The world of cryptocurrencies is certainly more advanced than its conventional counterparts.
Whether it comes to processing transactions, executing paperless contractual agreements, or just defining the security that comes with cryptocurrencies, the industry undoubtedly has some of the best solutions in the world for its everyday operations.
It may seem difficult to bring in more advancement to a sector that is currently hot at the moment and leading the headlines.
However, it seems that one information giant has achieved that feat by bringing the much talked about, yet ever elusive artificial intelligence (AI) technology to the cryptocurrency industry – even if it remains in an analytical capacity for now.
Thomson Reuters introduces ai based analysis system for bitcoin
Thomson Reuters, the mass media company that holds the incomparable Reuters as one of its many subsidiaries, recently launched the latest version of its MarketPsych Indices (TRMI) program, which provides real time analytics derived from news platforms and social media for data ranging from company statistics to individual asset information.
The company has integrated AI based analytics in the latest offering of the product to deliver sentiment analysis tools, which in addition to the usual slew of topics, also work efficiently for a cryptocurrency centric topic: Bitcoin.
How will the ai analysis for bitcoin system work?
The TRMI will analyze information from more than 400 platforms and sources in order to deduce how people are feeling towards a particular asset. For instance, the company studies human feelings of greed and fear by studying the context of comments and contributions through AI, and uses the collected data to analyze how the market would react to an article of investment.
“As greed dominates our thought process, we’re likely to take on more risk than anticipated. When experiencing strong greed, we often excitedly rush into investments. As fear dominates our reasoning, we’re likely to take on less risk than optimal. When fear is at an extreme, we may attempt to gain relief through the panicked selling of painful (“bleeding”) positions.” The company defines.
By studying these human patterns, TRMI will project how everyday users and investors are behaving towards various investment assets including Bitcoin.
This ai analysis for bitcoin is rather simple in definition, actually
The way that TRMI works might be complex in technical terms, but Thomson Reuters has ensured that it does not only remain simple in definition, but even in its execution.
The collected data is used to translate simple information to the end user, who can then utilize it to make decisions of “hodling” their Bitcoin or selling them, and maybe investing in some more by studying the “bitcoin sentiment data feed.”
Thomson Reuters has ensured that its offering is not complex for the everyday user to utilize and that the data gathered through sentiment analysis remains easy to read to help them in making informed decisions.