When people think of blockchain, they automatically think of easily accessible yet highly secure systems that provide utmost efficiency and transparency. This isn’t really surprising since blockchain does offer all of that and more, which is why it’s now used not only to safeguard online financial transactions but also to secure student records, patient information, and many other sensitive data.
However, having access to the inherent security of blockchain systems doesn’t mean that mobile app developers can be complacent. If you’re managing a decentralized app or are planning to build one, you should also have your smart contracts properly audited before their deployment date.
Why Are Smart Contract Audits Important?
Smart contracts are programs that automatically execute a predetermined action (such as releasing funds to the correct parties) when certain conditions are met. They’re written into a blockchain code as “if/when x, then x” statements, and they’re designed to instantly update the blockchain when they are executed and the preset transaction is completed. When the blockchain is updated, the transaction is considered final and complete, and it can no longer be changed and will only be viewed by approved parties.
This process means that smart contracts can only be used once and that they have to be perfect before they’re deployed. Fortunately, this can be done through proper auditing, which identifies vulnerabilities in the code that can lead to data theft and/or financial loss and allows you to have these vulnerabilities fixed before the smart contracts are deployed. Audits also help in reducing bugs and other threats and lower the risks of unauthorized access and ensuring that the app complies with industry standards and meets all privacy and security metrics.
When your dApp is thoroughly audited, you’ll likewise have the opportunity to improve the quality of the code and overall performance of the app, which means you can provide users with a smooth, hassle-free experience. You’ll also prove to users that you’re committed to providing top-tier security and exceptional app performance, and you’ll ultimately gain their trust in the process and eventually build a larger and more loyal user base.
What Smart Contract Audits Should Include
Different experts have different approaches to smart contract auditing. However, regardless of these differences, your auditing company should include the following in their process:
- Conducting an in-depth code examination that involves manual line-by-line reviews to identify all hidden issues.
- Analyzing the overall vulnerability of the code to weed out existing security threats and potential weaknesses.
- Using cutting-edge software to simulate attacks on the code and figure out how it would hold up to real-life assaults.
Once these steps are completed, your auditor will provide their initial feedback and let you know what you must revise in the code and how you can improve it. Once you’ve implemented their advice, they’ll conduct a final analysis of your smart contracts and deliver a comprehensive report that lists all of their findings.
DIY vs Professional Smart Contract Audits
Technically, mobile app developers can conduct smart contract audits all by themselves. However, you shouldn’t rely on internal audits only; to secure your dApp, you also have to reach out to trusted blockchain security experts and get their help. By bringing professional auditors on board, you’ll get to:
Have your code reviewed by other pair of eyes
There’s a reason why rubber duck debugging has become so popular: when you’ve been working on a code for a long time, you can become blind to its faults and fail to identify errors and security risks. When you bring on a third party, your code will be examined by professionals who have fresh perspective and can quickly spot vulnerabilities and potential risks that you may have missed due to your blind spots.
Establish credibility
Users often place a lot of importance on external credibility, particularly when you get the help of experienced and certified specialists who are highly trusted in their field. So, by hiring a professional smart contracts auditor, you’re essentially assuring users that your dApp is 100% safe and secure and that they won’t have to worry about their transactions.
Save time and money
With their skills and experience, blockchain security experts can perform audits quickly and efficiently, which means you can deploy your smart contracts on time. Since they can identify all vulnerabilities in your code, trusted auditors can help you prevent security incidents that would have cost thousands or even millions of dollars to fix.
Schedule Your Smart Contract Audit Today
Developing an avant-garde dApp is only half the battle; to ensure its success, you must also pay attention to your smart contracts and ensure they’re 100% secure and functional before deployment. Contact a trusted blockchain security company now to know more about smart contract audits and schedule your audit!
Source: Baddie hub
