Accountancy company Ernst&Young (EY) has made its smart contract and token service available in open beta.
The beta version for the public has been launched on Wednesday. It allows users to put in code for an analysis, while security risks are being identified by testing how efficient and functional a smart contract is. The coding’s quality is also evaluated.
The Service Works Only for ERC-20 Smart Contracts
At the moment, the service is only able to review the ERC-20 smart contracts, as these are penned using the famous Solidity programming language. EY didn’t yet specify if it has plans to expand the service to some other blockchain protocols. In a Reddit post of a user with the nickname “pbrody”, which is most likely the lead of EY’s global blockchain, Paul Brody, it has been said EY has plans to launch its testing service very soon.
The Service Was Initially Unveiled in April
Known in the beginning as the EY Smart Contract Analyzer, has been testing in beta since it’s launch in April. By making reviews of the code in their tokens, investors are going to be able to change the software and make sure their smart contracts and tokens meet the industry’s standards, reports EY. The tokens can also be tested for stress in different transaction scenarios, by using the data from the Ethereum (ETH) blockchain. This is what Brody said in an April announcement:
“Our clients are increasingly entrusting key enterprise business processes and valuable investments to software code. We don’t run enterprise computing systems without anti-virus tools and it only makes sense to run blockchain-based investment systems with smart contract and token testing tools.”
The Review Service Will Be Part of the Blockchain Analyzer
The review service introduced by EY is going to be a part of the firm’s larger Blockchain Analyzer, which is a tool for analyzing and compiling data from transactions in order to make financial reports and to audit on the blockchain. Blockchain Analyzer’s second iteration was revealed in April too, not to mention it increased supported protocols’ numbers, including the ones of private blockchains. Furthermore, it enabled the privacy enhancing analysis and the zero-knowledge proof-based transactions.
One of EY’s projects that runs private transactions in the ETH blockchain, known as Nightfall, has been as well integrated in Analyzer. In October this year, EY mentioned it created a blockchain tool meant to help governments analyze and track transactions, a tool that’s supposed to improve accountability and increase transparency when it comes to managing public funds.