The Financial Commission’s Blockchain Association has today launched a new security audit certification targeting Blockchain operators. The commission which comprises of all business that transact using digital assets partnered with SmartDec, a cybersecurity-oriented tech consultancy firm in the initiative.
The duo embarked on developing a Security Audit Certification, knowing too well the need for reliable security checks and tests on the various Blockchain-powered systems. The group additionally expects to use it in smart contracts and ensure the businesses using Blockchain suitably meet the laid-down standards on security and data protection.
SmartDec’s Understanding of Blockchain and Smart Contracts is Unrivaled
For the Financial Commission’s Blockchain Association, having SmartDec at the heart of its operations helps meet its goals with ease. This is because, the cybersecurity-oriented agency’s focus on all-things research, security, privacy and auditing Blockchain, and smart contracts will greatly help.
It primarily deals with Blockchain-based projects and smart contracts on popular networks, including Ethereum and Tezos. The security consultancy company’s cutting-edge technology carefully analyzes the data before running the code based on the needs of the customer. It furthermore helps startups in the Blockchain space spot bugs and other hidden security loopholes.
Joining the Blockchain Association
Blockchain technology, together with all crypto-related products, has lately been a subject of a hot topic. In fact, countless companies are already looking at ways through which they can harness and implement it in their operations. For those that have already launched Blockchain-powered systems and applications, however, joining the Blockchain Association is a smart move, especially because of the benefits promised.
One of the merits of being a member will be the opportunity to meet, interact and even seen advice from the leading legal and compliance professionals. Also, the group promises to ensure that Blockchain firms iron out all issues relating to crypto exchanges, store of digital assets, as well as the whole topic of regulations and compliance.
The past two years has seen the Financial Commission (FinaCom) reveal its approach on ICOs and exchanges, especially how it will increase scrutiny. The commission sees it as of higher importance in the industry’s quest for increased overall security.
There’s a Blockchain Warning List in Place Already
Already, there’s an instrument that allows investors to scrutinize a project and tell whether it is a scam, courtesy of FinaCom. ‘Blockchain Warning List,’ as it’s called, gives crucial information, including that of asset providers with questionable behaviors.
For a platform to be listed on the ‘Blockchain Warning List,’ it doesn’t have to have been proven to be running fraudulently. Everything is based on customer reviews and complaints. Interestingly, those in the list include suspicious wallets and exchanges, as reported by traders.
Meanwhile, the commission could soon start accepting Bitcoin and Ethereum payments for regulatory services, having made the decision in 2018.