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What is Blockchain Audit and Why is It Needed?

blockchain auditing
Blockchain is a transparent distributed ledger for peer-to-peer transactions. The technology is actively used in the field of cryptocurrencies and the functioning of smart contracts, which help the parties to predetermine mutual obligations and guarantee their automatic implementation. Also, blockchain technology comes to the aid of online payments, it is used to track supply chains, work with securities, investing, insurance, and trading.

Why Do You Need a Blockchain Audit?

Blockchain security audits help to ensure the reliability and stability of the service based on this technology. Due to the fact that the active use of the blockchain began only in 2013, the systems that work on its basis do not yet inspire user confidence. Therefore, there are many myths and prejudices regarding such decisions. The audit will help to ensure the safety of the project and will give the partners confidence in the efficiency and feasibility of the chosen solution.

Who Should You Entrust with Blockchain Auditing?

Due to the fact that the technology itself is quite new, there is a limited number of experts on the market who are involved in verifying the security of blockchain-based products.

Blockchain audit is one of the basic services of the company https://hacken.io/. The company conducts automatic and manual vulnerability checks of digital solutions and helps form a strategy for product protection and security for new projects.

A high-quality audit helps:

  • Assess the logic of blockchain-based business scenarios;
  • Identify risks, find and eliminate vulnerabilities;
  • Check network configuration specifics and reporting processes;
  • Analyze the effects that occur as a result of any systemic changes.

Based on the analysis results, the customer receives a detailed report with a list of potential and real risks. All vulnerabilities are divided into categories according to the severity of the errors and the severity of damage that the owner of the project or all parties that use it can suffer if the errors are not fixed. Each detected risk is accompanied by detailed information on what to correct, and what needs to be done to make the project safe and stable.

Deep analysis is not error correction! If certain risks have been identified during testing, this information should be passed on to the product development team. Together with the security department, they will be able to quickly fix bugs based on the results of the audit. You can apply for the service again after eliminating the detected vulnerabilities. You can use the final report as a guarantee of the project’s safety, thereby increasing the level of trust of partners and clients to you.

Blockchain Audit

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