1. BITBILIHome
  2. Article

Crypto analytics firm Elliptic leverages AI to enhance crypto risk detection

• 106 views

TL;DR Breakdown

  • Elliptic integrates AI through ChatGPT to enhance risk detection in crypto analytics.
  • The partnership allows faster data processing and unique insights into risk exposure.
  • Strict use limitations ensure data security and trust, despite mixed results reported by other crypto firms.

In an exciting development for the crypto analytics industry, Elliptic, a leading firm specializing in tracking blockchain transactions and risk detection, has embraced artificial intelligence (AI) by integrating ChatGPT into its operations. This innovative collaboration allows Elliptic to leverage the capabilities of AI to organize and process data more efficiently, enabling faster and more extensive analysis. By complementing its human-based data collection and organization processes, Elliptic aims to enhance the accuracy and scalability of its services.

Elliptic’s decision to incorporate ChatGPT into its off-chain intelligence and research-gathering efforts marks a significant step forward in the company’s pursuit of excellence. The integration of ChatGPT empowers Elliptic’s team to tackle new risk factors in higher volumes and at a quicker speed than ever before. By combining human researchers’ expertise with AI’s capabilities, Elliptic is poised to provide its customers with unparalleled insights into their risk exposure.

“Integrating ChatGPT allows us to scale up our intelligence, giving our customers a view on the risk they can’t get anywhere else,” affirms Jackson Hull, the CTO of Elliptic.

Mixed results in the crypto industry

While Elliptic’s adoption of ChatGPT demonstrates the potential benefits of AI integration, other crypto firms have reported varied outcomes with similar implementations. For instance, Crypto.com recently launched Amy, a ChatGPT-based AI user assistant, to provide users with real-time token prices, industry information, and historical events. Although Crypto.com recognizes the immense potential of AI in the crypto industry, it acknowledges the need for early feedback to drive future improvements and upgrades.

On the other hand, Bitget, a cryptocurrency derivatives exchange, encountered challenges with ChatGPT’s accuracy when handling more complex queries. Despite extensive training on a diverse range of data, ChatGPT occasionally delivered misleading, biased, or incomplete information, as revealed by a recent internal test conducted by Bitget.

The experiences of crypto firms with ChatGPT integration highlight the importance of continuous development and refinement of AI models. OpenAI, the organization behind ChatGPT, has been actively working to address concerns such as AI hallucinations—instances in which AI generates unexpected or false results unsupported by real-world data. Through diligent mathematical approaches, OpenAI aims to build aligned artificial general intelligence (AGI) and mitigate the occurrence of such hallucinations.

Elliptic’s approach to data security and trust

Elliptic, known for its reputation as a trusted provider of blockchain analytics research, prioritizes data security and trust. As an organization relied upon by major banks, regulators, financial institutions, governments, and law enforcers, Elliptic places utmost importance on maintaining the integrity of its intelligence and data. Consequently, the company has established strict use limitations for ChatGPT, refraining from creating or modifying data, searching for intelligence, or monitoring transactions using the AI chatbot.

By adhering to an AI usage policy and implementing a robust model validation framework, Elliptic ensures its customers can rely on accurate and reliable risk assessments. The integration of ChatGPT serves to enhance Elliptic’s existing datasets and insights, augmenting the capabilities of its dedicated team of experts.

Elliptic’s collaboration with ChatGPT demonstrates the potential of AI in revolutionizing risk detection and analytics in the crypto industry. While challenges and limitations exist, ongoing advancements in AI technology offer opportunities for enhancing security, compliance, and operational efficiency. As the digital economy continues to evolve, collaborations between industry leaders and AI-driven solutions are paving the way for a more robust and resilient crypto ecosystem.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

文章来源于互联网:Crypto analytics firm Elliptic leverages AI to enhance crypto risk detection

Disclaimers:

1. You are solely responsible for your investment decisions and this info is not liable for any losses you may incur.

2. The copyright of this article belongs to the writer, it represents the writer's opinions only, not represents the site's ones. Not financial advice.

Previous 2023年6月8日 14:17
Next 2023年6月8日 15:00

Related articles

  • Turkish Lira hits record low amid interest hike

    TL;DR Breakdown The Turkish Lira has plummeted to a new record low amid the interest hike by the country’s central bank. Economic challenges and the shift in Turkey’s monetary policies. Description The Turkish currency, the lira, has experienced a significant decline against the US dollar, reaching a record low of 25.74 lira per dollar. This drop comes just one day after the country’s central bank raised interest rates by 650 basis points to 15% on June 22. The lira depreciated by over 27% during the first … Read more The Turkish currency, the lira, has experienced a significant decline against the US dollar, reaching a record low of 25.74 lira per dollar. This drop comes just one day after the country’s central bank raised interest rates by 650 basis points to 15% on June 22. The lira depreciated by over 27% during the first half of 2023, reflecting the ongoing economic challenges faced by Turkey. The lira lost 27% since the beginning of 2023 The decision by the central bank to increase interest rates was anticipated as a move away…

