- Blocktrace has introduced a chatbot for blockchain analysis
- Early access open for beta testing
With the gradual shift from paper to digital transactions globally, the need to get a properly functioning Transaction Tracking system is now a must. A lot of questions have been circling around Blockchain Transaction Tracking for a very long time. Keeping in mind these issues Blocktrace has introduced an AI-based bot, Robby.
Robby, for Blockchain Analysis for Bitcoin
Blocktrace, the Texas-based private firm has come up with a solution for the growing issues around blockchain transaction tracking. The company masters in cryptocurrency investigations, big data analysis & forensics and has recently introduced an AI-based tool to tackle these growing issues.
The primary aim behind this step is to simplify the blockchain analysis and clear up inconsistencies in the current process. The AI-based tool is a chatbot, named Robby the Robot. The name is derived from a Sci-fi thriller film named, “Forbidden Planet”. Currently, the bot is developed to interact with Bitcoin Blockchain data.
CEO MaGruder’s thoughts on Robby
During the launch, CEO Shaun MaGruder shared his thoughts and said that they decided to first go with Bitcoin, because of its large database.
MaGruder feels starting with Bitcoin is great because it will be around forever, like Ethereum. “It’s considered the OG because it was the first and has a large pool of user base addresses with a lot of activity.”
Explaining a bit further, he said that a copy of the bitcoin blockchain data is stored in Blocktrace’s database, terming it a technical achievement. The application is built in a way where users can ask natural language questions, similar to virtual assistants.
The natural language system is an AI-based model, structured to process language similar to that of human interaction.
He said users will be able to ask for specific information, such as transactions between dates and amounts. It saves a lot of time when compared to manual processes, which usually take one to two hours using a normal blockchain explorer.
Feedback-based interface revealed
According to him, the technology developed by their company using Open AI targets users & investigators to get bitcoin addresses and transaction details with much deeper information & higher accuracy than before.
Shaun also emphasized that the introduction of Robby will eliminate the need for a data engineer or data scientist to translate natural language questions into SQL queries. He called the process more efficient and one that does not require continuous training for new data scientists.
Robby is still in its Beta phase with its launch set to be scheduled for later this year. MaGruder confirmed that a closed group will test the bot before its actual launch to the public. The CEO said that he does not want to embarrass the company after the launch, and thus wants to make sure that his company’s product is interaction-ready. The early access to the beta is however now open.
Sharing a few insights on the tool, he promised a feedback option in the interface. A thumbs up, and down button symbolizes positive reviews, and growth requirements respectively.
Elliptic, Chainalysis, CipherTrace, and Nansen are some other companies that have hopped onto the AI track for blockchain analysis. A fellow Nansen engineer has welcomed this step by Blocktrace and is looking forward to it. He predicts AI labeling, Algorithmic labeling to have great significance in blockchain analysis in the future.