Home Blockchain Switzerland audit firm integrates blockchain security to improve operation

Switzerland audit firm integrates blockchain security to improve operation

Switzerland audit firm, PricewaterhouseCoopers (PwC) one of the big four accounting firms has partnered ChainSecurity’s team, folding the company’s technology and its expertise to enhance the services the global auditor provides.

The partnership which looks like a total takeover has been debunked to not be a total acquisition by a PwC spokesperson however, the seven technical engineers are joining the accounting firm to bolster PwC Switzerland’s smart contract audit abilities.

PwC however, in a press release said that with the ChainSecurity’s team, they hope that the firm will become the world’s leader in smart contract auditing.

Reportedly, ChainSecurity has conducted more than 75 smart contract and blockchain audits globally and has had a long relationship with PwC Switzerland.

ChainSecurity team will continue to work alongside the federal institute and work with its new employer to upgrade PwC Switzerland’s tools and make them more compatible with formal verification.

The ChainSecurity team

ChainSecurity team reportedly spun off from the ETH Zurich University’s ICE center blockchain security laboratory and secured over $1 billion in funds so far from major blockchain projects.

The security team comprises of PhDs and graduates from ETH Zurich with experience in cybersecurity, program analysis and machine learning. The security company reportedly collaborated with over 75 companies in the past.

ChainSecurity team earlier in January discovered a security vulnerability in an Ethereum update which resulted in the developers postponing the hard fork and prevented the vulnerability from being added to the blockchain.

Switzerland audit firm blockchain audit clients’ overtime has been said to be enterprises from banking, manufacturing and trading. Andreas Eschbach, PwC Switzerland and Europe head and partner of risk auditing said.

“It has grown out of the startups and is becoming popular among companies that have been around 80 years plus,” Eschbach said.

With the legal expertise of PwC, the ChainSecurity team can now go further than it was able to before in its analysis of smart contracts.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Must Read

Staking: these are the 5 preferred cryptos for passive profits

Staking has been called in various ways, some accurate, others not so much. This has also happened with PoS,...

United Kingdom forces to block cryptocurrency advertising

The advertisements of the company Luno will be withdrawn from the United Kingdom after the resolution that obliges them to do so...

Cryptocurrencies find some relief after their crash

Cryptocurrencies find some support for a bounce after one of the toughest weeks for investors. Although last Thursday we...

China Strikes Cryptocurrencies Again, Bitcoin Slumps Again

The highest level of government in China has proposed new measures to regulate mining in the country. The proposal has been received...

Bitcoin on the Playstation? Sony’s patent finally accepted

On May 17, 2021, the publication of a patent by Sony Interactive Entertainment mentioning Bitcoin was greeted with great fanfare by the...