Harnessing the Power of AI to Transform Interactions with the Future of Finance
CANVAS, creator of a privacy focused Layer 2 blockchain, today announced an integration with OpenAI, a renowned artificial intelligence research lab.
The integration introduces Canvas AI, a new service offered as a ChatGPT plugin, combining the power of blockchain technology with advanced AI capabilities, redefining the way clients transact tokenised assets, analyse financial performance, assess risk, and maintain regulatory compliance."
Canvas AI drastically simplifies interacting with blockchain environments," said David Lavecky, CEO & Co-Founder of Canvas. "By integrating our Canvas Connect Layer 2 with OpenAI's cutting-edge AI technology, we're enabling simple, natural interactions with Blockchain powered financial services in ways never thought possible."
Canvas AI leverages the capabilities of OpenAI's ChatGPT to provide a range of new AI powered services including conversational commerce, advanced data and analytics, developer tools,
Say It, Send It: Effortless Transactions Through Conversational Commerce.
Canvas AI unlocks conversational commerce, enabling the creation of payments, cross border remittances and FX trades simply by issuing commands in natural language.
For example, clients can say "Set up a payment to my supplier Globex Corp for $25,000" or "Execute an FX transaction: buy 5,000 Euros using USDC at the best available rate" Canvas AI will handle the rest and remove all blockchain complexity.
Canvas is a participant in the eAUD CBDC pilot being run by the Reserve Bank of Australia & DFCRC.
Canvas has successfully used Canvas AI to execute a transaction involving eAUD, marking a significant milestone in the application of AI to Tokenised Finance.
"This is a momentous occasion demonstrating the synergies between AI & tokenised finance. Canvas AI delivers efficiencies and simplified usage of financial services that are powered by AI, Blockchain and Layer 2," said David Lavecky, CEO & Co-Founder of Canvas.
Data & Analytics
Canvas AI also enables analysing market trends, tracking user sentiment, generating personal finance reports, For instance, clients can ask "What’s the current balance of all my assets across all my wallets, and how has this composition changed from last month?" or "Analyse my upcoming travel plans and predict the FX requirements for these destinations."
Regulatory Compliance, Risk Assessment & Fraud Detection
Canvas AI also assists financial institutions comply with regulatory requirements by identifying potential regulatory breaches, ensuring transaction transparency, and producing necessary reporting. It can assess the risk of various investments and transactions by quickly analysing market data, transaction history, smart contract security and other relevant information.
Furthermore, Canvas AI algorithms can analyse transaction data in real time and flag suspicious patterns that might indicate fraudulent activity.
Canvas AI empowers developers with AI-driven tools that streamline integration with the Canvas Connect platform. Developers can generate code snippets for transaction requests or query required fields for executing transactions through the Canvas Connect SDK.
For example, developers can use Canvas AI to generate a code snippet for making a transfer request to the Canvas Connect API by simply asking "What are the required fields for making an FX trade through the Canvas Connect SDK?" to get instant, accurate responses. This dramatically speeds up time to development.
For more information about Canvas AI, visit canvas.co/canvas-ai
Canvas is a global blockchain company with a mission to digitise finance. Canvas services consist of a confidentiality focused Layer 2 ZK network, along with a suite of Financial Markets Applications enabling the Transfer, Trade & Investment of digital assets with assurances of privacy, high speed and low, fixed cost transactions.
By leveraging emerging technologies like Zero Knowledge Proofs and Layer 2 networks, Canvas is able to provide the critical infrastructure needed by banks, governments and corporates as they begin to adopt Digital Assets & trade digital securities in the Digital Economy.
CANVAS was created in the belief that like the rise of the internet and e-commerce, Blockchain, Digital Currencies & Tokenised Assets will radically transform financial and capital markets over the next decade with trillions of $ of securities and currencies to be tokenized and traded 24/7/365.