/the-future-of-hydrogen.
  • [2] Gulli C, Heid B, Noffsinger J, Waardenburg M, Wilthaner M. Retrieved May 20, 2024, Global Energy Perspective 2023: Hydrogen outlook. McKinsey & Company. https://www.mckinsey.com/industries/oil-and-gas/our-insights/global-energy-perspective-2023hydrogen-outlook.
  • [3] Yusaf T, Laimon M, Alrefae W, Kadirgama K, Dhahad H. A, Ramasamy D, Kamarulzaman M. K, Yousif B. Hydrogen Energy Demand Growth Prediction and Assessment (2021–2050) using a system thinking and System Dynamics approach. Applied Sciences 2022; 12(2): 781.
  • [4] Xu D, Liu Z, Zhu J, Fang Q, Shan R. Linking Cost Decline and Demand Surge in the Hydrogen Market: A Case Study in China. Energies 2023; 16: 4821.
  • [5] De Blasio, Nicola H, Charles H. “The Role of Blockchain in Green Hydrogen Value Chains.” Policy Brief, November 2021. Retrieved May 20, 2024, https://www.belfercenter.org/publication/role-blockchain-green-hydrogen-value-chains.
  • [6] IDC. (April 19, 2021). Worldwide spending on blockchain solutions from 2017 to 2020, with forecasts for 2021 and 2024 (in billion U.S. dollars) [Graph]. In Statista. Retrieved May 20, 2024, https://0311b0nih-y-https-www-statistacom.halic.proxy.deepknowledge.io/statistics/800426/worldwide-blockchain-solutions-spending/.
  • [7] Statista. (May 13, 2020). Size of the blockchain technology market worldwide in 2018 and 2019, with forecasts from 2020 to 2025 (in billion U.S. dollars) [Graph]. In Statista. Retrieved May 20, 2024, from https://0311b0nih-y-https-www-statistacom.halic.proxy.deepknowledge.io/statistics/647231/worldwide-blockchain-technology-marketsize/.
  • [8] Tripathi G, Ahad M. A, Casalino G. A comprehensive review of blockchain technology: Underlying principles and historical background with future challenges. Decision Analytics Journal 2023; 9: 100344.
  • [9] Nakamoto S, Wright C. S. (2008). Bitcoin: a Peer-to-Peer electronic cash system. Social Science Research Network.
  • [10] SolarCoin. Retrieved May 20, 2024, SolarCoin. https://solarcoin.org/
  • [11] Li H, Xiao F, Yin L, Wu F. Application of Blockchain Technology in Energy Trading: A review. Frontiers in Energy Research 2021; 9: 671133.
  • [12] UNCTAD (2023). (United Nations Conference On Trade And Development) Global Report On Blockchain And Its Implications On Trade Facilitation Performance, Retrieved May 20, 2024, https://unctad.org/system/files/official-document/tcsdtlinf2023d1_en.pdf.
  • [13] Brooklyn Microgrid, https://www.brooklyn.energy/, Retrieved May 20, 2024.
  • [14] Gawusu S, Tando M. S, Ahmed A, Jamatutu S. A. Decentralized energy systems and blockchain technology: Implications for alleviating energy poverty. Sustainable Energy Technologies and Assessments 2024; 65:103795.
  • [15] Wongthongtham P, Marrable D, Abu-Salih B, Liu X, Morrison G. Blockchain-enabled Peer to-Peer energy trading. Computers & Electrical Engineering 2021; 94: 107299.
  • [16] Volt Markets. Retrieved May 20, 2024, Bitcoin Code - Automated trading platform on the crypto market. Bitcoin Code. https://voltmarkets.com/.
  • [17] Smart Rotary Isolator & Fused Spur with AI for Air Conditioning and HVAC. Retrieved May 20, 2024, Verv. https://verv.energy/.
  • [18] SunContract. (2024, March 13). Retrieved May 20, 2024, Electricity Marketplace for P2P energy trading - SunContract. https://suncontract.org/.
  • [19] PowerLedger. Retrieved May 20, 2024, Powerledger. https://www.powerledger.io/.
  • [20] Li J, Herdem M. S, Nathwani J, Wen J. T. Methods and applications for Artificial Intelligence, Big Data, Internet of Things, and Blockchain in smart energy management. Energy and AI 2023; 11: 100208.
  • [21] AI vs. Machine Learning vs. Deep Learning vs. Neural Networks | IBM. Retrieved May 20, 2024, https://www.ibm.com/think/topics/ai-vs-machine-learning-vs-deep-learning-vs-neuralnetworks.
  • [22] Jamil H, Qayyum F, Iqbal N, Khan. Secure hydrogen production analysis and prediction based on blockchain service framework for intelligent power management system. Smart Cities 2023; 6(6): 3192–3224.
  • [23] Gulli C, Heid B, Noffsinger J, Waardenburg M, Wilthaner M. (2024, January 10). Global Energy 2023: Hydrogen outlook. McKinsey & Company. https://www.mckinsey.com/industries/oil-and-gas/our-insights/global-energy-perspective-2023hydrogen-outlook.
  • [24] 8 Digital backbone for green hydrogen production. Retrieved May 20, 2024, https://www.irena.org/Innovation-landscape-for-smart-electrification/Power-to-hydrogen/8Digital-backbone-for-green-hydrogen-production.
  • [25] Song J, Kang E. S, Shin, H.W, Jang J. W. A Smart Contract-Based P2P Energy Trading System with Dynamic Pricing on Ethereum Blockchain. Sensors 2021; 21(6): 1985.
  • [26] Blockchain funding and investment. (2023, September 27). Retrieved May 20, 2024, Shaping Europe’s Digital Future. https://digital-strategy.ec.europa.eu/en/policies/blockchain-funding.
  • [27] Schlund D, Schulte S, Sprenger T. The who’s who of a hydrogen market ramp-up: A stakeholder analysis for Germany. Renewable & Sustainable Energy Reviews 2022; 154: 111810.
  • [28] Renewable energy certificates | Clean Energy Regulator. Retrieved May 20, 2024, https://cer.gov.au/markets/renewable-energy-certificates.
  • [29] Pogoretskyy V. Energy in International Trade Law: Concepts, Regulation and Changing Markets. Journal of International Economic Law 2022; 25(4): 699–702.
  • [30] Bertin J, Selvarajah K. (2023, November). Hydrogen Energy and Trade. www.wto.org. Retrieved May 29, 2024, from https://www.wto.org/english/tratop_e/tessd_e/04_egs_1_presentation_by_uk.pdf.
  • [31] EEX, Hydrogen. Retrieved May 20, 2024, https://www.eex.com/en/markets/hydrogen.
  • [32] Ganne E. (2021). Blockchain’s practical and legal implications for global trade and Global Trade Law. In Cambridge University Press eBooks (pp. 128–159).
  • [33] Zainul A. Empowering the hydrogen economy: The transformative potential of blockchain technology, Renewable and Sustainable Energy Reviews 2024; 200: 114572.
  • [34] Dong Z. Y, Yang J, Yu L, Daiyan R, Amal R. A green hydrogen credit framework for international green hydrogen trading towards a carbon neutral future. International Journal of Hydrogen Energy 2022; 47(2): 728–734.
  • [35] Grid Singularity. (2024, January 1). Retrieved May 20, 2024, Grid Singularity: Simulate and operate P2P energy marketplaces. https://gridsingularity.com.
  • [36] PowerLedger. Retrieved May 20, 2024, Powerledger. https://www.powerledger.io/.
Yıl 2024, Cilt: 9 Sayı: 4, 581 - 599, 25.12.2024
https://doi.org/10.58559/ijes.1536117

