One of the most promising applications of immutable blockchain technology is the smart contract. It can execute financial transactions and agreements fundamentally. It also accomplishes the agreement of all parties in a contract – without the added of a middleman.
Smart contracts are developed for the future of the online agreement-based system. Smart contracts are currently running on the nodes of blockchain technology with a last hope for the future.
With the advancement of such node-based technology, smart contract development is one of the best services offered to exist a real-virtual connection.
Do you want to know about what is a smart contract? & How it works? Take a look here!
Here we will discuss What is Smart Contact Audit? Why are the Smart Contracts Audits so important? What are the benefits of Smart Contract Audits? Who needs the Smart Contracts Audit? & more...
Let's start!
What is Smart Contract Audit?
A Smart Contract audit is basically the same as a regular code audit – which is highly investigating code to find security flaws and vulnerabilities before the code is openly deployed. It’s like testing a codes & bugs before it’s opened to the public. In both cases, the builders have more responsibility for the security and safety of their own products. As the blockchain is necessarily a replicated, append-only linked “list” of nodes (that is therefore immutable), and Smart Contracts are self-executing, it is important to find any vulnerabilities in the code before launch.
Smart contract audit includes:
Automatic test
Manual test
Automatic audit aims to find frequently encountered security vulnerabilities; manual test outlines efficiency, logical, and optimization improvements & more...
A smart contract audit is basically the same as a conventional code audit: it finding security vulnerabilities before the code is executed.
Why are the Smart Contracts Audits so important?
- Avoid hack attacks
- Secure wallets
- Ensure Smart Contract performance
- Code optimization
Smart contract security is such a big problem today. Security flaws, misbehavior, and inefficiency are very high expensive when you execute a Smart Contract to the Blockchain network. Business industries are especially bothered about their Smart Contract code because once it is run, there is no turning back (they are irreversible) and money can be stuck in the blockchain network and lost forever.
Thus, to make sure their smart contract code is written correctly, these commercial enterprises usually hire well known professional auditors (like Developcoins) because they know that an issue in their code could cost a lot more money if they skip the smart contract audit. Smart contracts are used to share, store, distribute funds, bugs in smart contract code and design must be minimized. The smart contract security audits have become one of the most ordered services in the blockchain based business industry.
What happens if smart contracts are poorly designed? - Take a look here!