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“As blockchain technology becomes more widely accepted in the financial world, smart contracts will become more relevant. Auditing and certification will become increasingly important in providing security assurances.”
Quantstamp’s new limited-liability company in Japan aims to assist Japanese startups and companies in implementing “stable” blockchain technology. Smart contracts are self-executing pieces of code that can be used to implement complex rules on blockchains.
Quantstamp, which was established in 2017, offers an automated tool for developers and users that helps them “identify and protect vulnerabilities” in smart contracts, as well as auditing services for large-scale blockchain projects. It joined Y Combinator, a seed accelerator, in 2017.
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Quantstamp, which was recently accepted into Y Combinator’s Winter 2018 batch of startups, is creating an automated protocol for auditing smart contracts on a blockchain. It accomplishes this by using blockchain technology, similar to how Ethereum nodes handle transactional authentication.
Significant attacks have occurred in the past, such as the 2016 assault on The DAO, which stole a third of the organization’s Ether. Quantstamp expects more smart contract attacks in the future; according to recent reports, there are currently at least 32000 smart contracts in the wild with known security vulnerabilities.
Smart contracts have a lot of appeal because they can lower transaction and compliance costs for contractual arrangements. This feature is only going to pique people’s interest in smart contracts all over the world.
If smart contracts become more commonly used, the possibility of being hacked increases. This means that when developing blockchain technology for smart contracts, protection must come first, rather than scalability.
Security assurance protocol – steven stewart (quantstamp’s
Quantstamp, a blockchain security startup backed by Y Combinator, recently took first place in the Cybersecurity in Blockchain Use Case Awards. The awards, which are organized by Disruptor Daily, seek to highlight companies that are creating realistic use cases for the cybersecurity industry. Unique industry analysis and perspectives from leading opinion leaders on the front lines of their industries are provided by Disruptor Daily.
“The Blockchain in Cybersecurity Use Case Awards were developed to honor organizations that are using blockchain to change the cybersecurity industry,” says Emi Picco, Managing Editor of Disruptor Daily. “We asked our group to nominate and vote for their favorite use cases, and we’re thrilled to announce that Quantstamp has won!”
The Quantstamp Security Network, an open-source network that enables users to search smart contracts for vulnerabilities, was profiled in Quantstamp’s application. “The market for audits has outpaced the availability of trained auditors due to the exponential growth of smart contracts,” says Richard Ma, CEO and Co-Founder of Quantstamp. “The Quantstamp Protection Network allows developers to incorporate security checks into their workflow and store the results directly on the blockchain,” says the company.
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Richard Ma worked as a software developer at Tower Research, where he created software that handled millions of dollars and was subjected to rigorous testing. After investing in the DAO and seeing the aftermath firsthand, he was motivated to found Quantstamp to enhance security auditing. Via the Quantstamp protocol and better methods for safe business blockchain implementations, Richard hopes to secure the future of blockchain technology.
Many people are familiar with blockchain technology, especially in relation to cryptocurrency. They can, however, be unaware of its full potential and implications across industries. Blockchain has the ability to make data processing easier and more secure, and it has been quietly transforming business processes since its inception.
Quantstamp is a Y Combinator-backed startup that is setting the bar for blockchain protection. Quantstamp is creating a future of safer and more secure blockchain applications via smart contract audits and the Quantstamp Protection Network, thanks to a team of security experts committed to protecting decentralized systems. Quantstamp is dedicated to global best-in-class blockchain innovation, with offices in San Francisco, Toronto, and Tokyo. Quantstamp has helped a wide variety of businesses protect over a billion dollars in digital asset valuation through audits, and has helped them innovate safely. Quantstamp.com has more detail.