The use of smart contracts has been on the rise given the growth of security tokens and digital assets. Their applicability in almost every conceivable aspect of a business explains why the need for auditing is also on the rise.
Smart contracts are the crucial piece of any outstanding blockchain business and the computer-based protocol is self-executing, therefore it is vital to find any imperfections before the code launch.
To mitigate the risks of any hack attack, carrying out a meticulous investigating process in the code to find security flaws and vulnerabilities is the key.
This unique concern about the vulnerability that comes with Smart Contracts is also a consequence of the DAO attack. The Decentralized Autonomous Organization (DAO) became very famous in 2016 when they created a platform for the development of Smart Contracts.
Although the project managed to raise $150m, during the offering, many people expressed their concerns about the code being vulnerable to attacks.
Unfortunately, while the developers were trying to fix the issue, a hacker exploited a bunch of vulnerabilities in the DAO contract causing the loss of millions of dollars for the coin holders. As a result of this, developers started to become more cautious.
Now, Smart Contracts are also being used for big businesses such as banks and FinTech, and any flaw in the code can endanger not only investors but entire economies.
But how does a Smart Contract Auditing helps?
Through extensive tests, the company or developer will verify the Smart Contract code and its behavior to find and solve defaults, making sure the contract is performing as it should.
After a precise audit of the Smart Contract architecture, a detailed report is made to explain all the issues and the improvements needed to be done. Once the problems are fixed, a second-level auditing is performed to ensure it is hack-proof.
Another procedure that can be performed is the Penetration Test, also known as Pentest. This test simulates real hack attacks to the Smart Contract code to discover the existing vulnerabilities. Post the audit & verification, the digital contract is ready to be published.
Development companies are now investing in the Smart Contract Auditing to provide a more secure blockchain world, and the Blockchain App Factory is also taking this step into the future of distributed ledger technology.
Blockchain App Factory’s Smart Contract Audits prevent hack attacks and provide an easy solution for businesses to have their contract secured. Through extensive tests, we will verify the Smart Contract and its behavior to find and solve defaults, making sure the contract is performing as it should.