The computerized transactions that implement Smart Contracts are a revolutionary step forward in managing common contractual terms between parties that minimizes threats from malicious and accidental causes without the requirement for a trusted intermediary. The Ethereum Project is at the forefront of enabling organizations to create and manage smart contracts as an efficient and affordable solution. However, without conducting an ethereum smart contract audit, the parties cannot know if the contract can be trusted.
Hacken is one of the leading smart contract security audit companies and a driving force behind securing Ethereum Smart Contracts with its state-of-the-art services that encompass the identification and management of security vulnerabilities through the analysis of the functionality of the smart contracts.
The smart contract audit service includes checks against known vulnerabilities that are relevant to the unique business logic of each smart contract. It also provides verification that the smart contract is free from logical and access control issues and an assessment of compliance with the Solidity Code Style guide.
A smart contract audit involves the independent assessment of the code that has been produced to implement the terms of the smart contract. Audits are a crucial step in the development of a smart contract, as once the contract is written to the blockchain, it cannot be changed. The rectification of any subsequently identified error would require the replacement with a new contract, incurring additional time and expense.
Failing to identify errors may result in the contract failing to work correctly or to include security vulnerabilities that can be exploited to the detriment of the parties. Getting the contract right before it is executed brings benefits that exceed the impact of undertaking an effective audit.
The integrity of Ethereum blockchain-based Smart Contracts is dependent on the security and quality of the code that implements them. Code vulnerabilities are a leading cause of financial losses from Ethereum blockchain-based wallets. The increasing use of Smart Contracts will attract the attention of malicious threat actors seeking to exploit any weaknesses for commercial gain or to inflict reputation damage.
For any audit to be successful, the Ethereum blockchain-based Smart Contract should have a clear and complete technical specification and deployment process documented.
Smart contract audits follow the same process as other code audits. Without adequate documentation, the audit may require additional effort to achieve the same level of assurance that is provided for a fully documented project. The audit process follows the steps of developing a test suite that verifies state changes, events, and error paths and validates the smart contract behavior against its specification.
Smart contract security audits are focused on the identification of vulnerabilities within the contract code that can be exploited by a malicious hacker or accidentally exercised through unplanned actions. Security audits provide an assessment of the system dynamics to identify both realized and potential code problems, as well as any opportunities that exist for improvement.
The results of the Ethereum smart contract security audit will detail the vulnerabilities found and provide recommendations for their mitigation. Their potential adverse impact categorizes the smart contract vulnerabilities as a result of their exploitation, ordered by severity, to facilitate their prioritized resolution.
Typical attack vectors that the security audit investigates includes: