Smart contracts guarantee total automation, decentralization, and increased transparency of many online processes. But, there is a need to ensure the security of smart contracts too. Smart Contract is a blockchain-based protocol built to facilitate transactions and enforce agreements, removing the need for a middleman. Just like any other contract, a digital smart contract imposes a set of rules on all the parties involved. Once they agree on the clauses and all the requirements are met, the digital contract executes itself.
 

Why Audit your Smart Contract?

Hackers can pull digital currencies too. Ether wallets from the Ethereum network got stolen too. Such hacks create significant implications for the cryptocurrency world. To iron out the kinks, smart contracts need to be audited too. Not all smart contracts are as “smart” as we think they are. Security is a critical issue in the case of smart contracts. Recent hacks of smart contracts escalated the matter. An audit from trustful third party is the most ingenuous way to identify bugs, vulnerabilities and security flaws in smart contracts which might have remained unnoticed at production level and if your smart contract is ready to deploy this will be the last chance to save your project from becoming another victim of crypto hacks because of irreversible nature of smart contracts.
 

 
How to Audit a Smart Contract:
Smart contracts are already being used to facilitate a huge range of agreements that include ICOs, electoral voting, and supply chain management, to name but a few. Given that organizations like the Ethereum Project allow developers low-cost access to their services, literally anyone can now tap into the power of smart contracts.
It is for this reason that I regard smart contracts as the most exciting area of blockchain technology implementation. However, this new technology is not without its challenges. One such issue is the need to properly audit smart contracts to ensure that there are no security issues and that all contracts are fully performance optimized.
 
Advantages of Smart Contract Audits:
1) To call methods on the smart contract
2) To optimize the code
3) To run the code efficiently
4) To re-enforce authorization
 

Smart Contracts audit services:

 

 
1)Taint Analysis
Smart contracts are audited for parts where the chances of external code running improperly is high.
 
2)Data Validation
Input data that is used to demand functions are tested to ensure that smart contracts are safe from attack vectors.
 
3)Model Checking
Smart contracts are tested by a security model to observe whether they perform according to intended functionality.
 
4)Control Flow Analysis
Code implementation is charted out to all possible paths to evaluate different states that can be achieved.
 
5)Fall Back Mechanisms
To do away with probable worst case scenarios, smart contracts are work-shopped along with development teams with associated fall back mechanisms.
 
6)Audit report
A detailed audit report is compiled basis the intensity of the audit conducted. Besides key findings, the report also enlists the security fixes undertaken by the project team.

Leave a comment

Your email address will not be published. Required fields are marked *