The Cryptonomist interviewed Frederik Gregaard, CEO of the Cardano Basis on the event of the Paris Blockchain Week to speak about AI, and the way forward for crypto regulation.
Cardano Basis, the Swiss-based non-profit group which exists to make sure the development of the Cardano protocol, whereas additionally contributing to the optimistic development of blockchain as a world-changing know-how.
A frontrunner in fintech and blockchain, Gregaard beforehand served as Director and Head of Digital in PwC’s Monetary Companies Advisory follow and as Director and Head of Institutional Enterprise at Saxo Financial institution Switzerland.
While on the Cardano Basis, Gregaard has overseen the superior integration of state-of-the-art blockchain know-how in a wide range of fields that handle real-world issues by collaborations with Switzerland for UNHCR, Veritree, and the College of Zurich amongst others.
1. Your keynote, Decentralized Intelligence: AI, Blockchain & the New Financial system in the course of the Paris Blockchain Week, suggests a future the place AI brokers function on blockchain. How does Cardano envision a system the place algorithms are accountable to individuals somewhat than centralized entities?
The idea of agentic AI is an easy one which’s more and more interesting to each shoppers and companies. By enabling AI brokers to speak with each other, we open up a variety of recent potentialities. This might streamline processes comparable to reserving flights or reserving tables at eating places, eliminating the tedious handbook steps usually concerned in these duties. Some day within the not-so-distant future, customers will have the ability to use LLMs like ChatGPT to seek out one of the best choices, uniquely tailor-made to their preferences, as decided by a safe database that holds complete details about them, together with their likes and dislikes.
By utilising privacy-focused blockchain databases that securely maintain details about your identification, AI can inform the airline you favor the aisle seat whereas maximising your airmiles and informing the flight crew of your dietary necessities – all whereas saving you the time it takes to finish these duties. Agentic AI can use blockchain to ebook one of the best seat in the home on your anniversary dinner, notifying waiters of the special day, all with out compromising or revealing any of your underlying information.
There are an infinite variety of ways in which B2B and B2C corporations can enhance their companies with AI brokers, however provided that the know-how is deployed safely, with person privateness at its core. Verifiability and regulatory compliance underscore all the pieces we do on the Cardano Basis, guaranteeing that the Cardano community serves because the safety anchor that retains AI firmly inside the related bounds of digital identification.
2. The convergence of AI and blockchain is commonly mentioned in idea, however what are probably the most real looking short-term use instances you see for AI brokers on-chain?
We not dwell in a world the place ideas like AI and blockchain are merely theoretical. There are clear examples of their convergence on Cardano, comparable to Masumi, which supplies important cost infrastructure for AI brokers.
Builders creating AI cost options on Masumi can entry a collection of instruments by working a node alongside their agent-based AI techniques. They’ll purchase crypto wallets for his or her AI brokers, permitting them to transact on the blockchain. These brokers can set costs and settle for funds for his or her companies whereas additionally discovering and delegating duties to different agent techniques inside the community to maximise effectivity. This permits builders to tackle job requests from others, permitting them to monetize their AI brokers whereas leveraging Cardano’s distinctive know-how, which is scalable, quick, sustainable, and interoperable.
In parallel, the Cardano Basis has launched Veridian, a brand new platform for identification verification geared toward companies and people. Designed to maintain private data safe whereas permitting customers to confirm their identities, Veridian is a vital answer in an period when AI might be more and more used to take advantage of information breaches. This identification safety platform supplies customers with the instruments to confirm and authenticate their identities on-line, establishing a cornerstone of belief and lowering alternatives for the manipulation of digital identities.
4. Cardano has all the time emphasised a methodical, research-driven strategy. Given the fast-paced nature of AI and blockchain innovation, how does Cardano stability deliberate improvement with staying aggressive?
Throughout the Cardano ecosystem, we’ve all the time believed that systematic, peer-reviewed improvement creates the strongest basis. Reasonably than seeing our research-driven strategy as a hindrance to competitiveness, we view it as our core benefit in an area vulnerable to rushed implementations and safety vulnerabilities.
