Intelligent contract auditing is essential for vulnerability prevention

The Swiss branch of PwC has entered into a partnership with ChainSecurity to expand the digital auditing services.

According to a press release, PwC hopes that, together with the ChainSecurity team, the company will become “the world leader in smart contract auditing”:

“As an integral part of PwC Switzerland, the ChainSecurity team will focus on accelerating PwC Switzerland blockchain audits, including technical audits of smart contracts and blockchain platforms, as well as the risks of customer service coverage for crypto assets.”

The PwC spokesman explained:

“We expect market demands to grow rapidly as blockchain technology becomes mainstream. We are very invested in developing our capabilities around the blockchain in a way that will keep us leading the market. As we have shown with the addition of the ChainSecurity team, we will continue to increase our expertise to anticipate these needs based on how we see market development. “

Intelligent contract auditing is essential to prevent vulnerability on the blockchain

ChainSecurity has collaborated with over 75 blockchain companies. In January, the team also discovered a security vulnerability in an Ethereum update. The discovery resulted in delaying the hard fork and prevented the vulnerability from being added to the blockchain.

Smart contracts have a wider adoption and ever-increasing expectations regarding their potential. For example, last month, Vice President Ticketmaster discussed the value that smart contracts can bring to the ticketing industry.

However, much attention is paid to the security of such contracts, given how disastrous the exploitation of a vulnerability can be. A well-known example is the DAO case from June 2016. A vulnerability in the contract facilitated a theft of about $ 60 million in crypto assets.