As our daily integration with AI increase, much tedious work is enjoying a series of simplicity. The latest to join the fray is blockchain transaction tracking. Blocktrace’s AI Chatbot aims to be a one-chat solution for easy blockchain transaction tracking.
Blocktrace is an AI-backed blockchain forensic and analytical services provider. It was founded in 2018 by Shaun MaGruder, a software engineer and former head of training at Chainalysis. Currently, they are developing Robby the Robot, an AI chatbot from the inspirations by the sci-fi film “Forbidden Planet”. With Robby, Blocktrace now has an AI that can effectively interact with data on the Bitcoin blockchain.
Analyzing and scanning a blockchain can be a daunting task, especially when confronted with a multitude of blockchain addresses and millions of transactions. The process is often tedious, and time-consuming. Furthermore, the information gleaned can be challenging to interpret. Austin-based startup Blocktrace aims to streamline this process with the help of artificial intelligence, making it faster and more efficient to detect trends and anomalies.
MaGruder, CEO of Blocktrace, revealed in an interview with Decrypt that the company chose to begin the Robby project with Bitcoin due to its extensive history and large data set. “Bitcoin is an excellent starting point and will likely remain relevant, much like Ethereum,” MaGruder explained. “We can consider it as the OG because it was the first and has a vast user base with significant activity.”
How Does Blocktrace’s AI Chatbox Work?
Blocktrace stores a copy of the Bitcoin blockchain data in its database, a noteworthy technical accomplishment. Their platform is augmented with an AI layer. This allows users to pose natural language questions, similar to how they would interact with a virtual assistant.
“Our users can quickly inquire about specific details such as transactions between particular dates and amounts,” MaGruder stated. “This is a time-saver in comparison with the manual process, which could take up to two hours when using a blockchain explorer.”
MaGruder emphasizes that Blocktrace’s goal is to enable investigators and users to leverage OpenAI’s technology to swiftly locate Bitcoin addresses and accurately identify transactions with greater precision and detail.
“Robby has already been trained on the data model, eliminating the need for a data engineer or scientist to translate natural language queries into SQL queries,” MaGruder explained. He also mentioned that this approach is more efficient and does not necessitate continuous training for new data scientists.
Conclusion
Although Robby is still in beta, the team is expecting it to be available to the public later this year. However, before releasing it to the public, a closed group will receive the chatbot for testing purposes.
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