The incoming CEO wants to convey to the business sector that Cardano will be present in 30 years.
Cardano recently celebrated the third anniversary of its mainnet launch. In the run-up to this occasion, Cointelegraph had the opportunity to discuss the future plans of the project with the incoming CEO of the Cardano Foundation, Frederik Gregaard.
Gregaard, who has not yet officially assumed the position of CEO, assured us that he would take up this new position sometime before 1 November, although he did not yet know the exact date. He is currently finishing his term at PwC, where he is heading up digital financial services for the multinational network. Gregaard believes that there is a natural sense of prejudice against open source public block chains, which he refers to as a „trust gap“.
While the entire crypto space is barely 10 years old, many established corporate actors have existed for decades, if not centuries. They may have business plans that cover longer time horizons than the existence of projects like Cardano. Furthermore, it is no secret that the average life expectancy of a crypto project tends to be low. This has only been exacerbated by the many scams involving crypto-currency and illicit connections (often amplified by the media) that have created an inappropriate reputation for much of the space in the eyes of corporate users. If a major company chooses to rely on a block chain for one of its main use cases, it must ensure that the chosen protocol will continue to be properly maintained for the foreseeable future. The lack of security around this promise has led to what Gregaard calls a „trust gap“, and one of his main missions will be to make this gap a relic of the past:
„When you have an open project like this, it conveys the certainty to the larger corporations that we will be present in the next 10 to 20, 30 years. Therefore, you can base your developments on us also in the long term, so that we are solid both in financial terms and in terms of equipment and people“.
Although Cardano has been criticized for chronic delays in development (as has his older brother, Ethereum), this year may be different. The platform underwent an upgrade of the main network, known as Shelley, earlier this year, which resulted in staking and pools. However, according to Charles Hoskison, two more major upgrades are expected this year: Goguen, which will add smart contracts, and Voltaire, which will introduce decentralised governance. With this in mind, we asked Gregaard about the industries he considers most promising for the adoption of Cardano.
He said that even with the current state of Cardano’s development, it can be used to address a number of cases that exist as part of what he calls 1K Daily Profit:
„Financial services plus: that includes treasury and insurance, etc. I see many cases of use there that we can already start to address now“.
Gregaard also believes that COVID-19 has led to an acceleration in digital adoption. „It gave us five to six years of digital adoption by consumers around the world, including businesses in half a year,“ he said. However, it also revealed certain inefficiencies within the health care system:
„And I think one of the big problems we have today is that most states say they trust each other. Most hospitals and institutes say we are all on the same page, but when it comes to real life. When it comes to life and death and the security of your country, the stakes are higher, aren’t they?“
In his opinion, Cardano could be used for a number of use cases in this space, such as tracing the origins of medicines or recording patients‘ vaccination records. Although he admits that this is a heavily regulated industry rather than a ripe fruit. Even so, gaining traction in these large and well-established industries is essential for Cardano if he really intends to stay in the coming decades.