A smart contract is a blockchain algorithm used to automatically fulfill the obligations of the parties or those measures that are provided for violating the terms of a partnership.

Ethereum Smart Contracts Audit

For the algorithm to work correctly, a smart contract includes an electronic signature with the keys of all partners, a private environment associated with both real and digital space, as well as tools for working with the agreement and the correct execution of the specified order of actions.

Why Audit a Smart Contract?

External verification offered by smart contract auditing services makes it possible to detect vulnerabilities and errors in the code even before digital signatures are installed.

Correcting the program execution logic and eliminating errors in the algorithm saves you from several problems at once:

• Financial losses as a result of incorrect operation of the algorithm.
• Additional time costs in the event that errors are discovered after signing and a new contract between the parties is required.
• It will save your business reputation due to the fact that all the terms will be fulfilled correctly and on mutually beneficial terms.

Thus, the audit system protects both parties from unforeseen circumstances and consequences that can occur if the algorithm is not executed correctly.

Checking the Integrity of the Smart Contract Code by Hacken.io

The integrity of a smart contract is based on the Ethereum blockchain, and therefore, the possibility of its high-quality execution depends on the security and quality of the code.

At the same time, such algorithms are interesting for cybercriminals who are attracted by the potential opportunity to access users’ electronic wallets.

Therefore, auditing a contract before installing a digital signature requires a complete technical specification and a detailed deployment process. This is how the Haken IO system works.

In this regard, the algorithm audit proceeds in a similar way as other code audits, for example, pentesting an application for iOS https://hacken.io/services/penetrationtesting/ios-penetration-testing/.

During the audit, vulnerabilities in the code are identified, error paths are checked, as well as potential or existing problems in the code.

Upon completion of the check, the client receives a detailed report with a list of critical vulnerabilities, moderate errors, and minor bugs.

The report is accompanied by a document with recommendations for eliminating the detected bugs and all possible improvement options.

C0nclusion

Thus, it is possible to prevent attacks when transferring data, re-entering, during transactions, or fraudulent actions associated with a short address. Thanks to the audit, it is possible to avoid many losses, the cost of which significantly exceeds the cost of a timely audit.

___________________________________________________

Some other articles you might find of interest:

Make your business rock with these business plan writing skills:

Startup’s Guide to Write a Business Plan

Would you like to know how investors value a startup?

How Do Investors Value a Startup?