Although transparency is one of the fundamental traits of cryptocurrencies, scanning a blockchain for transactions can be extremely daunting. Blocktrace, an Austin-based startup, believes artificial intelligence (AI) will speed up blockchain analysis and allow trend detection and anomalies in the cryptocurrency space more conveniently.
Blocktrace created a chatbot called Robby the Robot to interact with data on the Bitcoin (BTC) blockchain. They named it after the famous character from the science fiction movie “Forbidden Planet.” Additionally, the company chose Bitcoin (BTC) as the first blockchain for its large sample size and history.
MaGruder said that “Bitcoin is a great project to start with, and will likely always be around.” Moreover, the CEO added that Bitcoin (BTC) “has a large pool of user base addresses with a lot of activity.”
The firm was launched in 2018 by software engineer Shaun MaGruder. Moreover, MaGruder is the former head of training at the blockchain forensics firm, Chainalysis.
How does the AI chatbot scan cryptocurrency blockchains?
MaGruder claimed that Blocktrace’s database has a copy of the Bitcoin blockchain’s data. Their application, which has an AI layer added, enables users to converse in natural language with a virtual assistant. A sort of artificial intelligence known as a natural language model is created to comprehend and process human language in a manner similar to that of how we speak.
According to MaGruder, “users can quickly ask for specific information, such as transactions between dates and amounts.” Furthermore, he added that “this saves time compared to the manual process, which could take one to two hours using a blockchain explorer.”
According to MaGruder, Blocktrace seeks to make it possible for users and investigators to use the technology created by OpenAI to swiftly locate Bitcoin addresses. Moreover, it will accurately and thoroughly identify transactions that took place on the network.
Robby is currently in beta. However, it is likely that it will launch later this year. Robby, however, would first be made available to a select group for testing before being made available to the general public, according to MaGruder.