Artificial Intelligence in the Fight against Money Laundering via Bitcoin: Achievements Elliptic
Date: 2024-05-02 Author: Gabriel Deangelo Categories: BLOCKCHAIN
Analytics company Elliptic has announced its success in using artificial intelligence to detect money laundering through Bitcoin. Collaboration with the MIT-IBM Watson AI Lab has led to the development of new methods that improve the effectiveness of identification tools.
Breakthrough Technologies
The firm emphasizes that the use of deep learning algorithms has made it possible to successfully identify criminal proceeds deposited on cryptocurrency exchanges, as well as detect new money laundering schemes and previously unknown illicit wallets.
Elliptic's enhanced tools have been tested on a massive data set of over 200 million transactions. This allowed the company to confidently evaluate the effectiveness of new approaches in real conditions.
Focus on "Subgraphs"
Elliptic notes that the new AI training model not only identifies illegal transactions, but also analyzes “subgraphs” - chains of transactions associated with bitcoin laundering. This allows the company to focus on the entire laundering process, rather than just the individual participants.
Benefits of Blockchain
Unlike traditional financial transactions, blockchains provide access to data about transactions and the entities performing them. This creates a favorable environment for the application of machine learning techniques, which makes the fight against money laundering more effective.
The results of the collaboration between Elliptic and the MIT-IBM Watson AI Lab open up new perspectives in the fight against financial crimes in the cryptocurrency space. The use of cutting-edge technology allows the company to be at the forefront of innovation and provide a more secure environment for all participants in cryptocurrency transactions.
