Elliptic announced the release of the Elliptic Data Set, the largest set of labeled transaction data for detection of shady cryptocurrency transactions. This news surfaced on 02 August.
Elliptic commenced by informing that the development was to foster the progress of novel techniques to thwart illicit activities. The security-focused blockchain firm further added that the release coincided with a new paper co-authored by Elliptic scientists. The scientists had collaborated with researchers from the MIT-IBM Watson AI Lab to present a paper related to Anti-Money Laundering (AML) in Bitcoin.
Chief Scientist and co-founder of Elliptic, Tom Robinson said –
“Elliptic uses a range of advanced techniques, including machine learning, to facilitate financial crime detection in cryptocurrencies. Our work with researchers from the MIT-IBM Watson AI Lab builds on this, to ensure that our clients have access to the most accurate and effective insights available, reducing their compliance costs and ensuring that their services are not exploited by criminals.”
Elliptic shared insight that money laundering is the process of hiding money transfers originating from criminal activity. The blockchain firm shared alarming news that billions of dollars were laundered through cryptocurrencies each year. Elliptic noted that recent advancements in deep learning were effective for identifying bad elements in complex money laundering schemes. Elliptic conveyed its vision to drive criminal activity out of cryptocurrencies.
Elliptic threw light on the technical prowess of its dataset. The firm indicated that the Elliptic Data Set consists of 200,000 bitcoin transactions with a total value of 6 billion U.S. dollars. Elliptic suggested the potential of data science by stating that transactions identified by Elliptic research made by criminal actors had been labeled. Such explicit marking of transactions fosters the development and testing of new predictive techniques.
Recently, Project Verte announced the beta rollout of its brand-first marketplace MyVerte. The MyVerte marketplace is built on the blockchain, launching with over 100 brands. Project Verte sustained by adding that MyVerte was connected with Project Verte’s advanced fulfillment and technology. Project Verte further added using machine learning and artificial intelligence (AI) to predict salient action items.
Elliptic sustained by adding that it was a leading provider of blockchain monitoring solutions for regulatory compliance and risk management. Such innovations are used by cryptocurrency businesses and financial institutions. Elliptic clarified that Machine learning was already used within its products to identify cryptocurrency transactions associated with money laundering. There was also a provision to identify sanctions violation or terrorist financing.