Hey friend,
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Word on Crypto Street
Well, things are taking an interesting turn with crypto analytics firm Elliptic. They're taking things to the next level by integrating artificial intelligence into their toolkit for tracking blockchain transactions and detecting risks. They're using OpenAI's ChatGPT chatbot, which helps them organize data faster and in larger quantities. But here's the catch—they've put certain limitations on its use and they don't use any ChatGPT plug-ins either.
According to an Elliptic spokesperson, their focus is on maintaining the security of their intelligence and data since they're trusted by major banks, regulators, financial institutions, governments, and law enforcers. They don't rely on ChatGPT to create or modify data, search for intelligence, or monitor transactions. Instead, they see it as a valuable tool to complement their existing data collection and organization processes, allowing their team to enhance accuracy and scalability.
You might recall that Elliptic provides blockchain analytics research to institutions and law enforcement to track cybercriminals and ensure regulatory compliance in the cryptocurrency space. In fact, they recently reported on Chinese businesses accepting cryptocurrencies like Bitcoin for selling chemicals used in the production of fentanyl. This report was used by U.S. Senator Elizabeth Warren to advocate for stricter cryptocurrency regulations.
Elliptic is confident in using ChatGPT because they're not relying on it to generate information. They aren't worried about AI "hallucinations" or false information, which refers to instances where AI produces unexpected or untrue results not supported by real-world data.
It's worth mentioning that OpenAI, the creator of ChatGPT, has pledged $1 million towards AI-driven cybersecurity initiatives. They recognize the need to address the issue of AI-generated false information and have been actively working on mathematical solutions to minimize these hallucinations during the training of their models. They believe this is a crucial step towards building aligned artificial general intelligence (AGI).
Jackson Hull, the CTO of Elliptic, expressed excitement about integrating ChatGPT into their operations. He believes that this integration will provide their customers with unique insights into risk exposure that they can't find anywhere else.
I found this development fascinating because it shows how AI is being utilized in the cryptocurrency industry to enhance security and provide valuable insights. What do you think about Elliptic's approach? Let me know your thoughts!
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