Smart Contract Audit Firm ChainSecurity Partners With PwC

• Toshendra Kumar Sharma
• January 13, 2020

ChainSecurity, the smart contract audit company, has partnered with the Switzerland branch of Big Four auditing firm PwC to enhance the services provided by the global auditor. In an email sent by a PwC spokesperson to CoinTelegraph, the platform that provides the latest news about the crypto industry informed that no acquisition took place and that several ChainSecurity teams joined the firm.

As per a press release published by PwC, it hopes that its association with the team at ChainSecurity will make it “the world’s leader in smart contract auditing.” Andreas Eschbach, head and partner of risk auditing of PwC Switzerland and Europe, stated in an email as follows:
“As an integral part of PwC Switzerland, the team of ChainSecurity will focus on accelerating PwC Switzerland blockchain audits, including technical audits of smart contracts and blockchain platforms as well that risk hedging services for customers with crypto assets.“

Konradin Krieger, manager and leader of PwC’s team of external affairs, has mentioned that no actual acquisition took place and that the development and core delivery teams of ChainSecurity joined PwC.

Kreiger stated:

“We expect market demands to increase quickly as blockchain becomes more mainstream and, as demonstrated with bringing in the ChainSecurity team, we are very invested 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 needs based on how we see the market developing.”
Krieger also mentioned that ChainSecurity’s CTO Hubert Ritzdorf and COO Matthias Egli would lead the smart contract assurance team of the firm together.

When asked about how PwC will employ the capabilities of ChainSecurity’s team, Kreiger explained that there is a need for technical and legal skills which both these companies can provide. He stated:
“While ChainSecurity previously 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 regulatory concerns, ranging from data privacy over compliance to KYC/AML, enable the newly joint team to offer broader and more comprehensive services.”

According to the press release, ChainSecurity has collaborated earlier with more than 75 blockchain companies. ChainSecurity offers products and services to secure blockchain protocols and smart contracts and conducts research and development in program analysis, security, and machine learning. Many crypto projects depend on the detailed audits presented by ChainSecurity to ensure top-grade security for their protocols and smart contracts.

Last month, the vice president of event tickets distribution giant Ticketmaster spoke about the value that smart contracts could offer to the ticketing sector. He emphasized that ticket providers must consider treating tickets like smart contracts to create seamless integration, extensibility, and scalability for new revenue opportunities.

Smart contracts are now being adopted on a large scale. There are ever-growing expectations about their potential. A lot of attention is given to the security of these contracts, as the exploitation of a flawed smart contract can be disastrous.