    Article 2023年6月28日

  • Fitch Ratings expresses concerns over US debt, keeps “AAA” credit rating on negative watch

    TL;DR Breakdown Fitch Ratings expresses concerns about the US government’s ability to repay its debt, placing its “AAA” credit rating on negative watch. Despite the recent debt limit agreement, Fitch maintains its negative watch due to governance shortcomings and political polarization. A potential credit rating downgrade could make borrowing debt more expensive for the US and divert funds from other priorities. The erosion of the US dollar’s dominance as a reserve currency is also a concern. Fitch Ratings, one of the largest credit rating agencies in the United States, has raised concerns about the country’s ability to repay its debt and placed its “AAA” credit rating on negative watch. Despite Congress agreeing to suspend the debt limit until 2025, Fitch remains cautious, highlighting a steady deterioration in governance and political polarization over the past 15 years. The agency cites repeated political standoffs and last-minute suspensions as factors that lower confidence in governance on fiscal and debt matters. While Fitch acknowledges the exceptional strengths of the US economy, it warns that these strengths could be eroded over time due to governance…

    Article 2023年6月8日

  • SoftBank’s Arm reveals largest US IPO strategy

    Description SoftBank’s Arm is stepping into the spotlight, laying out plans for what could be the largest US initial public offering in nearly two years. This tech powerhouse is set to land on the Nasdaq’s prestigious listing floor early next month. Rivian, the electric car innovator, previously held the limelight with a $70 billion market cap … Read more SoftBank’s Arm is stepping into the spotlight, laying out plans for what could be the largest US initial public offering in nearly two years. This tech powerhouse is set to land on the Nasdaq’s prestigious listing floor early next month. Rivian, the electric car innovator, previously held the limelight with a $70 billion market cap in 2016, but Arm might just eclipse that. A valuable chip on SoftBank’s shoulder The renowned Japanese conglomerate, SoftBank, steered by the formidable Masayoshi Son, made headlines when it procured the UK’s crown jewel, Arm, for $32 billion in 2016. Fast forward to today, a recent internal valuation between SoftBank Group and its Vision Fund nudged Arm’s worth to an impressive $64 billion. It’s not just…

    Article 2023年8月23日

  • FTX sues LayerZero Labs in a bid to recover $21 million amid bankruptcy

    TL;DR Breakdown FTX, a bankrupt cryptocurrency exchange, has sued LayerZero Labs to recover $21 million, alleging illicit withdrawals made just before FTX’s bankruptcy. The lawsuit also involves transactions with Alameda Ventures and focuses on a deal allowing Alameda Research to sell back a 5% stake in LayerZero. Bryan Pellegrino, CEO of LayerZero Labs, refutes the lawsuit’s claims, stating they are unsubstantiated. He suggests that FTX is prolonging the legal process to accumulate more legal fees. LayerZero had been trying to address share ownership issues with FTX’s liquidators for nearly a year. The lawsuit is part of a series of legal actions by FTX to recover lost funds. It follows a previous lawsuit by FTX to recover more than $320 million spent on acquiring Digital Assets AG. Both FTX and LayerZero are preparing for a protracted legal battle. Description Bankrupt cryptocurrency exchange FTX has filed a lawsuit against LayerZero Labs, a cross-chain protocol company, seeking to recover $21 million. The lawsuit alleges that LayerZero Labs illegally withdrew these funds just before FTX’s bankruptcy declaration in November. The case stems from transactions…

    Article 2023年9月11日

  • Is the crypto industry run by a cartel? Meet Blur’s second co-founder

    TL;DR Breakdown Since the onset of Blur, the NFT marketplace that gave OpenSea a run for its money, the protocol has been under a series of controversial questions- here are the answers. Evidence points to Blur being owned and sponsored by Amber Group, the crypto’s version of Vanguard with headquarters in Hong Kong. Is crypto truly decentralized, or has a cartel taken over the workings of digital assets? Description Are you still keeping up with Blur – the NFT marketplace that overthrew OpenSea? Well, here’s a new twist if you haven’t been paying attention. Blur could be run by the top VCs in the crypto space. What does that mean for regular crypto investors? Were they conned into the “next big project” once again? … Read more Are you still keeping up with Blur – the NFT marketplace that overthrew OpenSea? Well, here’s a new twist if you haven’t been paying attention. Blur could be run by the top VCs in the crypto space. What does that mean for regular crypto investors? Were they conned into the “next big project”…

    Article 2023年8月30日
TOP