Leemon Baird first introduced his concept of hashgraph consensus in 2016, positioning it as an innovative alternative to traditional blockchain technology. With a strong background in computer science and extensive experience in both academia and industry, he co-founded Hedera with the aim of commercializing this technology.

His academic background includes pioneering work on neural networks and reinforcement learning in the 1990s—during a challenging time known as the ‘AI winter.’ Today, as Hedera continues to grow amidst numerous competing distributed ledger technologies, each vying for their share of the market, Baird reflects on the evolution of these innovations.

Baird, who spoke at Consensus 2025, navigates the complexities of technological development and ecosystem viability, adhering to a rigorous approach in addressing both technical and business-related inquiries.

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CoinDesk: Your hashgraph algorithm was introduced in 2016 amid a surge of alternative consensus models. What core issues were you seeking to resolve?

Baird: My journey in computer science revolves around solving fundamental problems. When I entered the entrepreneurial landscape 25 years ago, I maintained this inquisitive approach. In blockchain, I observed the promise of Bitcoin but identified its limitations in speed, security, and energy consumption. I aimed to discover how we could maintain robust security, particularly Asynchronous Byzantine Fault Tolerance (ABFT), while enhancing speed and minimizing energy usage. Initially skeptical of any solution, I had a breakthrough in 2015 when two hashes offered a pathway to immense speed and security with proof of stake, devoid of excessive energy waste.

From a governance perspective, I focused on how best to structure authority within the system. Blockchains often promise decentralization, but over time, power can concentrate, leading to potential centralization among a few developers or stakeholders. At Hedera, we opted for decentralized governance from the outset, integrating reputable organizations to foster checks and balances and establish a trustworthy system.

Influential use cases within Hedera include real-world asset tokenization and stablecoin development, which are vital for broad adoption. Notable examples include the partnership with EQTY Lab and tech giants like NVIDIA and Intel, focusing on AI governance and provenance.

Looking ahead, the convergence of AI and blockchain offers remarkable potential but requires rigorous identity verification. As we enter an era of AI-generated content, ensuring trustworthiness through digital signatures becomes essential. Baird expresses optimism for enhanced AI governance through these frameworks.

In summary, these technological shifts are projected to eclipse the Industrial Revolution in scale and impact. According to Baird, many have yet to comprehend the rapid evolution and far-reaching implications of these advancements.