2020-6-18 20:21 |
US-based banking group, Capital One Services, announced that it has patented a new system that utilizes artificial intelligence (AI) that will ensure crypto trading and other related activities are more secure.
The firm announced that the new system would leverage the power of AI technology in checking the credibility of crypto-related transactions and information. By leveraging Artificial Intelligence, Capital One hopes to prevent traders from falling into common investment pitfalls, while helping them participate in more well-informed, long-term cryptocurrency trading.
The filed documents explain that people face lots of challenges and obstacles when dealing with cryptos.
The firm states that given the crypto market operates 24/7, it is prudent for investors and traders to understand and be updated on the intricacies and nuance of various protocols. In addition, be updated on different ongoings such as hacks, forks, or airdrops, which emanate from multiple sources like crypto news sites, Twitter, and Medium posts. Such content is not easy to verify.
“In particular, it is difficult to verify the credibility of speculation, rumors, opinions, and other information posted on social media and elsewhere,” the patent titled, “System And Method For Mapping Decentralized Identifiers To Real-World Entities” reads. Capital One's AI-based verification system was awarded the patent last week by the U.S. Patent and Trademark Office.
According to Capital One, the system can be nuanced and sophisticated in the interpretation of information. This will allow it to detect fake volumes, analyze the speed at which news like exchange hacking starts trending in various social media platforms as well as news sites.
The patent itself, labeled as no.10,679,229, is comprised of three core components:
A specific AI program that keeps an eye on very specific pieces of information, such as social media posts. Once this information has been obtained, it is then fed into a ‘credibility analysis machine.' This second component cross-references this information with other historical pieces of information or events to test its credibility. It then compiles this legitimate information and leverages it to conduct and inform its trading decisions. It then analyzes how the market responded to such an event previously.Capital One has been upfront about the difficulty involved in finding legitimate information within the crypto market. The firm hopes that its solution can help inform trader activity.
However, the system will not be launched immediately, as further refinement is still needed. The way it is set up, however, would allow it to see a progressive improvement in its performance, especially as it processes more data, and learns from past trends.
This is understandable as the filing of a patent does not necessarily mean that a product or service is going to be launched. This, however, isn't the only crypto-related patent that Capital One holds, as just last year they secured two other patents: Blockchain-Backed Content Validator and one for Blockchain-based Banking Security and User Authentication.
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