EY Launches Token and Smart Contract Analysis Service

Ernst & Young (EY), a UK based audit and consulting company, is one of the world's four largest audit firms. Consulting firm Ernst & Young (EY) has launched a beta test version of its token and smart contract analysis service.

The purpose of the test is to identify various risks, check the quality of the code and the effectiveness of the functionality of the code. During the testing period, the platform will analyze smart contracts. The platform will analyze only smart contracts written in a domain-specific programming language of self-executing Solidity contracts for the Ethereum platform, according to the ERC-20 standard.

The purpose of the platform is to analyze and track changes to the code under a smart contract. It is also meant to help clients using the company's services to adapt to the regulatory legal standards of the host country.

In terms of tokens, the platform assumes the ability to stress test tokens. The purpose of which is to test its functionality and identify possible flaws.

Ernst & Young's head of global innovation and blockchain, Paul Brody has stated before that:

“Customers of the company are increasingly using software code to manage their investments and critical business processes.”

'' To protect our customers, we never release corporate IT systems without antivirus tools. Brody stressed that the same is true for blockchains. Before we can provide solutions for the company, we must first test the tokens and smart contracts. ''

 

The new service is being integrated into Ernst & Young Blockchain Analyzer, whose tasks include collecting and analyzing data on transactions made using the blockchain to provide financial reports and audits. The beta version of the Blockchain Analyzer service provides for an increase in the number of supported protocols, including closed blockchains, as well as providing the ability to use zero-knowledge protocols for transaction analysis.