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Malicious Cyber Attacks on Blockchain Handled Using Machine Learning Algorithm

Communications in Computer and Information Science, ISSN: 1865-0937, Vol: 1970 CCIS, Page: 270-284
2024
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Conference Paper Description

Most powerful technology of the trending world is Blockchain. Because of it’s shared, immutable ledger that facilitates the process of recording transactions and tracking assets in a business network. It does not gets limited here, it is widely used in Financial Management and Accounting, Record management in government, Healthcare, Banking, supply chain and so on. In simple terms, Blockchain is a collection of useful information (data). No central authority has the single control on it. Each transaction is documented as a “block” of data as it happens. Every block is interconnected with those that came before and after it.Due to its decentralized nature, after each and every transaction the block information gets appended in the longest chain and is made transparent to everyone enhancing the trust. But Blockchain is suffering from many cyber attacks. Many solutions are made to increase the level of security. Even in Jan 2019 majority attack has happened in Ethereum classic. The most rare occurrence of the event is the 51% attack (majority attack) which take the control of the hashing rate or hashing power of the network, potentially causing a network disruption. Leading to the cause of Mining Monopoly. Most of the time this happens when the attacker blocks all transactions from a miner in their own private network before broadcasting their own version to the network. The other possibilities of this majority attack can break the basis terms like Reverse transaction, Double spending attack. The attacker takes the control of not confirming some transaction, changing the block rewards, stealing the coins and even creating the coins. The majority assault, also known as the 51% attack, aims to split the blockchain in order to invalidate completed transactions and tamper with data integrity. Our approach is to provide security of blockchain transactions by following the POS (proof of stake) and tightening the network strength by tracing out the anomalous behaviour in the transaction.Machine learning model helps us to draw the insights and overcome this by training and testing the entire Ethereum classic logs of transaction and by detection algorithm along with the automatic featured engineering helps to identify in prior the occurrence of this rare event.

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