Smart Contracts and Auditing: Ensuring Security in Blockchain Transactions

By: SBIP and Dr Ta Quang Trung (Research Fellow)26 June 2023

Smart contracts are self-executing contracts running on blockchain platforms with the terms of the agreement written into computer code. They are used to automate transactions by automatically verifying and executing the contract terms once certain predefined conditions are met, thus eliminating the need for intermediaries and increasing efficiency.

Smart contracts are the heart of any business application using blockchains. They often store and handle valuable digital assets, and thus become a favourite target for hackers. If smart contracts are not developed and tested carefully before deployment, they can be vulnerable to being exploited. According to a report by Chainalysis, US$ 3.8B have been stolen from DEFI and blockchain businesses in 2022, many of which are due to smart contract hacks.

One of the solutions to eliminate the security risks of smart contracts is to conduct security auditing. Auditing involves analysing the code of the smart contract by using security analysis tools and reviewing the code by security experts. Auditing can help to find vulnerabilities or security risks that cannot be easily addressed and were not detected by developers during the development.

At the Singapore Blockchain Innovation Programme (SBIP), we recognize the importance of smart contract auditing in ensuring the security of blockchain transactions. That’s why we offer resources and expertise to help businesses and developers properly audit their smart contracts. We are currently providing an in-house developed security auditing service Verazt (www.verazt.com), which integrates state-of-the-art smart contract fuzzing testing and static analysis techniques. Our service can help customers to eliminate security vulnerabilities in their smart contracts, find business logic errors, and help customer safely deploy their applications.

If you’re a business owner or developer using smart contracts in your blockchain transactions, it’s essential to prioritize security and ensure that your smart contracts are properly audited. By doing so, you can protect your assets from cyber-attacks and increase trust and transparency in your transactions.

Join us at SBIP to learn more about how you can audit your smart contracts and ensure the security of your blockchain transactions. Together, we can drive innovation and create a more secure and efficient blockchain ecosystem.

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