EY launches Smart Contract Analyzer Service for Ethereum Blockchain Platform

EY recently announced the launch of its EY Smart Contract Analyzer service for Ethereum blockchain platform. The announcement did not mention if smart contract analyzer service is free to the public or paid.

Part of popularly referred to as Big Four accounting firms, EY is the leader in the world of accounting audits, tax, consultancy, and financial assurance services.

The newly launched EY Smart Contract Analyzer service helps users monitor smart contracts and tokens for known security risks. EY's smart contract Analyzer service is a step towards understanding known risks involved with the smart contracts on Ethereum platform as more and more companies are moving towards blockchain-based tokens and assets.

Executive Opinion

EY Global Innovation Leader, Blockchain, Paul Brody, said, "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."

"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."

EY Smart Contract Analyzer Service 

Smart contract and tokens generally represent significant business value and legal commitments. The announcement noted that digital (crypto) tokens, most of the times, do not actually implement the claims made in the white paper. Investors read whitepaper before investing into tokens and that could expose them to significant risks.

EY Smart Contract Analyzer can test, monitor tokens and contracts on public blockchains or even prior to their release. The service tests tokens and smart contract against 250 standard tests. These tests also cover malware and coding errors to help investors understand industry-accepted standards for digital (crypto) tokens and smart contracts.

EY also said that they have developed patent-pending simulation software that allows organizations to test token behavior against likely transaction scenarios using real data from the public Ethereum blockchain.

The smart contract analyzer service will be part of EY's Blockchain Analyzer, blockchain analytics, tax, and monitoring platform. EY's Blockchain Analyzer is scheduled to GA later in 2019.

In January 2019, Trustlook also launched their free smart contract auditing service, Smart Contract Insight (SCI), to audit smart contract. The Smart Contract Insight (SCI) helps in decompiling smart contract EVM bytecode into human-readable form.