AI may scan social media for crypto tendencies and compile it into actionable strategies, Capital One’s patent has proposed
Capital One just lately filed a patent for a man-made intelligence (AI) to formulate crypto buying and selling strategies by scouring the web for data relating to market tendencies. This consists of authorities laws to company developments, social media tendencies and different areas the place folks could possibly be speaking.
In the patent, the AI was dubbed as a “System and method for analysing Credibility of Cryptocurrency-related information”, the patent emphasis, not like inventory buying and selling, crypto developments occur 24/7 by way of a variety of sources and it’s unattainable for an individual to consistently monitor these sources of knowledge.
The patent comprehensively defined the aim of the AI:
“An artificial intelligence engine configured to predict a cryptocurrency market trend based on the credibility of the cryptocurrency-related information; and a processor to generate and execute a personalised trading decision based on the predicted cryptocurrency market trend.”
The AI will obtain data primarily based on 8 modules:
- Cryptocurrencies Market Module
- Social Media Module
- Event Module
- Cryptocurrencies Company Module
- User Module
- Regulation Module
- Fiat Currency Module
- Traditional Data Module
A foul monitor report
The AI will compile and course of a considerable amount of knowledge, and, to supply the person with personalised strategies, the person knowledge should be within the centre to immediately cater to them. This requires a particularly safe and encrypted database with a purpose to preserve their investor and particularly their cash protected.
However, a expensive incident that occurred again in July 2019 had significantly questioned Capital One functionality to supply this stage of safety. During that interval, Capital One was the goal of a cyber assault, later dubbed, “one of the largest data breaches ever” by CNN.
Private knowledge of greater than 100 million US Capital One clients and 6 million customers in Canada have been breached, exposing their Social Security quantity, dwelling addresses and credit score scores
Currently, the Office of the Comptroller of Currency alongside with the FBI has fined Capital One $80 million in civil penalties and was compelled to enhance its risk-management program — in addition to reassess its cybersecurity and data safety.
Many of the bigger US banks have struggled to take care of their reputations for making certain shopper safety and avoiding abusive practices. Convincing folks at hand over giant quantities of private data to an information mining AI could also be troublesome — even when it helps to create worthwhile trades.