Smart contract audit shows 100% security score
Written by Mark Reed on 29 August 2018« Return to Reading Room
We have previously reported on blockchain technology, Ethereum and smart contracts, especially their ability to be an incredibly secure way of storing data safely, to conform to the new GDPR. Now we are starting to see that our research and legal theories are being confirmed after ‘Evident Proof’ have scored 100% in a smart contract audit on its code.
Hosho, who are smart contract auditers, have investigated Evident Proof which is a program that evidences the provenance of Ethereum blockchains data records as well as providing a system to encrypt business data. It is worth noting that smart contract audits are used to ensure the security of storing data due to the difficulty of rectifying the live code used on blockchain.
The new General Data Protection Regulation (GDPR) have put a great deal of pressure on businesses who store data on their network and the use of a distributed ledger like blockchain technology is increasingly proving to be a safer bet as a database. The fact that Evident Proof has been endorsed with a 100% rating to safely secure people’s data is a huge deal. Legally, disputes arise all the time because of misused personal information.
Matt Roden, Evident Proof CTO, said: “We’re delighted to receive this endorsement from Hosho of our impeccable software development standards. We believed before this audit that our protocol was close to flawless. But we know our customers need transparency to put their trust in us for such an important service". A spokesperson at Hosho said "The team of experts at Hosho, having backgrounds in all aspects of blockchain, cryptography, and cybersecurity, can say with confidence that the Evident-Proof contract is free of any critical issues.” On their website, Evident Proof state that they are “A blockchain and token-based service, Evident Proof turns documents, transactions, and data events into immutable, unhackable proof. It delivers evidence that can be used to meet compliance, provenance and other data verification requirements”.We are monitoring the ever-growing investigations that is being conducted on blockchain and its attribute in various industries. This is to ensure that as and when we are contacted for blockchain legal disputes, we can advise accordingly, and know we are keeping on top. This development will support the updated GDPR and gives initial signs that blockchain technology as a distributed ledger is the best way to protect data in the future.
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