Is your smart contract as secure as you say it is?
Smart contracts are transforming how we fundamentally think about trust when it comes to transactions by taking power away from the middleman. But what does this mean to business? Why is it important for you to start investing in this technology?
Taking a look back, it’s clear that the idea of a ledger was built to help create trust through transparency (for every debit, there’s a credit). And, through the years, institutions have built businesses based on this concept of brokering trust. Now, with blockchain, there’s a way to decentralize 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 (or type of transaction) on the blockchain. The use cases are very applicable for things that already happen today, like buying stock options, where you pay a fee and agree to buy (or not buy) a stock based on it’s valuation on a specific date. Filling out your voting card. Tracking the package you mailed to your mom. The only difference is that instead of these agreements being tracked by one institution, they are validated by records dispersed across the blockchain.
But, are smart contracts really going to hold up? One day, we read that blockchain is ‘immutable’. The next that it got hacked. So, what’s the reality? At the end of the day, the security and reliability of any smart contract 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, it is important to us that we help companies shape what that future looks like and have the confidence to explore how smart contracts and blockchain can help them transform what they do.
With the ChainSecurity team joining PwC Switzerland, we are the world's leading provider for smart contract assurance.
If you’re considering blockchain but aren’t so far down the path yet, you might want to check out our Blockchain Risk Assurance services.