Smart contracts review – service offered by Ernst Young

Audit giant Ernst & Young (EY) has published its own smart testing and review service. The public beta allows users to verify the code for public analysis.

The system identifies security risks by testing the functionality and efficiency of a smart contract and evaluates the quality of the code.

Currently, the service can only examine smart contracts based on ERC-20, which are written in the Solidity programming language. EY did not mention whether it intends to extend support to other blockchain protocols in the future.

The auditor initially presented the service – initially known as the EY Smart Contract Analyzer – in April. In the last eight months, it has been tested in a private beta system.

By analyzing the token code, investors will be able to monitor changes to the software. You can also ensure that tokens and smart contracts meet accepted industry standards. Tokens can also be stress tested in a number of transaction scenarios, using data collected from the ethereum blockchain.

“Our clients are increasingly entrusting with the company’s key business processes and valuable investments in the software code”,

said Paul Brody, head of EY’s blockchain department.

“Since we do not manage enterprise computing systems without antivirus tools, it would not make sense to run blockchain-based investment systems without smart contract and token testing tools.”

Review of smart contracts in Blockchain Analyzer

EY’s review service will be part of the company’s largest Blockchain Analyzer. This is an analysis tool that compiles and reports transaction data, which can be included in financial reporting and blockchain auditing.

The second iteration of the Blockchain Analyzer, which was launched in April, has increased the number of accepted protocols. The system includes private blockchains and has enabled the analysis of transactions containing privacy issues based on zero knwledge proofs.

An EY project for conducting private transactions on the ethereum blockchain, known as “Nightfall”, has also been integrated into Analyzer.

In October, EY announced that it had developed a blockchain tool for governments to track and analyze their own transactions. The company believes that it will improve transparency and accountability in managing public funds.