Öz

Kaynakça

  • [1] The Future of Hydrogen – Analysis - IEA. (2019, June 1). Retrieved May 20, 2024, IEA. https://www.iea.org/reports/the-future-of-hydrogen.
  • [2] Gulli C, Heid B, Noffsinger J, Waardenburg M, Wilthaner M. Retrieved May 20, 2024, Global Energy Perspective 2023: Hydrogen outlook. McKinsey & Company. https://www.mckinsey.com/industries/oil-and-gas/our-insights/global-energy-perspective-2023hydrogen-outlook.
  • [3] Yusaf T, Laimon M, Alrefae W, Kadirgama K, Dhahad H. A, Ramasamy D, Kamarulzaman M. K, Yousif B. Hydrogen Energy Demand Growth Prediction and Assessment (2021–2050) using a system thinking and System Dynamics approach. Applied Sciences 2022; 12(2): 781.
  • [4] Xu D, Liu Z, Zhu J, Fang Q, Shan R. Linking Cost Decline and Demand Surge in the Hydrogen Market: A Case Study in China. Energies 2023; 16: 4821.
  • [5] De Blasio, Nicola H, Charles H. “The Role of Blockchain in Green Hydrogen Value Chains.” Policy Brief, November 2021. Retrieved May 20, 2024, https://www.belfercenter.org/publication/role-blockchain-green-hydrogen-value-chains.
  • [6] IDC. (April 19, 2021). Worldwide spending on blockchain solutions from 2017 to 2020, with forecasts for 2021 and 2024 (in billion U.S. dollars) [Graph]. In Statista. Retrieved May 20, 2024, https://0311b0nih-y-https-www-statistacom.halic.proxy.deepknowledge.io/statistics/800426/worldwide-blockchain-solutions-spending/.
  • [7] Statista. (May 13, 2020). Size of the blockchain technology market worldwide in 2018 and 2019, with forecasts from 2020 to 2025 (in billion U.S. dollars) [Graph]. In Statista. Retrieved May 20, 2024, from https://0311b0nih-y-https-www-statistacom.halic.proxy.deepknowledge.io/statistics/647231/worldwide-blockchain-technology-marketsize/.
  • [8] Tripathi G, Ahad M. A, Casalino G. A comprehensive review of blockchain technology: Underlying principles and historical background with future challenges. Decision Analytics Journal 2023; 9: 100344.
  • [9] Nakamoto S, Wright C. S. (2008). Bitcoin: a Peer-to-Peer electronic cash system. Social Science Research Network.
  • [10] SolarCoin. Retrieved May 20, 2024, SolarCoin. https://solarcoin.org/
  • [11] Li H, Xiao F, Yin L, Wu F. Application of Blockchain Technology in Energy Trading: A review. Frontiers in Energy Research 2021; 9: 671133.
  • [12] UNCTAD (2023). (United Nations Conference On Trade And Development) Global Report On Blockchain And Its Implications On Trade Facilitation Performance, Retrieved May 20, 2024, https://unctad.org/system/files/official-document/tcsdtlinf2023d1_en.pdf.
  • [13] Brooklyn Microgrid, https://www.brooklyn.energy/, Retrieved May 20, 2024.
  • [14] Gawusu S, Tando M. S, Ahmed A, Jamatutu S. A. Decentralized energy systems and blockchain technology: Implications for alleviating energy poverty. Sustainable Energy Technologies and Assessments 2024; 65:103795.
  • [15] Wongthongtham P, Marrable D, Abu-Salih B, Liu X, Morrison G. Blockchain-enabled Peer to-Peer energy trading. Computers & Electrical Engineering 2021; 94: 107299.
  • [16] Volt Markets. Retrieved May 20, 2024, Bitcoin Code - Automated trading platform on the crypto market. Bitcoin Code. https://voltmarkets.com/.
  • [17] Smart Rotary Isolator & Fused Spur with AI for Air Conditioning and HVAC. Retrieved May 20, 2024, Verv. https://verv.energy/.
  • [18] SunContract. (2024, March 13). Retrieved May 20, 2024, Electricity Marketplace for P2P energy trading - SunContract. https://suncontract.org/.
  • [19] PowerLedger. Retrieved May 20, 2024, Powerledger. https://www.powerledger.io/.
  • [20] Li J, Herdem M. S, Nathwani J, Wen J. T. Methods and applications for Artificial Intelligence, Big Data, Internet of Things, and Blockchain in smart energy management. Energy and AI 2023; 11: 100208.
  • [21] AI vs. Machine Learning vs. Deep Learning vs. Neural Networks | IBM. Retrieved May 20, 2024, https://www.ibm.com/think/topics/ai-vs-machine-learning-vs-deep-learning-vs-neuralnetworks.
  • [22] Jamil H, Qayyum F, Iqbal N, Khan. Secure hydrogen production analysis and prediction based on blockchain service framework for intelligent power management system. Smart Cities 2023; 6(6): 3192–3224.
  • [23] Gulli C, Heid B, Noffsinger J, Waardenburg M, Wilthaner M. (2024, January 10). Global Energy 2023: Hydrogen outlook. McKinsey & Company. https://www.mckinsey.com/industries/oil-and-gas/our-insights/global-energy-perspective-2023hydrogen-outlook.
  • [24] 8 Digital backbone for green hydrogen production. Retrieved May 20, 2024, https://www.irena.org/Innovation-landscape-for-smart-electrification/Power-to-hydrogen/8Digital-backbone-for-green-hydrogen-production.
  • [25] Song J, Kang E. S, Shin, H.W, Jang J. W. A Smart Contract-Based P2P Energy Trading System with Dynamic Pricing on Ethereum Blockchain. Sensors 2021; 21(6): 1985.
  • [26] Blockchain funding and investment. (2023, September 27). Retrieved May 20, 2024, Shaping Europe’s Digital Future. https://digital-strategy.ec.europa.eu/en/policies/blockchain-funding.
  • [27] Schlund D, Schulte S, Sprenger T. The who’s who of a hydrogen market ramp-up: A stakeholder analysis for Germany. Renewable & Sustainable Energy Reviews 2022; 154: 111810.
  • [28] Renewable energy certificates | Clean Energy Regulator. Retrieved May 20, 2024, https://cer.gov.au/markets/renewable-energy-certificates.
  • [29] Pogoretskyy V. Energy in International Trade Law: Concepts, Regulation and Changing Markets. Journal of International Economic Law 2022; 25(4): 699–702.
  • [30] Bertin J, Selvarajah K. (2023, November). Hydrogen Energy and Trade. www.wto.org. Retrieved May 29, 2024, from https://www.wto.org/english/tratop_e/tessd_e/04_egs_1_presentation_by_uk.pdf.
  • [31] EEX, Hydrogen. Retrieved May 20, 2024, https://www.eex.com/en/markets/hydrogen.
  • [32] Ganne E. (2021). Blockchain’s practical and legal implications for global trade and Global Trade Law. In Cambridge University Press eBooks (pp. 128–159).
  • [33] Zainul A. Empowering the hydrogen economy: The transformative potential of blockchain technology, Renewable and Sustainable Energy Reviews 2024; 200: 114572.
  • [34] Dong Z. Y, Yang J, Yu L, Daiyan R, Amal R. A green hydrogen credit framework for international green hydrogen trading towards a carbon neutral future. International Journal of Hydrogen Energy 2022; 47(2): 728–734.
  • [35] Grid Singularity. (2024, January 1). Retrieved May 20, 2024, Grid Singularity: Simulate and operate P2P energy marketplaces. https://gridsingularity.com.
  • [36] PowerLedger. Retrieved May 20, 2024, Powerledger. https://www.powerledger.io/.
Toplam 36 adet kaynakça vardır.

