Cyberattacks to cryptocurrencies has increased lately. Even, in the first half of 2022, hackers have stolen nearly $2 billion worth of cryptocurrencies. As a result of this, the importance of “blockchain auditing” have started to be talked much more these days. But, do you know what is blockchain auditing and which companies best for blockchain and smart contracts?
In this article, we will answer the questions with these headings; “What is Blockchain Auditing?” and “Which Audit Firms are the Best?”
What is Blockchain Auditing?
We must first consider the usage of the “Audit” in order to understand what Blockchain Auditing is. There is a financial statements which presented by the organizations. The purpose of Audits are making sure that these statements are accurate or not. In Blockchain Auditing, the process not different at all. It is aimed to reduce the risks associated to the accuracy of digital assets and privacy of people.
Each audit begins with different information and schedules that require auditor to invest significant time when planning an audit. When utilizing the blockchain to audit organizations continually, auditors develop softwares. As a result of this, audits move more efficiently since this helps to accelerate processes. Additionally, it is provided to concentrate more on complicated and risky transactions.
What is Used to Write in These Audit Softwares?
Audit Firms uses Smart Contract codes for the best detect vulnerabilities and security issues to the projects and companies.
What is the meaning of Smart Contracts?: Smart contracts are automated agreements between the contract seller and the buyer. This agreement is written in code and encoded into the blockchain, making it both unchangeable and permanent. A centralized authority, a court system, or an external enforcement mechanism are not necessary for smart contracts.
Which Audit Firms Are The Best For Blockchain
Here are the most preferred blockchain audit firms;
DeFiSafety is risk analysis company that defines itself with its independence and transparency ideals.
They uses manual and automated testing to analyze blockchain projects and smart contracts.
A decentralized security network for smart contract auditing. They provides 24/7 real-time security with its’ monitoring software tool.
It deals with Blockchain Security, Smart Contracts, Automated Solutions to protect WEB3.0 protocols.
Smart contract auditing company which founded in 2018 by professors from Yale University and Columbia University. It is security ranking platform to analyze and blockchain protocols and DeFi projects from a mathematical view.
A cybersecurity company that conducts audits of Ethereum, EOS, TRON and NEO smart contracts.
Focuses on security consulting, product development, and community-contribution projects.
Blockchain security company. Besides performing extensive blockchain security services, company also has a safe staking project for blockchain ecologies.
It is smart contract auditing firm, which relies on the Ethereum ecosystem, provides security in the DeFi.
Businesses must evolve together with the technology. So, it is necessary to incorporating new technologies into existing business processes. If businesses keep up with this change, they will achieved the highest level of efficiency from the blockchain technology. Of course, this comes with it current risks and dangers. Because of that businesses must be always identify these risks and give due importance to audits.