EY Begins Smart Contract Testing Service For Blockchain Clients
According to a recent report, EY (Ernst & Young) has released a new smart contract testing and security service for the public Ethereum blockchain, and it is called EY Smart Contract.
The EY Smart Contract Analyser
The service is expected to allow its subscribers to track smart contracts and tokens thereby preventing it from problems related to security.
It is very important to know the risks involved in smart contracts and tokens as several startup and investors are now utilising blockchain-based tokens and assets. EY Smart Contract Analyser is presently in a private beta test stage.
Since both tokens and contracts software are designed in a way that it can represent both business and legal commitments, investors in digital tokens experience specific problems.
Judging from past experiences, EY research has discovered that digital tokens have failed to meet up with claims made in prospectuses or white papers and that no amendments are being made in order to meet up with standard required by the investors.
EY Smart Contract Analyser was constructed by an Israel -based EY Blockchain Security Lab. It is designed to examine and supervise tokens and contracts before they are released and also once they are launched on public blockchains.
EY has come up with a list of over 250 standard tests ranging from known malware and coding errors to standard tests which help to assure investors that the tokens are acting in accordance to standards set by the industry. The tests were created and applied to the system in categories ranging from known security problems to quality control.
Also, the new service enables the creation of specified token tests and continuous monitoring for alterations.
The leader for Global Innovation at EY, Paul Brody while giving a statement said that:
“Our clients are increasingly entrusting key enterprise business processes and valuable investments to software code. We don’t run enterprise computing systems without anti-virus tools and it only makes sense to run blockchain-based investment systems with the smart contract and token testing tools.”