VirtualArmour Executive Describes the Security of Smart Contracts

VirtualArmour International Inc (CSE:VAI,OTCQB:VTLR) VP of Managed Services Andrew Douthwaite contributed an article on Smart Contracts to the CSO online publication. In his piece, Douthwaite described the increasing adoption of Smart Contracts that use blockchain technology to “enable the exchange of money, property, shares or anything of value in a transparent, conflict-free way while avoiding the services of a middleman.”
Douthwaite explained that while the blockchain is inherently secure, Smart Contracts suffer through the code used to create them being prone to bugs. This has led to efforts to validate and audit Smart Contracts; however, these have mostly proven inadequate.
The VirtualArmour executive suggested that there might be one solution that does prove viable, and that is the Quantstamp protocol, which uses “a balance of automated and crowdsourcing methods and has the potential to provide security experts a cheap, inexpensive method of finding exploits and bugs in Smart Contract codes.” Douthwaite closed his piece by suggesting that while the technology becomes more popular and attracts more interest from hackers, there will be a parallel motivation for developers to create solutions that help secure this innovation.
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