Cryptocurrency news

PwC Switzerland has engaged the Chain Security team to work on blockchain based audit tools

PwC Switzerland has engaged the Chain Security team to work on blockchain based audit tools

A branch of PwC consulting company in Switzerland has attracted the ChainSecurity team, which specializes in smart contract audit, to its blockchain developments.

Seven ChainSecurity engineers have joined PwC’s development team to develop the consulting firm’s smart contract and blockchain tools. The team will work to update the PwC Switzerland tools and make them compatible with formal verification or mathematical proofs that test critical source code to ensure that it works as intended by the programmers.

“As for smart contracts in General, we can say that they represent a modern business logic for companies,” said Hubert Ritzdorf, former Director of technology at ChainSecurity and technical head of smart contracts at PwC Switzerland. “If there is an error in the stablecoin, there is a possibility of creating coins that are not properly secured by the asset.”

Usually, tools that use formal verification are used in high-risk industries, such as the comic and aircraft industry, Ritzdorf notes. In the cryptocurrency industry, traditional firms and startups use formal verification to ensure that users will not be able to spend coins they do not own and will not lose their savings due to an error.

According to Andreas Eschbach, head of risk insurance at PwC Switzerland, clients who apply to The company for audits using blockchain-based tools mainly work in the banking, trading and manufacturing sectors.

Thanks to PwC’s expertise in the legal field, the ChainSecurity team can improve its expertise in smart contract analysis.

“We always had difficulties when it came to complying with the law, “ritzdorf said.” We provided the technical component of a smart contract, and we had to contact a law firm to check whether it met the legal requirements.”

Recall that in June last year, PwC launched
updated Halo solution with the ability to audit cryptocurrencies.