The blockchain technology is one of the best innovations of our time. Being a decentralized digital system that virtually connects permitted parties, it has eliminated the need for middlemen in transactions who most of the time ask for hefty pays. It, therefore, saves parties time and reduces incidents that may lead to conflicts. Blockchains might not be perfect but they are much cheaper, faster, secure and more reliable than traditional systems that are sometimes prone to manipulation.
The decentralized ledgers in blockchain make it possible to use self-executing contracts commonly referred to as smart contracts without the need for middlemen. It works by using computer codes that are stored and supervised by the computer networks running the blockchain. The codes give ledger feedback to the permitted parties making the transaction process easier.
Why Use Smart Contracts?
There is no limit to sectors in which smart contracts can be useful. Smart contracts can be useful in all kinds of situations from insurance premiums, to credit enforcement, financial derivatives, and financial services, legal processes, breach contracts, the list is endless. If you are looking for a transparent way of exchanging money, shares, property, or any other valuables without the services of a middleman or without conflict, smart contracts are the way to go.
The technology Smart contracts work by can be likened to that of a vending machine. Only that with smart contracts, you simply put in your cryptocurrency into the ledger and the escrow or whatever contract document you were after drops into your account. And the best part is that apart from defining the rules of engagement around an agreement the way a typical traditional contract does; a smart contract enforces those obligations. And this is where ChainSecurity comes in.
What Is ChainSecurity Smart Contracts Audits?
Many people are skeptical about smart contracts, especially because they find them too technical to understand and difficult to use. The founders of ChainSecurity previously created the popular security smart contract analyzer which is popular with users. They identified the need for formally verified audits as well. And now, they have created the first automated formal audit platform for smart contracts.
ChainSecurity has a team of elite professionals who have a wealth of knowledge and experience in the area of blockchain and cloud security, automated security analysis, and Smart Contract verification.
ChainSecurity dedicates thorough research in latest developments in machine learning, system security, and program analysis to build innovative blockchain solutions.