How to Avoid Blockchain Risks?

Blockchain is a technology originally developed to create cryptocurrency, simplify transaction management, and record assets.

Blockchain is a technology originally developed to create cryptocurrency, simplify transaction management, and record assets. The technology helps to maintain the integrity and availability of information entered in the registry. However, it is only possible to verify the authenticity, security and validity of blockchains with the help of blockchain security audits.

Blockchain Features

Blockchain is a modern cryptographic method that allows transactions to be processed quickly and securely under conditions of low trust between parties. The technology allowed businesses to optimize many processes, increase profitability and secure the performance of important transactions on the Internet. The most striking example of the use of technology in practice is the functioning of a cryptocurrency and the conclusion of smart contracts.

5 Reasons for a Crypto Audit

Token audit is necessary to ensure the security of the transaction and guarantee the authenticity of the blockchains. Hacken is a security audit company for blockchains. The range of the company’s services includes checking smart contracts, identifying problems in web services, Android and iOS penetration testing, and other checks of digital products that are aimed at identifying problems, vulnerabilities and errors. The main purpose of the check is to identify all existing errors, organize them according to the level of criticality, and also understand how and what can be corrected. This is exactly what the Hacken service does.

In particular, the following factors are among the advantages of a crypto audit:

1. Detection of errors and vulnerabilities, manual verification of the blockchain project code. A comprehensive check allows you to identify serious errors in your code and fix them in time.
2. Threat modeling validation helps to identify possible DDoS attacks on the system, understand how to respond to potential threats that the project may face, and how to eliminate them in the future.
3. Validation helps to avoid the loss of assets for those who manage the project and those who are dependent on its implementation.
4. Public access to confidential smart contracts is closed, which increases the economic and reputational security of the parties.
5. Conducting a crypto audit by a professional contractor serves as additional proof of the safety and reliability of future cooperation, increases trust between partners and allows them to establish deeper and better communication.

Token audit time depends on the complexity of the project and the amount of work. Some processes can run completely automatically, others require manual verification, which takes a little more time. Therefore, on average, an audit takes from 2 days to several weeks or months.