Audit Smart Contract
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.
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