everything to know about blockchain and AI

The Cryptonomist interviewed Frederik Gregaard, CEO of the Cardano Foundation on the occasion of the Paris Blockchain Week to talk about AI, and the future of crypto regulation.

Cardano Foundation, the Swiss-based non-profit organization which exists to ensure the advancement of the Cardano protocol, while also contributing to the positive advancement of blockchain as a world-changing technology. 

A leader in fintech and blockchain, Gregaard previously served as Director and Head of Digital in PwC’s Financial Services Advisory practice and as Director and Head of Institutional Business at Saxo Bank Switzerland. 

Whilst at the Cardano Foundation, Gregaard has overseen the advanced integration of state-of-the-art blockchain technology in a variety of fields that address real-world problems through collaborations with Switzerland for UNHCR, Veritree, and the University of Zurich among others. 

1. Your keynote, Decentralized Intelligence: AI, Blockchain & the New Economy during the Paris Blockchain Week, suggests a future where AI agents operate on blockchain. How does Cardano envision a system where algorithms are accountable to people rather than centralized entities?  

The concept of agentic AI is a simple one that’s increasingly appealing to both consumers and businesses. By enabling AI agents to communicate with one another, we open up a range of new possibilities. This could streamline processes such as booking flights or reserving tables at restaurants, eliminating the tedious manual steps often involved in these tasks. Some day in the not-so-distant future, users will be able to use LLMs like ChatGPT to find the best options, uniquely tailored to their preferences, as determined by a secure database that holds comprehensive information about them, including their likes and dislikes.

By utilising privacy-focused blockchain databases that securely hold information about your identity, AI can tell the airline you prefer the aisle seat while maximising your airmiles and informing the flight crew of your dietary requirements – all while saving you the time it takes to complete these tasks. Agentic AI can use blockchain to book the best seat in the house for your anniversary dinner, notifying waiters of the special occasion, all without compromising or revealing any of your underlying data. 

There are an infinite number of ways that B2B and B2C companies can improve their services with AI agents, but only if the technology is deployed safely, with user privacy at its core. Verifiability and regulatory compliance underscore everything we do at the Cardano Foundation, ensuring that the Cardano network serves as the security anchor that keeps AI firmly within the relevant bounds of digital identity. 

2. The convergence of AI and blockchain is often discussed in theory, but what are the most realistic short-term use cases you see for AI agents on-chain?

We no longer live in a world where concepts like AI and blockchain are merely theoretical. There are clear examples of their convergence on Cardano, such as Masumi, which provides essential payment infrastructure for AI agents.

Developers creating AI payment solutions on Masumi can access a suite of tools by running a node alongside their agent-based AI systems. They can acquire crypto wallets for their AI agents, allowing them to transact on the blockchain. These agents can set prices and accept payments for their services while also discovering and delegating tasks to other agent systems within the network to maximize efficiency. This enables developers to take on job requests from others, allowing them to monetize their AI agents while leveraging Cardano’s unique technology, which is scalable, fast, sustainable, and interoperable.

In parallel, the Cardano Foundation has launched Veridian, a new platform for identity verification aimed at businesses and individuals. Designed to keep personal information secure while allowing users to verify their identities, Veridian is a crucial solution in an era when AI can be increasingly used to exploit data breaches. This identity security platform provides users with the tools to verify and authenticate their identities online, establishing a cornerstone of trust and reducing opportunities for the manipulation of digital identities.

4. Cardano has always emphasized a methodical, research-driven approach. Given the fast-paced nature of AI and blockchain innovation, how does Cardano balance deliberate development with staying competitive?  

Within the Cardano ecosystem, we’ve always believed that methodical, peer-reviewed development creates the strongest foundation. Rather than seeing our research-driven approach as a hindrance to competitiveness, we view it as our core advantage in a space prone to rushed implementations and security vulnerabilities.

Our balance comes from maintaining rigorous standards while strategically accelerating in areas where we’ve established solid fundamentals. This allows us to move deliberately on critical infrastructure while enabling rapid innovation at the application layer through our developer ecosystem. The recent Plomin hard fork that finalized Cardano’s shift to decentralized governance is a perfect example of this approach—carefully planned but transformative in transferring control to community-led structures.

The pace of innovation shouldn’t compromise security or scalability, particularly as blockchain and AI converge. Our methodical approach ensures that we’re building systems that can reliably support the next generation of applications without the instability that has plagued faster-moving competitors.

5. You’ve spoken about crypto reaching a crossroads. With MiCA taking effect in the EU and increasing regulatory scrutiny in the US, do you see the EU taking the lead in shaping the global crypto landscape?  

MiCA certainly had the first-mover advantage for a while, serving as one of the largest jurisdictional frameworks for crypto regulation in the world. It may not have been perfect, but at least it offered a great deal of much-needed clarity, which was enough for businesses to choose to set up shop in Europe or ensure that they were operating within the necessary guidelines. 

Now, we’re witnessing a bit of a change where that first-mover advantage is carrying less weight. 

After a stalled start, the US is witnessing a gear change, with its current administration looking upon crypto in a more favourable light. While this may have the unintended consequence of increased hype around certain speculative projects, it does offer new opportunities for developers and builders while incentivising people to get involved in the blockchain.

8. The Petrobras collaboration is particularly intriguing, as it connects blockchain with a traditional energy giant. What role do you see Cardano playing in enterprise adoption, especially in industries beyond finance?  

As enterprises embrace blockchain, Cardano can serve as a critical element of the tech stack for leading players in what we consider “traditional” industries. There’s an array of ways that blockchain can serve the world’s biggest industries, whether it’s healthcare, life sciences, manufacturing, or supply chains. 

In 2024, the Cardano Foundation’s efforts led to the CBCA certification program being translated into Portuguese and implemented with localized exams and masterclasses for the organization. 

With the assistance of the team at TapDano, Petrobras and the Cardano Foundation also developed an on-chain “proof of attendance” solution.

9. Cardano has been in the top 10 cryptocurrencies for years but is often perceived as undervalued in terms of adoption. What key developments in 2024 could change that narrative?  

We’ve seen tremendous growth in real-world blockchain applications, with people using Cardano for minting decentralized IDs, tracking metadata, and recording documents. This approach differentiates us from other layer-1 blockchains that primarily focus on financial metrics.

Our recent partnership with SERPRO, Brazil’s largest state-owned IT company, is a game-changer. This collaboration will accelerate blockchain adoption throughout South America, with 8,000 employees having the option to receive blockchain training. SERPRO processes 33 billion transactions annually for 90% of Brazil’s federal administration.

10. Looking ahead, what’s your biggest priority for Cardano in the next 12 months, and how does it fit into the broader evolution of blockchain and AI?  

Over the next 12 months, Cardano will continue to focus on decentralized governance and enterprise adoption through robust infrastructure and practical solutions. With the Chang Hard Fork and the introduction of DeReps, we have enabled an inclusive, transparent protocol governance driven by the community. At the same time, products like Veridian are addressing real-world needs, offering secure, decentralised identity management in response to rising data breaches. Our strategic partnerships, from SERPRO to Masumi, underscore our commitment to driving blockchain adoption across industries, proving that Cardano is both a platform for innovation and a foundation for the future.

Speaking of Masumi and looking at the convergence of blockchain and AI, we see blockchain as a trust layer that can enhance AI accountability. Blockchain can provide transparent, immutable records of training data and model decisions, addressing growing concerns about AI accountability. It can also create markets for data that train AI systems, properly compensating individuals for their contributions. We’ll continue developing initiatives that demonstrate blockchain’s capacity to address global challenges while ensuring that the technology remains accessible and beneficial to all.