How Machine Learning Is Making Crypto More Secure

When you think about the cryptocurrency market, one thing that likely comes to mind is security. If someone were to hack your crypto assets, it can easily cause you a lot of financial harm.

So much so that some businesses are hesitant to accept crypto payments as payment for their goods or services because they’re not confident that such currencies are secure enough to protect them from cyberattacks.

The truth of the matter, though, is that these currencies are actually quite secure—and getting more so with every advancement in machine learning technology and related fields.

What is machine learning?

According to Google, machine learning is the science of getting computers to act without being explicitly programmed. In simpler terms, it's a program that can learn things without being told how to do them. To give you an idea of just how powerful machine learning is, consider IBM Watson.

Now part of IBM's business unit that focuses on artificial intelligence (AI), Watson was originally designed as a game-show champion before becoming one of AI's most promising tools.

Disrupting healthcare and insurance

A practical guide for blockchain-based healthcare insurance payment systems and other game-changing innovations. Kleros is a leading cryptocurrency exchange development company that's reshaping healthcare, finance and most of society by utilizing a completely new concept: algorithmic justice systems. Where does it all begin? A common misconception is that startups are always going to have to start from scratch but that isn't true: from crowdsourcing contests like

Hackathons to plenty of open source software out there in academia and government there are countless useful innovations out there waiting to be leveraged. A firm grasp of machine learning techniques will help you spot what's valuable.

Machine Learning in Cybersecurity

One of the most notable examples of machine learning in cybersecurity is its use in anti-fraud measures. In 2015, a group of researchers used neural networks to teach computers how to identify fraudulent credit card purchases and determine when they’re made with stolen cards.

Today, more and more crypto exchange development companies are using these same techniques to help detect phishing attacks before they happen.

Machine Learning in gaming and eSports

Over time, cryptocurrency exchanges (which allow people to convert their fiat currency into cryptocurrencies) have become an integral part of crypto trading. Their increasing popularity has led to a massive proliferation in trading volume and user base.

But as cryptocurrency values fluctuate, unscrupulous users have found ways to manipulate exchange rates. According to Bloomberg, up to ten percent of all cryptocurrency transactions are fraudulent in nature.

To combat these issues, crypto companies are turning to machine learning techniques for crypto wallet app development companies and crypto exchange development companies .

By using ML algorithms for fraud detection, they can identify suspicious activity early on. This helps prevent hackers from stealing funds from accounts or manipulating prices on crypto exchanges by placing large orders that never get filled.

The future of crypto trading

Cryptocurrency exchanges are growing in number, size and sophistication. The cryptocurrency trading ecosystem is transitioning from being just a technological solution to an economic one. Crypto wallet app development company is playing a major role in helping shape cryptocurrencies as a part of everyday life.

As crypto becomes more mainstream, its value will grow exponentially. A crypto wallet app development company can help make sure your crypto portfolio stays safe while you enjoy all that it has to offer. A safe and secure crypto portfolio is crucial for both beginners and experts alike.

Conclusion

Cryptocurrencies are based on cutting-edge encryption algorithms, but they have a major problem—crypto coins (and tokens) can be stolen, hacked or duplicated at alarming rates. Just look at some of 2017’s biggest heists: In January alone, $534 million in digital money was stolen from Tokyo’s Coincheck exchange by hackers.

The following month, cybercriminals stole $64 million in a few hours when they infiltrated South Korean crypto exchanges. Then in June, more than $200 million worth of Ethereum was fraudulently funneled to wallets outside of an investment platform called Veritaseum after hackers gained access to its coding system. And these are just some examples of how cryptos are getting exploited!