Elliptic digs into off-chain data with ChatGPT

Elliptic takes over generative AI technologies through the adoption of ChatGPT. The specialist in crypto data and risk management will use the LLM for its off-chain research.

Bitpanda wants to take advantage of AI. Solana has recently implemented a plugin using ChatGPT and funds projects to develop the uses of generative AI. Coinbase is also exploring new avenues.

Crypto Finance and Generative AI go hand in hand. This is also the view of Elliptic, a specialist in blockchain data analysis, like French company Kaiko. The company has announced that it will be expanding its use of ChatGPT.

Off-chain data collection and research

For Ellipticthe tool should lead to “deeper and faster detection of risks “ in crypto. The use of the LLM (large language mode) designed by the American startup OpenAI is intended for the collection ofoff-chain information and research work.

The publisher claims to be the owner of a proprietary dataset spanning over a decade and encompassing 97% of crypto transactions. Exploring such a dataset can, however, prove complex.

With ChatGPT, Elliptic’s researchers and investigators will be able to synthesize and organize information on new risk factors in larger volumes and at a faster speed than ever before”, the player states as its ambition.

ChatGPT, a competitive weapon on the market

Humans and machines will share the tasks:

This new technology will reinforce our team’s efforts, enabling them to redouble their efforts in terms of accuracy and scalability, while the LLM will take care of organizing the data,” says Elliptic.

For the analytics expert, this announcement is also largely a marketing exercise. ChatGPT and generative AI are the buzzwords of the moment. However, its use and adoption have yet to be fully developed and integrated into employees’ daily lives.

Displaying its use ofAIElliptic is striving to stand out in a highly competitive market and claim a competitive advantage – yet to be proven.

Our customers come to us to find out exactly what their risk exposure is. Integrating ChatGPT allows us to increase our level of intelligence, giving our customers a view of risk they can’t get anywhere else,” says Jackson Hull, Elliptic’s CTO.

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