Biconomy lets AI agents complete on chain transactions
In time AI will be spending your money for you - and for itself as it buys goods and services for different purposes - and this is a big step towards autonomous AI "money networks."
Key takeaways
- Web 3.0 infrastructure firm Biconomy is onboarding Artificial Intelligence (AI) agents to enable on-chain transactions on behalf of users.
- Authority delegation means agents can autonomously manage trading accounts, executing transactions under previous instructions like those permitted via Smart Contracts.
- By 2030, the global market for autonomous AI and autonomous agents is forecast to reach approximately $70.53 billion, with a compound annual growth rate of 42.8% from 2023 to 2030, according to a report from Grand View Research.
Cite or link to this article
Griffin, M. (2024) 'Biconomy lets AI agents complete on chain transactions', 311 Institute, 7 October. Available at: https://www.311institute.com/biconomy-lets-ai-agents-complete-on-chain-transactions/ (Accessed: 1 October 2026).
Web 3.0 infrastructure firm Biconomy is onboarding Artificial Intelligence (AI) agents to enable on-chain transactions on behalf of users. The Delegated Authorisation Network (DAN) is “relatively new” and serves as an authorisation layer that allows the delegation of trading activities to AI agents, Biconomy co-founder Aniket Jindal explained to reporters.
Authority delegation means agents can autonomously manage trading accounts, executing transactions under previous instructions like those permitted via Smart Contracts. After permissions are defined with a Decentralised Application (DApp), it can receive personalised input from users regarding allocations and trading strategy.
“Essentially, DAN allows users to delegate certain transactional tasks and authorisations to AI agents, granting them the ability to act on the user’s behalf within predefined parameters,” Jindal explained, adding: “For example, in a conversational way, ‘please use my $1,000 for this strategy’ or even provide more granular control through a settings sort of dashboard.”
AI agents are programmed to perform specific tasks autonomously or semi-autonomously on behalf of users. These tasks can range from simple, such as automating repetitive actions, to complex, like decision-making in dynamic environments based on pre-set criteria or learned experiences.
The difference between AI agents and AI-powered trading bots like those used in Quantitative Trading relies on the complexity and adaptability of their operations. While AI agents can help optimise asset allocation and portfolio management, trading bots are specifically designed to automate asset buying and selling.
The network uses a type of sharding mechanism to grant keys privacy. According to Biconomy, the system generates a new Delegated Authorisation Key for each user. This key is then fragmented into multiple shards and distributed across a decentralised network of nodes, ensuring no single node can access the full key.
“To make sure that each node in the DAN network is performing as intended, DAN leverages EigenLayer for Ethereum’s robust economic security,” said Jindal. Validators in the EigenLayer network restake their Ethereum holdings, subject to slashing if malicious activity is detected.
“AI will soon engage in on-chain transactions, and DAN facilitates this securely without sacrificing self-custody,” he added.
The market for AI agents, specifically in the finance sector, is expected to grow rapidly. By 2030, the global market for autonomous AI and autonomous agents is forecast to reach approximately $70.53 billion, with a compound annual growth rate of 42.8% from 2023 to 2030, according to a report from Grand View Research. Financial institutions are leveraging AI agents to automate trading, manage risk, and detect fraud, among other use cases.
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Why does this matter?
In time AI will be spending your money for you - and for itself as it buys goods and services for different purposes - and this is a big step towards autonomous AI "money networks."
About the author
Matthew Griffin Founder, 311 Institute
Matthew Griffin is a multi-award winning Futurist and expert in Disruption and Innovation, Geopolitics, Leadership, and Technology, who NASA have described as a "walking encyclopaedia of the future" and a "futurist Polymath."
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Matthew Griffin is a multi-award winning Futurist and expert in Disruption and Innovation, Geopolitics, Leadership, and Technology, who NASA have described as a "walking encyclopaedia of the future" and a "futurist Polymath." 15-time best selling author of the "Codex of the Future" series, Matthew is the Founder and Futurist in Chief of the 311 Institute, a global Futures and Deep Futures advisory firm working with royal households, world leaders, G7, G20, and G77 governments, NGOs, and multi-national mid and mega cap firms to help them explore, shape, and lead the next 50 years of business and society.
An award-winning YouTube creator with over a million followers, with an unrivalled global reach and impact, Matthew is a highly sought-after international keynote speaker, lecturer, and mentor who collaborates with global leaders through the United Nations Alliance of Civilizations (UNAOC) and United Nations General Assembly (UNGA) to shape pivotal initiatives such as the UN’s AI for Humanity program, the United Nations Conference of the Parties (UN COP), and the World Economic Forum in Davos.
As the former Global Head of Cloud, National Security, and Enterprise Sales for companies including Atos, Dell-EMC, and IBM, Matthew has a proven track record of building multi-billion dollar business units and turning failing divisions into market leaders. His ability to identify, analyse, and communicate the implications of hundreds of emerging technologies and trends is unparalleled, and his insights are trusted by many of the world’s most respected organisations, including ABB, Accenture, Adidas, AON, ARM, BCG, Centrica, Citi, Coca-Cola, Dentons, Deloitte, Dow Jones, EY, Google, KPMG, Lego, Legal & General, LinkedIn, Microsoft, PepsiCo, Qualcomm, RWE, Samsung, Siemens AG and Siemens Energy, T-Mobile, UBS, VISA, Walmart, Workday, Worldpay and many others.
Regularly featured in the global media including the AP, BBC, Bloomberg, CNBC, Discovery, Forbes, Khaleej Times, Telegraph, TIME, ViacomCBS, WIRED, and the WSJ, Matthews mission is to help organisations create a fair and sustainable future whose benefits are shared by everyone irrespective of their ability, background, or circumstances.
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Sources and further reading
- Autonomous ai autonomous agents market report grandviewresearch.com
Source: first published by the 311 Institute on 7 October 2024. Cite as: Griffin, M. (2024). Biconomy lets AI agents complete on chain transactions. 311 Institute. https://www.311institute.com/biconomy-lets-ai-agents-complete-on-chain-transactions/
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