This AI Company Boss Launches New Crypto Project, Offers Digital Passport Features

Previously, crypto analytics company Elliptic integrated artificial intelligence (AI) into its devices to track blockchain transactions and handle risk detection.

Elliptic uses the OpenAI ChatGPT chatbot, which the company says will be able to manage data faster and in larger amounts. However, it has implemented certain usage restrictions and also does not use the ChatGPT plugin.

“As an organization trusted by the world’s largest banks, regulators, financial institutions, governments and law enforcement, it’s important to keep our intelligence and data safe,” said a spokesperson for Elliptic, quoted from Decrypt, Monday (17/7/2023).

Launched in 2013, Elliptic provides research institutions and law enforcement with blockchain analytics for tracking cybercriminals and regulatory compliance related to cryptocurrencies.

In May, for example, Elliptic reported that several Chinese businesses were selling chemicals to make fentanyl-accepted cryptocurrencies, including Bitcoin. US Senator Elizabeth Warren used the report to again call for tougher regulations on cryptocurrencies.

Elliptic will use ChatGPT to complement its human-based data collection and organizing process to enhance its team’s efforts, which it says will enable it to double the accuracy and scalability. At the same time, a large language model (LLM) organizes data.

“Our employees leverage ChatGPT to enhance data collection and insights. We follow and comply with AI usage policies and have a robust model validation framework in place,” said a spokesperson for Elliptic.

Because Elliptic doesn’t use ChatGPT to generate information, the company says it doesn’t care about AI “hallucinations” or fake information. AI hallucinations refer to instances where AI produces unexpected or incorrect results that are not supported by real-world data.