Elliptic to Use ChatGPT for Improving Risk Detection
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Elliptic to Use ChatGPT for Improving Risk Detection

Crypto analytics firm Elliptic announced it had integrated ChatGPT for faster off-chain risk detection.
Neither the author, Tim Fries, nor this website, The Tokenist, provide financial advice. Please consult our website policy prior to making financial decisions.

Earlier this month, blockchain analytics platform Elliptic said it had equipped its off-chain intelligence and research features with ChatGPT. The company expects the impressive artificial intelligence (AI) tool to improve its risk detection capabilities, it said in the press release on June 1.

Elliptic Implements ChatGPT to Enhance Accuracy and Scalability

Blockchain analytics and crypto compliance solution provider Elliptic announced it had integrated ChatGPT into its off-chain intelligence and research operations to speed up its risk detection process. Elliptic said the groundbreaking technology powering the AI chatbot will allow it to “double down on accuracy and scalability.”

“Our customers come to us to know exactly their risk exposure. Integrating ChatGPT allows us to scale up our intelligence, giving our customers a view on risk they can’t get anywhere else.”

– said Elliptic TO Jackson Hull.

Elliptic claims ChatGPT will allow researchers and investigators to synthesize and manage intelligence on new risk factors in greater volumes and faster than ever before. The blockchain firm says its solutions utilize a proprietary dataset with more than a decade’s data.

“This powers the industry’s most extensive coverage, encompassing over 97% of crypto transactions by trading volume, and the largest collection of crypto exchange risk profiles in the world.”

– Elliptic wrote in the announcement.

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Growing Convergence of Crypto and AI Technologies

Elliptic’s integration of ChatGPT underscores the potential of the synergy between AI and blockchain technologies, which many believe could revolutionize various industries.

Weighing on this matter, Vishnu Patankar, the new CTO of Kraken, said it would be interesting to see where the nascent AI technology could be best deployed across the crypto space. In particular, Patankar said generative AI and personalization features applied to non-fungible tokens (NFTs), cybersecurity, and fraud prevention, are among “symbiotic areas” between the two industries.

Earlier this year, AI-oriented layer-2 (L2) solution CryptoGPT raised $10 million in a funding round, which it plans to use to facilitate the development of its ZK rollup L2 blockchain and data-to-AI-engine. Similarly, Binance Academy launched a ChatGPT-powered AI tool in April, dubbed ‘Binance Sensei’, to help users educate themselves about crypto and blockchain.

But this convergence of blockchain technology and AI is expected to reach a much higher potential and eventually transform non-technological categories. One such example is the cement sector, which, with the implementation of these technologies, can ensure a broad and auditable record of each step in the cement production process.

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Which part of the crypto industry do you think will synergize best with AI? Let us know in the comments below.