Sensible contract auditing group ChainSecurity partnered with the Swiss department of Massive 4 auditing agency PwC to reinforce the providers the
Sensible contract auditing group ChainSecurity partnered with the Swiss department of Massive 4 auditing agency PwC to reinforce the providers the worldwide auditor gives.
In an e-mail despatched to Cointelegraph, a PwC spokesperson defined that no acquisition passed off and a number of ChainSecurity groups joined the agency.
Hand in hand
In response to a press launch published by the agency on Jan. 5, PwC hopes that, with ChainSecurity’s group, the agency will turn into “the world’s chief in sensible contract auditing.” PwC Switzerland and Europe head and companion of danger auditing Andreas Eschbach stated in an e-mail to Cointelegraph:
“As an integral a part of PwC Switzerland, the group of ChainSecurity will give attention to accelerating PwC Switzerland blockchain audits, together with technical audits of sensible contracts and blockchain platforms as properly that danger hedging providers for patrons with crypto belongings.”
PwC’s supervisor and chief of the group of exterior communications Konradin Krieger defined additional to Cointelegraph that no precise acquisition passed off. He defined that “the core supply and growth groups from ChainSecurity joined PwC Switzerland.”
Krieger famous that Chainsecurity COO Matthias Egli and CTO Hubert Ritzdorf will probably be main the agency’s Sensible Contract’s Assurance group collectively. He additionally stated:
“We anticipate market calls for to extend shortly as blockchain turns into extra mainstream and, as demonstrated with bringing within the ChainSecurity group, we’re very invested in build up our capabilities round blockchain in a approach the place we’re forward of the market. We’ll proceed to develop the group to anticipate these wants based mostly on how we see the market creating.”
When requested about how the capabilities of ChainSecurity’s group will probably be employed by PwC, Krieger defined that the agency’s prospects want a mixture of technical and authorized expertise which could be supplied by combining the 2 corporations. He defined:
“Whereas ChainSecurity beforehand was solely capable of provide their technical experience, in reference to PwC Switzerland they will provide a extra helpful and extra coherent service to their prospects. […] PwC’s broad competences round regulatory considerations, starting from information privateness over compliance to KYC/AML, allow the newly joint group to supply broader and extra complete providers.”
The group
In response to its official website, ChainSecurity spun off from the ETH Zurich college’s ICE heart blockchain safety laboratory and secured over $1 billion in funds so removed from main blockchain initiatives. The group is comprised of PhDs and graduates from ETH Zurich with expertise in cybersecurity, program evaluation and machine studying.
Per the press launch, ChainSecurity has collaborated with greater than 75 blockchain corporations. As Cointelegraph reported in January, the group additionally found a safety vulnerability in an Ethereum replace. The invention resulted within the builders suspending the arduous fork and prevented the vulnerability from being added to the blockchain.
The promise of sensible contracts
Sensible contracts are seeing wider adoption and ever-growing expectations relating to their potential. Final month, the vp of blockchain merchandise at occasion tickets distribution big Ticketmaster discussed the worth that sensible contracts can deliver to the ticketing business. On the time, he famous that the agency needs to help 400–500 million sensible contract-enabled tickets.
Nonetheless, a lot consideration is being dedicated to the safety of such contracts, given how disastrous the exploitation of a flawed sensible contract could be. One well-known instance is the June 2016 The DAO theft, which saw about $60 million in crypto belongings stolen by way of a wise contract vulnerability.