Block Trace Creates an AI Chatbot to Make Blockchain Transaction 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's monotonous and tedious and the story being told is frequently slippery. The startup Block trace, based in Austin, hopes that artificial intelligence can speed up the blockchain analysis process and make it easier to find trends and anomalies, and create an AI chatbot for the convenience of a blockchain transaction.

Blockchain technology forensic and analytical 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 forensics firm Chainalysis. Block trace developed its artificial intelligence to interact with Bitcoin blockchain data by utilizing a chatbot they named Robby the Robot, after the iconic character from the sci-fi film "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 terrific idea to start with and probably will always exist, according to MaGruder. It is known as the "OG" since it was the first, has a sizable user address pool, 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 feature by asking inquiries in natural language, which is supplemented by an AI layer.

A natural language model is a sort of artificial intelligence designed to comprehend and process human language similarly to how humans do.

MaGruder explains that the goal of Blocktrace is to make it possible for users and investigators to use the 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 fetch results for the user," MaGruder stated, describing the process as more efficient and one that does not require ongoing training for new data scientists.

Robby is expected to be made available to the general public later this year, even though it is still in beta. Before carrying Robby out to people in general, in any case, MaGruder said the chatbot would initially be given to a shut gathering to test.

MaGruder stated, "We want to ensure that Robbie is stable and that we do not fall on our faces when we release it to the public." We want to make sure that the questions that the general public will ask Robbie are the same ones that we have already asked him."

MaGruder stated, "As was to be expected, people will compare Robbie to a conventional blockchain explorer and determine whether Robbie is correct or not." We will implement a thumbs-up and thumbs-down button to gather 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 most recent Web3 organization hoping to use the force of computerized 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 taking a gander at profoundly," Andrew Thurman, a Nansen engineer, told Unscramble at ETH Denver. " AI analysis on the blockchain can be used to determine whether wallets are performing the same actions simultaneously. Thurman added that you can infer with a high degree of certainty that all of those wallets are linked to the same entity even if there are no explicit connections.