03 May 2019

EY launches smart contract testing service

Big Four firm announces launch of EY Smart Contract Analyzer, a smart contract testing and security service for the public Ethereum blockchain.

By JPstock

The application, built by the EY Blockchain Security Lab in Israel, is now entering a private Beta test, and will allow users to monitor smart contracts and tokens for known security risks.

Making sense

The EY Smart Contract testing service will be integrated into its EY Blockchain Analyzer, the firm’s blockchain analytics, tax and monitoring platform, later in 2019 for general availability. A list of more than 250 standard tests has been developed that cover aspects ranging from known malware and coding errors to standard tests that confirm for investors that tokens are behaving according to accepted industry standards. EY say that making public blockchains secure and scalable is “a priority” for the firm. Paul Brody, EY global innovation leader, blockchain, 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.’

Blockchain priorities

In addition, EY has announced a suite of other blockchain solutions and upgrades, including the release of the first generation of EY Ops Chain Public Edition into the public domain. Mr Brody said “Making public blockchains secure and scalable is a priority for EY. The fastest way to spread this privacy-enhancing technology was to make it public. The gold standard in security is only achieved with the kind of intense review and testing that comes with public domain releases.” EY recently inked a deal to use legal AI company Luminance for document review, and bought Thomson Reuters’ LMS group, which has an ongoing agreement with eBrevia/Donnelley Financial for AI-powered doc review and analysis.

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