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Crypto Tracking Firm Elliptic Adopts AI Technology to Combat Cyber Crimes

Elliptic, the prominent crypto analytical firm in London announced plans to invest in deploying the artificial intelligence technology on its blockchain-powered tracking toolkit. The integration of AI into the Elliptic proprietary tool aims at enabling the firm to monitor blockchain transactions more effectively. 

According to the Elliptic report the crypto firm plans to leverage AI technology in risk management. The report illustrated the ongoing AI craze has inspired the Elliptic team to join other businesses in exploring a highly competitive segment.

Elliptic Set to Intergrate AI on Crypto Detection Tools

The Elliptic team believes that the most hyped ChatGPT has substantial capability in organizing and maintaining data. They admitted that the OpenAI chatbot will support the Elliptic team in data management.

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Despite the heavy focus on ChatGPT the Elliptic team has taken proactive measures when utilizing the technology to prevent ethical concerns. Earlier the crypto firm restricted the use of ChatGPT plug-ins among other limitations.

In an article, Elliptic’s spokesperson confirmed that the crypto firm does not utilize the ChatGPT to conduct core businesses in data management and monitoring of transactions. The spokesperson opined that the crypto firm has gained popularity in the both private and public sectors. 

He then highlighted the need for the crypto firm to improve data security and intelligence by integrating emerging technologies such as AI. Nevertheless, the spokesperson mentioned that the Elliptic team utilizes the ChatGPT technologies to improve the existing dataset.

Under the Elliptic AI usage policy, the crypto firm managed to build an innovative validation model. The spokesperson explained that the Elliptic team has adopted the  ChatGPT technologies to improve the traditional data collection processes.

The ChatGPT tools are currently utilized by the Elliptic management to streamline the organization processes to increase accuracy, productivity, and scalability. Per the spokesperson report the Elliptic team large language models (LLM) to support the ChapGPT in data organization.

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Significance of ChatGPT

Responding to the spokesperson Elliptic’s chief technology officer  Jackson Hull stated that the adoption of ChatGPT along with other AI-generated tools has created mixed feelings among the customers. Hull confessed that most of the customers’ queries revolve around the risk exposure of AI technology.

In his address, Hull asserted that the ChatGPT technology has been an effective tool in mitigating operational risk. He argued that through the adoption of ChatGPT technologies, the Elliptic team has excelled in improving the company’s intelligence level.

Earlier in June the OpenAI team revealed plans to invest in improving the chatbot’s capability in generating mathematical solutions. The OpenAI statement came when multiple ChatGPT fans had suffered from  AI hallucinations.

Referring to the June 1 announcement the OpenAI team described AI hallucination as a condition that occurs when the chatbot-generating tool provides false and fabricated information. A few days ago the ChatGPT accused the popular law scholar and a practicing attorney at the criminal defense unit Jonathan Turley of committing sexual offenses. In the accusation report the chatbot cited a source familiar with the allegation captured on the Washington Post.

Impact of AI Hallucination

Following multiple AI hallucination cases the OpenAI team plans to invest in improving the chatbot’s accuracy. OpenAI announced plans to leverage innovative mathematical models to train its proprietary generative devices.

The tech firm plans to monitor the outcome supervision against process supervision to train the chatbot to select the best possible solution. In addition, the OpenAI group will focus on creating artificial general intelligence (AGI).

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Reflecting on this the Elliptic team seems unbothered by AI hallucination element. As per the Elliptic website the crypto firm has been operational since 2013.

How Will AI Support Elliptic Tracking Tools?

The firm has been providing synthesized blockchain analytic studies relevant to addressing cybercrime. Most of the Elliptic research has been utilized by government agencies to enforce compliance with the crypto regulations.

Last month the Elliptic research findings have been used by regulatory agencies to take legal action against Chinese businesses dealing with Fentanyl deals. Citing the Elliptic report the US senator Elizabeth Warren urged the policy makers to formulate stringent policy on cryptos.

Speaking at the Senate Hearing Senator Warren noted that most of the reported Fentanyl trades are conducted using crypto payment. The Massachusetts senator highlighted the dangers posed by Fentanyl production which has diminished the quality of life of over 9 million individuals.


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Kimberly Crain

Kimberly Crain is a seasoned crypto trader and writer, offering valuable insights into the digital asset market. With expertise in trading strategies and a passion for blockchain technology, her concise and informative articles empower readers to navigate the evolving world of cryptocurrencies.

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