EY launches smart contract testing service for blockchain clients
NEW YORK, April 16, 2019 /PRNewswire/ -- EY announced today the launch of EY Smart Contract Analyzer, a smart contract testing and security service for the public Ethereum blockchain. The service, now entering a private beta test, will allow users to monitor smart contracts and tokens for known security risks. As companies and investors increasingly turn to blockchain-based tokens and assets, it is becoming crucial to understand the risks involved.
Investors in digital tokens face unique risks because both tokens and contracts are software designed to represent certain business and legal commitments. EY research has found that, in the past, digital tokens may not have accurately reflected claims made in prospectuses or white papers and may not be updated in ways that are agreed by investors.
Built by the EY Blockchain Security Lab in Israel, the EY Smart Contract Analyzer is designed to test and monitor tokens and contracts both prior to their release and once available on public blockchains. EY has developed a list of more than 250 standard tests that cover aspects ranging from known malware and coding errors to standard tests that confirm for investors that tokens are behaving according to accepted industry standards.
EY is developing and deploying these tests into the system in categories ranging from known security flaws to efficiency concerns. The EY service also allows for the development of customized token tests and continuous monitoring for changes.
Paul Brody, EY Global Innovation Leader, Blockchain, says:
"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 smart contract and token testing tools."
In addition to monitoring tokens and contracts for expected performance, EY has developed patent-pending simulation software that allows organizations to test token behavior against likely transaction scenarios using real data from the public Ethereum blockchain.
Brody says:
"It's not enough to test static code, we need to see how contracts and tokens perform under real transaction conditions. The simulator allows many different transaction scenarios to be tested using the full Ethereum blockchain, without changing its state. This includes all kinds of standard activities like code updates, lock-up rules and transfer restrictions."
The EY Smart Contract testing service will be integrated into EY Blockchain Analyzer, the organization's blockchain analytics, tax and monitoring platform later in 2019 for general availability.
In addition to EY Smart Contract Analyzer, EY has announced a suite of blockchain solutions and upgrades at the EY Global Blockchain Summit including the release of the first generation of EY Ops Chain Public Edition into the public domain, as well as the second generation of EY Ops Chain and EY Blockchain Analyzer.
Notes to Editors
About EY
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EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. For more information about our organization, please visit ey.com.
This news release has been issued by EYGM Limited, a member of the global EY organization that also does not provide any services to clients.
Kailyn Smigelski
EY Global Media Relations
+1 973 715 3624
kailyn.smigelski@ey.com
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