Ayrıntılar

Birincil Dil İngilizce
Konular Enerji
Bölüm Research Article
Yazarlar

Sofya Morozova 0009-0003-8485-1530

Arif Karabuğa 0000-0002-9349-7049

Zafer Utlu 0000-0003-1981-9107

Yayımlanma Tarihi 25 Aralık 2024
Gönderilme Tarihi 3 Eylül 2024
Kabul Tarihi 20 Ekim 2024
Yayımlandığı Sayı Yıl 2024 Cilt: 9 Sayı: 4

Kaynak Göster

APA Morozova, S., Karabuğa, A., & Utlu, Z. (2024). International hydrogen market meets blockchain: A new frontier in trade. International Journal of Energy Studies, 9(4), 581-599. https://doi.org/10.58559/ijes.1536117
AMA Morozova S, Karabuğa A, Utlu Z. International hydrogen market meets blockchain: A new frontier in trade. Int J Energy Studies. Aralık 2024;9(4):581-599. doi:10.58559/ijes.1536117
Chicago Morozova, Sofya, Arif Karabuğa, ve Zafer Utlu. “International Hydrogen Market Meets Blockchain: A New Frontier in Trade”. International Journal of Energy Studies 9, sy. 4 (Aralık 2024): 581-99. https://doi.org/10.58559/ijes.1536117.
EndNote Morozova S, Karabuğa A, Utlu Z (01 Aralık 2024) International hydrogen market meets blockchain: A new frontier in trade. International Journal of Energy Studies 9 4 581–599.
IEEE S. Morozova, A. Karabuğa, ve Z. Utlu, “International hydrogen market meets blockchain: A new frontier in trade”, Int J Energy Studies, c. 9, sy. 4, ss. 581–599, 2024, doi: 10.58559/ijes.1536117.
ISNAD Morozova, Sofya vd. “International Hydrogen Market Meets Blockchain: A New Frontier in Trade”. International Journal of Energy Studies 9/4 (Aralık 2024), 581-599. https://doi.org/10.58559/ijes.1536117.
JAMA Morozova S, Karabuğa A, Utlu Z. International hydrogen market meets blockchain: A new frontier in trade. Int J Energy Studies. 2024;9:581–599.
MLA Morozova, Sofya vd. “International Hydrogen Market Meets Blockchain: A New Frontier in Trade”. International Journal of Energy Studies, c. 9, sy. 4, 2024, ss. 581-99, doi:10.58559/ijes.1536117.
Vancouver Morozova S, Karabuğa A, Utlu Z. International hydrogen market meets blockchain: A new frontier in trade. Int J Energy Studies. 2024;9(4):581-99.