A team of ChainSecurity, which has been hired by PricewaterhouseCoopers (PwC), is joining PwC Switzerland! As part of PwC Switzerland and they want to stay true to the mission of bringing trust to blockchain projects. With an eye to bolstering PwC Switzerland’s smart contract audit abilities, the seven technical engineers are associating the accounting firm.
PwC, which is a multinational professional services network with headquarters in London having a network of firms in 158 countries, ranks as the second largest professional services firm in the world and is considered one of the big four accounting firms. ChainSecurity has had a long relationship with PwC Switzerland. ChainSecurity has operated up to 75 smart contract and blockchain audits globally. The team will start working with its new employer to upgrade PwC Switzerland’s tools in order to maintaining a formal verification and examine mission-critical source code to make sure that it works as programmers intended. Actually those tools that employ formal verification are used in high-risk industries.
Reportedly, smart contracts represent modern business logic for companies and on the off chance a stablecoin has a bug, you could create coins that are not properly backed by collateral. Hubert Ritzdorf, technical lead for smart contract assurance at PwC Switzerland, along with his colleagues plan to extend their offering in the next generation of the products where formal verification was a part of their team’s product suite. Traditional firms and start-ups involving with crypto are maintaining formal verification to make sure it’s very unlikely that users can spend what they don’t have or lose what they do have. Players in crypto seeking formal verification tend to be more serious and the Libra Association also attempts to create automated formal verification for its programming language. More and more projects are also seeking out the rigor that formal verification provides. The clients that came to PwC Switzerland for blockchain audits tend to be majority enterprises from banking, manufacturing and trading. Ritzdorf said they had to go to a law firm to check out whether what the smart contract does was legally compliant as the compliance step was really tough.