How Smart Tech is Making Blockchain Safer
Blockchain technology has grown rapidly since the introduction of Bitcoin. It is now utilized in various domains such as banking, supply chains, and even the Internet of Things. However, with the increase in users, there is a mix of both legitimate and risky transactions, making it challenging to maintain trust in the system.
Innovative Approach to Identify Risky Transactions
Researchers have developed an intelligent method to sort out risky transactions using machine learning. The process involves several steps:
- Feature Extraction: Important details are extracted using various methods.
- Feature Combination: These details are combined to create a more comprehensive list.
- Model Training: The combined list is used to train different machine learning models.
- Result Aggregation: The results from these models are combined to make a final decision.
Impressive Results from Testing
The researchers tested this approach on three different blockchain datasets. The results were remarkable:
- Rank Averaging: Achieved an accuracy of 99.24% in identifying transactions.
- Rank Aggregation: Achieved an accuracy of 98.73%, closely following the best method.
The Future of Blockchain Security
This demonstrates that smart technology can enhance the safety of blockchain systems. However, continuous improvement of these methods is crucial. As blockchain technology evolves, so do the challenges. Researchers must stay ahead of the game to ensure the integrity and security of the blockchain ecosystem.