Crypto analytics firm Elliptic leverages AI to enhance crypto risk detection

In this post:

  • 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.

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