It is quite challenging to scan and analyze a blockchain, especially when sorting through millions of transactions and thousands of addresses. But Blocktrace, an Austin-based company, is hoping that an (AI) artificial intelligence technology can ease the blockchain analysis process.
Software engineer Shaun MaGruder founded Blocktrace in 2018. The company has now developed its AI called Robby the Robot, designed to interact with Bitcoin Blockchain. Blocktrace boss MaGruder said the firm chose Bitcoin due to its history and larger sample size.
How Robby the Robot Will Work
MaGruder reveals that Blocktrace has stored a copy of Bitcoin’s data in its database, and using Robby the Robot, users will be able to ask for particular information, like transactions between specific dates. The CEO believes this would save a lot of time compared to doing it manually on a blockchain explorer, which usually takes roughly two hours.
MaGruder adds that his company seeks to enable users and investigators to identify transactions and find addresses on the Bitcoin blockchain quickly and with more accuracy.
Robby the Robot is expected to launch later this year. However, before it’s made available for public use, the Blocktrace CEO says the firm would first allow a closed group of individuals to test the technology.
MaGruder claims this move is meant to ensure that Robby the Robot functions as expected when released to the public.
Blocktrace notes that people will likely compare its robot to blockchain explorers in order to determine whether the information provided is correct. To collect feedback, MaGruder says, the firm will adopt the thumps down and thumps up button. The thumps down will signal areas requiring improvements, while the thumps up will act as positive feedback.
Other Companies Employing AI Technology
Blocktrace joins a growing list of Web3 firms seeking to leverage the power of AI for blockchain analysis. Some of the companies that have already adopted the technology include CipherTrace, Nansen, Elliptic, and Chainalysis.
Nansen is currently using AI for blockchain analysis to determine if wallets are performing similar activities simultaneously. The company’s engineer Andrew Thurman says if those wallets have no apparent connection, then you can conclude with great certainty that they are connected to the same entity.
