The internet has experienced a revolution with the introduction of ‘Chat GPT’ in November 2022. This artificial intelligence chatbot has garnered the attention of over a million users, boasting a near-perfect 97% accuracy in executing a range of tasks. Recently, a global leader in crypto asset risk management, Elliptic, announced its plans to integrate ChatGPT into off-chain intelligence and research gathering efforts to boost efficiency.
By incorporating ChatGPT, researchers and investigators will reportedly be able to synthesize and organize intelligence on emerging risk factors at unprecedented speed and volume. Elliptic highlighted in an article how this new technology will augment their team’s efforts, allowing them to increase accuracy and scalability with the chatbot handling data organization.
One of the most notable applications of ChatGPT in the crypto sphere is fraud detection. As an NLP tool developed by OpenAI, ChatGPT can analyze emails for suspicious language patterns and identify anomalies that may indicate fraudulent activities. Furthermore, AI chatbots like ChatGPT may enhance the security of crypto exchanges and platforms by verifying investor identities. They could even prevent phishing or hacking attempts by blocking smart contracts that haven’t passed implementation verification.
Kumar Gaurav, the founder and CEO of Cashaa, opined that ChatGPT’s analysis and automation capabilities could be pivotal in transforming the crypto market. Pearl Agarwal, the founder and managing director of Eximius Ventures, also backed the integration of ChatGPT into crypto businesses. He claimed that this large language model (LLM) could drive the growth and adoption of Web3 and blockchain technology.
According to Agarwal, integrating the AI chatbot into blockchain-based platforms and dApps will create a user-friendly experience that can drive business growth. Amidst its potential benefits, it is essential to remember that integrating AI into the crypto industry is still a relatively novel idea, and businesses should proceed with caution to ensure that they do not compromise security or integrity.
In conclusion, the integration of ChatGPT into the crypto ecosystem has the potential to revolutionize risk detection, security, and user experience. However, it is crucial to keep in mind that any advancement carries its share of risks. As pioneers in this field navigate the integration process, vigilance and ongoing research should remain top priorities to safely and effectively drive this technology forward.
The presented content may include the personal opinion of the author and is subject to market conditions. Conduct thorough market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for any personal financial loss.
Source: Coingape
