Smart contract auditing group ChainSecurity partnered with the Swiss department of Big Four auditing agency PwC to boost the providers the worldwide auditor offers.
In an email despatched to Cointelegraph, a PwC representative defined that no acquisition occurred and a number of ChainSecurity groups joined the agency.
Hand in hand
According to a press launch discovered by the agency on Jan. 5, PwC hopes that, with ChainSecurity's group, the agency will turn into "the world's drawing card in smart contract auditing." PwC Switzerland and Europe head and associate of danger auditing Andreas Eschbach mentioned in an email to Cointelegraph:
"As an integral part of PwC Switzerland, the team of ChainSecurity will cente fast PwC Switzerland blockchain audits, including technical audits of smart contracts and blockchain platforms too that risk hedging services for customers with crypto assets."
PwC's executive program and chief of the group of exterior communication hypothesis Konradin Krieger defined additive to Cointelegraph that no precise acquisition occurred. He defined that "the core delivery and development teams from ChainSecurity joined PwC Switzerland."
Krieger famed that Chainsecurity COO Matthias Egli and CTO Hubert Ritzdorf will likely be main the agency's Smart Contract's Assurance group collectively. He additively mentioned:
"We expect market demands to increase quickly as blockchain becomes more mainstream and, as unquestionable with delivery in the ChainSecurity team, we are very endowed in building up our capabilities around blockchain in a way where we are ahead of the market. We will continue to grow the team to anticipate these necessarily supported how we see the market developing."
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 abilities which could be offered by combining the 2 corporations. He defined:
"While ChainSecurity antecedently was only able to offer their technical expertise, in connection with PwC Switzerland they can offer a more useful and more coherent service to their customers. [...] PwC's broad competences around regulative concerns, ranging from data privacy over compliance to KYC/AML, enable the recently joint team to offer broader and more comprehensive services."
The group
According to its official web site, ChainSecurity spun off from the ETH Zurich college's ICE heart blockchain safety laboratory and secured over $1 billion in medium of exchange resource so removed from main blockchain initiatives. 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 additively found a safety exposure in an Ethereum replace. The discovery resulted inside the builders suspending the arduous fork and prevented the exposure from being added to the blockchain.
The promise of good contracts
Smart contracts are seeing wider adoption and ever-growing expectations concerning their potential. Last month, the vp of blockchain merchandise at occasion tickets distribution large Ticketmaster mentioned the worth that good contracts can carry to the ticketing business. At the time, he famed that the agency necessarily to assist 400-500 million good contract-enabled tickets.
Still, much consideration is being dedicated to the safety of such contracts, given how calamitous the exploitation of a blemished good contract could be. One well-known instance is the June 2019 The DAO theft, which detected about $60 million in crypto property purloined by way of a wise contract exposure.
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