Block Trace Creates an AI Chatbot to make blockchain transactions convenient

The details of Block Trace’s AI chatbot simplified blockchain transactions can be found here

When sorting through millions of transactions and tens of thousands of blockchain addresses, scanning and analyzing a blockchain can be difficult. It is monotonous and boring, and the story told is often bland. The startup Block tracksbased in austin, hope so artificial intelligence can speed up the blockchain analysis process and make it easier to find trends and anomalies, and create a AI chatbot for the convenience of a blockchain transaction.

Blockchain technology forensics and analytics service provider Block trace is AI-enhanced and was founded in 2018 by software engineer Shaun MaGruder, who previously held the position of head of training at blockchain investigative firm Chainalysis. Block trace developed its artificial intelligence to interact with Bitcoin blockchain data using a chatbot they named Robby the Robot, after the iconic character from the sci-fi movie “Forbidden Planet”.

In an interview with Decrypt, Blocktrace CEO MaGruder stated that the Robby project’s large sample size and history led the company to the decision to launch it with Bitcoin.

Bitcoin is a fantastic idea to start with and will probably always be around, according to MaGruder. It is known as “OG” since it was the first, has a significant pool of user addresses and sees a lot of activity.

It’s a significant technical achievement, but MaGruder claims that Blocktrace’s database contains a copy of the Bitcoin blockchain data. Users of their program can communicate with a virtual assistant-like function by making requests in natural language, which is supplemented by an AI layer.

A natural language model is a type of artificial intelligence designed to understand and process human language in the same way that humans do.

MaGruder explains that the goal of Blocktrace is to enable users and investigators to use OpenAI technology to quickly locate Bitcoin addresses and more precisely identify network transactions.

“Robbie has already been trained on the data model and can quickly retrieve results for the user,” MaGruder said, describing the process as more efficient and one that does not require ongoing training of new data scientists.

Robby is expected to be made available to the general public later this year, although it is still in beta. Before rolling Robby out to the general public, however, MaGruder said the chatbot would first be given to a closed gathering to test.

MaGruder stated, “We want to make sure that Robbie is stable and that we don’t fall flat on our faces when we release it to the public.” We want to make sure that the questions that the public will ask Robbie are the same ones that we have already asked him.”

MaGruder stated, “As one would expect, people will compare Robbie to a conventional blockchain explorer and decide whether Robbie is correct or not.” We will implement a thumbs up and thumbs down button to collect feedback. A thumbs up will be used as positive reinforcement, and a thumbs down will show where more work is needed.

Blocktrace is the very latest Web3 organization hoping to use the power of computational reasoning for blockchain investigation. Elliptic, Chainalysis, CipherTrace and Nansen are a few other applications that make use of the technology.

“It’s something we’re looking at closely,” Andrew Thurman, a Nansen engineer, told Unscramble at ETH Denver. ” AI analysis on the blockchain can be used to determine if wallets are performing the same actions at the same time. Thurman added that you can infer with a high degree of certainty that all of these wallets are linked to the same device even though there are no explicit connections.