Is your smart contract security as smart as you think it is?
Smart contracts are taking power away from the middleman and fundamentally transforming the way we think about trust in the context of transactions. But what does this mean for businesses?
Ever since ledgers were created way back in history to engender trust through transparency (for every debit, there’s a credit), businesses have been built on this concept of brokering trust. Now, with blockchain, there’s a way to decentralise and break down this infrastructure to fundamentally change the way we can invest in and access trust.
Smart contracts are built to act on behalf of two parties for a specific transaction on the blockchain. They can easily be applied to things we already do: Buying stock options, where you pay a fee and agree to buy (or not buy) a stock based on its valuation on a specific date. Filling out your voting card. Tracking the package you mailed to your mum. The only difference is that instead of these agreements being tracked by one institution (or several), they’re now validated by records dispersed across the blockchain.
But are smart contracts really going to hold up? What about blockchain security? One day you read that blockchain is ‘immutable’. The next thing you know, it got hacked. So, what’s the reality? At the end of the day, the reliability of any smart contract and its resistance to vulnerabilities comes down to how it was built. It’s only as strong as the code that underpins it.
With more and more use cases every day, there are clear indicators that blockchain will be a big player in our future. So, we’ve made it our mission to help companies shape this future. We give them the confidence to explore how smart contracts and blockchain can help them transform what they do and the way they do it.
Now that the ChainSecurity team has joined PwC Switzerland, we're the world's leading provider for smart contract assurance.
In a field as new as distributed ledger technology (DLT), companies inevitably find themselves at very different points along the journey. We have the capabilities to guide and support you wherever you are on the path – from exploring the options and planning your route to assessing and monitoring your smart contracts once they’re in place.
The capabilities we can provide along your journey
We combine the strengths of automated, research-based analysis tools with the expertise of our senior assessment staff. We take our assessment further, focusing on smart contracts, but also inspecting interacting components.
Katalyst - Network V4
Partner & Leader Smart Contract Assurance, PwC Switzerland
Tel: +41 58 792 27 84
Smart Contract Assurance, PwC Switzerland