- Blocktrace, an Austin-based startup, developed Robby the Robot, an AI-powered chatbot designed to simplify and expedite blockchain transaction tracking on the Bitcoin network.
- Robby uses natural language processing (NLP) to understand and respond to user queries, significantly reducing the time it takes to analyze blockchain data compared to manual methods.
- Blocktrace chose the Bitcoin blockchain due to its large sample size, extensive history, and vast user base, making it an ideal project to demonstrate Robby’s capabilities.
Blockchain analysis is a challenging and time-consuming task that often requires meticulous scanning of millions of transactions and countless addresses. Blocktrace, an Austin-based startup, aims to revolutionize the process by utilizing artificial intelligence (AI) to simplify and expedite blockchain transaction tracking. With their AI-fortified chatbot, Robby the Robot, Blocktrace is set to transform how we interact with and analyze the Bitcoin blockchain.
Unveiling Robby the Robot – An AI-powered Solution
Blocktrace was founded in 2018 by software engineer Shaun MaGruder, who has an extensive background in blockchain forensics, including his work as the head of training at Chainalysis. The company’s primary focus has been the development of Robby the Robot, a chatbot designed to interact with the data on the Bitcoin blockchain.
Named after the iconic character from the sci-fi film “Forbidden Planet,” Robby harnesses the power of natural language processing (NLP) to understand and respond to user queries. By enabling users to ask questions in natural language, Robby can provide specific information related to transactions, dates, and amounts, significantly reducing the time it takes compared to manually scanning a blockchain explorer.
Why Bitcoin? The Blockchain with a Rich History
Blocktrace CEO Shaun MaGruder explained the decision to start with Bitcoin in an interview with Decrypt. Bitcoin’s large sample size and extensive history make it an ideal project for the AI-powered chatbot. With a vast user base and a high activity level, the Bitcoin blockchain provides ample opportunities to showcase Robby’s capabilities.
According to MaGruder, Blocktrace’s database contains a copy of the Bitcoin blockchain data, which is already a considerable technical achievement. With the addition of an AI layer, the application allows users to interact with a virtual assistant, asking questions and receiving accurate, detailed responses.
Accelerating Blockchain Investigations with OpenAI Technology
Blocktrace’s primary goal is to enable investigators and users to employ OpenAI technology for fast and accurate identification of Bitcoin addresses and transactions on the network. By training Robby on the data model, users can efficiently obtain results without the need for a data engineer or scientist to translate natural language queries into SQL queries.
Currently, in beta, Robby is expected to be released to the public later this year. To ensure a stable and reliable user experience, Blocktrace will first provide access to a closed group for testing. This careful approach will help the company identify potential issues before making the chatbot available to a broader audience.
As users compare Robby’s performance to traditional blockchain explorers, Blocktrace plans to implement a thumbs-up and thumbs-down feedback system. This will allow the company to identify areas where Robby excels and those that require further improvement.
Blocktrace’s Robby the Robot is a prime example of how AI technology can revolutionize the field of blockchain analysis. By simplifying and expediting transaction tracking, Robby stands to benefit investigators, users, and the broader blockchain community. As Blocktrace continues to refine its AI chatbot, we can expect further advancements in blockchain analysis, making the process more efficient and accessible to all.