Our stability comes from sustaining rigorous requirements whereas strategically accelerating in areas the place we’ve established strong fundamentals. This permits us to maneuver intentionally on vital infrastructure whereas enabling speedy innovation on the software layer by our developer ecosystem. The latest Plomin onerous fork that finalized Cardano’s shift to decentralized governance is an ideal instance of this strategy—fastidiously deliberate however transformative in transferring management to community-led buildings.
The tempo of innovation shouldn’t compromise safety or scalability, notably as blockchain and AI converge. Our methodical strategy ensures that we’re constructing techniques that may reliably help the following era of functions with out the instability that has plagued faster-moving rivals.
5. You’ve spoken about crypto reaching a crossroads. With MiCA taking impact within the EU and growing regulatory scrutiny within the US, do you see the EU taking the lead in shaping the worldwide crypto panorama?
MiCA definitely had the first-mover benefit for some time, serving as one of many largest jurisdictional frameworks for crypto regulation on the earth. It might not have been excellent, however at the least it supplied a substantial amount of much-needed readability, which was sufficient for companies to decide on to arrange store in Europe or be sure that they had been working inside the crucial pointers.
Now, we’re witnessing a little bit of a change the place that first-mover benefit is carrying much less weight.
After a stalled begin, the US is witnessing a gear change, with its present administration wanting upon crypto in a extra beneficial gentle. Whereas this will likely have the unintended consequence of elevated hype round sure speculative initiatives, it does provide new alternatives for builders and builders whereas incentivising individuals to become involved within the blockchain.
8. The Petrobras collaboration is especially intriguing, because it connects blockchain with a conventional power big. What position do you see Cardano enjoying in enterprise adoption, particularly in industries past finance?
As enterprises embrace blockchain, Cardano can function a vital ingredient of the tech stack for main gamers in what we contemplate “conventional” industries. There’s an array of ways in which blockchain can serve the world’s greatest industries, whether or not it’s healthcare, life sciences, manufacturing, or provide chains.
In 2024, the Cardano Basis’s efforts led to the CBCA certification program being translated into Portuguese and applied with localized exams and masterclasses for the group.
With the help of the group at TapDano, Petrobras and the Cardano Basis additionally developed an on-chain “proof of attendance” answer.
9. Cardano has been within the prime 10 cryptocurrencies for years however is commonly perceived as undervalued by way of adoption. What key developments in 2024 may change that narrative?
We’ve seen large development in real-world blockchain functions, with individuals utilizing Cardano for minting decentralized IDs, monitoring metadata, and recording paperwork. This strategy differentiates us from different layer-1 blockchains that primarily deal with monetary metrics.
Our latest partnership with SERPRO, Brazil’s largest state-owned IT firm, is a game-changer. This collaboration will speed up blockchain adoption all through South America, with 8,000 workers having the choice to obtain blockchain coaching. SERPRO processes 33 billion transactions yearly for 90% of Brazil’s federal administration.
10. Trying forward, what’s your greatest precedence for Cardano within the subsequent 12 months, and the way does it match into the broader evolution of blockchain and AI?
Over the following 12 months, Cardano will proceed to deal with decentralized governance and enterprise adoption by sturdy infrastructure and sensible options. With the Chang Arduous Fork and the introduction of DeReps, we now have enabled an inclusive, clear protocol governance pushed by the neighborhood. On the identical time, merchandise like Veridian are addressing real-world wants, providing safe, decentralised identification administration in response to rising information breaches. Our strategic partnerships, from SERPRO to Masumi, underscore our dedication to driving blockchain adoption throughout industries, proving that Cardano is each a platform for innovation and a basis for the long run.
Talking of Masumi and looking out on the convergence of blockchain and AI, we see blockchain as a belief layer that may improve AI accountability. Blockchain can present clear, immutable information of coaching information and mannequin selections, addressing rising issues about AI accountability. It could additionally create markets for information that practice AI techniques, correctly compensating people for his or her contributions. We’ll proceed growing initiatives that display blockchain’s capability to handle international challenges whereas guaranteeing that the know-how stays accessible and useful to all.