Blockchain analytics company Elliptic has implemented ChatGPT in its data processing system

Blockchain analytics company Elliptic has implemented ChatGPT in its data processing system

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Author: Robert Strickland (crypto-journalist)
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Blockchain analytics company Elliptic has implemented ChatGPT into its data processing system
With the help of a neural network, the company expects to increase workloads and speed

Blockchain analytics company Elliptic has implemented ChatGPT. The platform has integrated a neural network model into its data collection and processing system, according to a press release.

Elliptic is an analytics company founded in 2013. The firm develops tools and software for blockchain analysis and transaction tracking and provides blockchain analytics on crypto-asset compliance and crypto-industry risks.

In February 2020, banking giant Wells Fargo Strategic Capital (WFSC) invested $5 million in Elliptic. The total amount raised in that funding round reached $28 million. The money was raised to develop the Discovery product, designed to build cooperation between cryptocurrency exchanges and banks.

In September 2019, Japanese holding company SBI Holdings invested $10 million in Elliptic, with Santander InnoVentures, SignalFire, AlbionVC, and Octopus Ventures as other investors in the firm.

With the help of ChatGPT, Elliptic expects to start synthesizing and organizing data in a larger volume and faster. The company expects the tool will "double the accuracy and scalability" of products, with the neural network also doing the structuring of information.

"The ChatGPT integration allows us to expand our intelligence capabilities by providing our customers with risk information they can't get anywhere else," said Elliptic CTO Jackson Hull.

Elliptic uses proprietary databases in its work. The company claims this provides the most extensive coverage of information in the industry, including more than 97% of cryptocurrency transactions.

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