PwC Switzerland Companions Good Contract Auditing Group ChainSecurity
Good contract auditing group ChainSecurity partnered with the Swiss department of Large 4 auditing agency PwC to reinforce the companies the worldwide auditor offers.
In an e-mail despatched to Cointelegraph, a PwC spokesperson defined that no acquisition came about and a number of ChainSecurity groups joined the agency.
Hand in hand
In keeping with a press launch revealed by the agency on Jan. 5, PwC hopes that, with ChainSecurity’s group, the agency will develop into “the world’s chief in good contract auditing.” PwC Switzerland and Europe head and companion of danger auditing Andreas Eschbach stated in an e-mail to Cointelegraph:
“As an integral a part of PwC Switzerland, the group of ChainSecurity will concentrate on accelerating PwC Switzerland blockchain audits, together with technical audits of good contracts and blockchain platforms as nicely that danger hedging companies for purchasers with crypto belongings.”
PwC’s supervisor and chief of the group of exterior communications Konradin Krieger defined additional to Cointelegraph that no precise acquisition came about. He defined that “the core supply and growth groups from ChainSecurity joined PwC Switzerland.”
Krieger famous that Chainsecurity COO Matthias Egli and CTO Hubert Ritzdorf will likely be main the agency’s Good Contract’s Assurance group collectively. He additionally stated:
“We count on market calls for to extend shortly as blockchain turns into extra mainstream and, as demonstrated with bringing within the ChainSecurity group, we’re very invested in increase our capabilities round blockchain in a approach the place we’re forward of the market. We are going to proceed to develop the group to anticipate these wants primarily based on how we see the market creating.”
When requested about how the capabilities of ChainSecurity’s group will likely be employed by PwC, Krieger defined that the agency’s clients want a mix of technical and authorized expertise which may be supplied by combining the 2 corporations. He defined:
“Whereas ChainSecurity beforehand was solely in a position to supply their technical experience, in reference to PwC Switzerland they will supply a extra helpful and extra coherent service to their clients. […] PwC’s broad competences round regulatory considerations, starting from information privateness over compliance to KYC/AML, allow the newly joint group to supply broader and extra complete companies.”
In keeping with its official web site, ChainSecurity spun off from the ETH Zurich college’s ICE heart blockchain safety laboratory and secured over $1 billion in funds so removed from main blockchain tasks. The group is comprised of PhDs and graduates from ETH Zurich with expertise in cybersecurity, program evaluation and machine studying.
Per the press launch, ChainSecurity has collaborated with greater than 75 blockchain corporations. As Cointelegraph reported in January, the group additionally found a safety vulnerability in an Ethereum replace. The invention resulted within the builders suspending the arduous fork and prevented the vulnerability from being added to the blockchain.
The promise of good contracts
Good contracts are seeing wider adoption and ever-growing expectations concerning their potential. Final month, the vice chairman of blockchain merchandise at occasion tickets distribution big Ticketmaster mentioned the worth that good contracts can carry to the ticketing business. On the time, he famous that the agency desires to assist 400–500 million good contract-enabled tickets.
Nonetheless, a lot consideration is being dedicated to the safety of such contracts, given how disastrous the exploitation of a flawed good contract may be. One well-known instance is the June 2016 The DAO theft, which noticed about $60 million in crypto belongings stolen via a wise contract vulnerability.