Elliptic is the recent talk in the crypto town on matters pertaining security and AI. Security continues to be a top priority in the quick-paced world of cryptos. With digital assets worth billions of dollars traded and held online, there is a significant risk of fraud and hacking.
Elliptic, a crypto tracking company, has upped its game by leveraging artificial intelligence (AI) to discover hackers and safeguard the blockchain’s integrity in response to this growing threat.
Enhancing crypto security using AI
Elliptic, a startup specializing in crypto analytics, is adding AI to its suite of tools to monitor blockchain transactions better and identify potential threats
Elliptic’s ability to detect fraud, trace illegal cash, and apprehend cybercriminals in real time is bolstered by incorporating AI into the company’s arsenal. The company has developed an AI-powered system that can sift through massive volumes of blockchain data to identify trends suggesting criminal actions using advanced machine learning algorithms.
The company claims it can arrange more data in less time with the help of OpenAI’s ChatGPT chatbot. However, it does not use ChatGPT plugins and has imposed some restrictions.
Elliptic’s spokesperson stated, “As an organization trusted by the world’s biggest banks, regulators, financial institutions, governments, and law enforcement agencies, it’s important to keep our intelligence and data safe.” “That’s why we don’t use ChatGPT to add or change data, look for information, or keep an eye on transactions.”
Elliptic Uses AI to Fight Hackers and Secure Data
Elliptic was started in 2013 and provides institutions and law enforcement with research on blockchain analytics for tracking hackers and ensuring that crypto follows regulations. In May, for example, Elliptic said that some Chinese stores selling the chemicals needed to make fentanyl took Bitcoin and other cryptocurrencies. Senator Elizabeth Warren of the United States used the study to call for stricter crypto rules again.
The pseudonymous structure of blockchain transactions presents a substantial hurdle when attempting to trace illegal activity in the crypto realm. Although everyone’s dealings record is in a public ledger, users’ identities are often not hidden behind anonymous cryptographic addresses. However, AI algorithms may examine various data points to profile and identify potential malicious actors, including transactional activity, addresses, and network connections.
The AI system at Elliptic is training on massive datasets of criminal actions like hacking, ransomware attacks, money laundering, and buying and selling on dark web markets. The AI can now spot patterns and abnormalities that could signal hostile intent thanks to its training. The system improves its ability to detect threats and attack vectors by constantly adapting to new information.
However, Elliptic will use ChatGPT to supplement the work of its team and add to the data collection and organization processes that humans do. The company says this will help it improve accuracy and scalability. At the same time, the data is to be organized by the large language models (LLM).
A spokesperson said, “Our employees use ChatGPT to improve our data and insights.” “We have a strong model validation framework and follow a policy on how to use AI.”
Elliptic said it is not worried about AI “hallucinations” or fake information because it does not use ChatGPT to make information. AI dreams are when an AI comes up with unexpected or false results.
AI chatbots like ChatGPT are getting more and more attention because they can lie successfully about people, places, and events. OpenAI is putting more effort into using mathematics to deal with these so-called hallucinations when training its models. They say this is crucial to building coordinated artificial general intelligence (AGI).
Elliptic CTO Jackson Hull said, “Our customers come to us because they want to know exactly how much risk they are taking. By integrating ChatGPT, we can increase our intelligence and give our customers a view of risk they can’t get anywhere else.”
As the world of cryptos continues to change, it’s clear that technology and new ideas will be vital to protecting digital assets. By using AI, Elliptic has shown that it is committed to staying at the top of the industry’s fight against hackers by offering better security solutions that will help protect the future of cryptocurrencies.
