Vetting smart contracts is hard. Not to mention expensive. There are thousands of lines of code to review, making it easy for vulnerabilities to sneak in unnoticed. Manual smart contract security audits are the best form of protection for projects with the funding to afford them, but what about the smaller ones? They can use a Blockchain AI audit company instead.
These firms use sophisticated AIs to scan code at a much faster speed than any human, reducing audit time and labour costs. However, you are still putting a lot of trust in these companies not to overlook issues or flag non-issues. So, how do you find AI audit companies you can trust? Here are the main steps that any Blockchain entrepreneur should take. They’ll enable you to find an audit partner who helps you become a reliable, fast-moving developer people love to build projects with.
Understand the Smart Contract Audit Definition and Scope
From the outset, it’s important to be clear about the role of your potential collaborators. Unrealistic expectations will only lead to disappointment. With that in mind, let’s look at what AI audit companies actually do. They do not perform audits in the traditional financial sense. Instead, they assess the security of smart contracts, making sure they execute in the way the parties have agreed and that they cannot be meddled with.
In addition, they’ll make sure the code used follows best practices and is efficient, meaning that gas fees are minimised. They’ll also review the contract for data privacy and compliance. The output of an audit is a report that details any risks and areas for improvement found. While it will provide actionable next steps, auditors are not there to automatically make these on your behalf. They may offer this service later, however.
Look for a Blockchain AI Audit Company with These Qualities
As you can see from the above, smart contract audits are pretty comprehensive. That’s why you should expect any audit form to have a multidisciplinary team, with experts in Blockchain development, AI, and cybersecurity as a minimum. As well as possessing expertise in all of these areas, you should also look for auditors with a proven track record in your industry, e.g., finance, healthcare, or IT. They’ll have a better understanding of your needs.
Any Blockchain AI audit company you work with should also be upfront and transparent. They should explain clearly what methods and tools they use and why. Look for these qualities in addition to typical indicators of professionalism and reliability, like testimonials, awards, certifications, and professional memberships. Find out what you can about aftercare, too. Reliable firms tend to offer ongoing support, helping you understand the report and updating you on changes that affect your project.
Consider Your Budget
While the use of AI has helped reduce the cost of full audits, they can still be expensive. The price varies based on the scope and complexity of your project, as well as the reputation of the auditor. Trust is the most valuable asset a project can possess, and auditors with great reputations know that lending their name to a project imbues it with a lot of trust. This allows them to charge more.
In the long run, this can be worth paying up for. It shows you are a developer who takes security seriously. At the same time, you must consider whether it suits your budget. Some firms offer tiered pricing models, with scaled-back services available at lower costs. It’s always worth opting for the best you can afford, as the cost of exploited vulnerabilities or fees for non-compliance will likely be higher than audit fees.
Understand the Audit Process
The process of a typical Blockchain AI audit company in the USA unfolds as follows. It usually begins with an initial consultation, where you’ll provide them with some background. This includes information about your system architecture, the aims of your projects, and the parties and digital assets involved. The next stage is called scoping, which is when the auditors set out exactly which areas will be assessed, if not the entire contract.
Then the technical evaluation can begin. This is when AI and manual auditors actually review the code for vulnerabilities, inefficiencies, and biases. Anything they find, they will write up in the next stage when they produce their report. The report doesn’t just list the issues, however. It prioritises them, assigning labels such as critical, moderate, and low, and it also proposes solutions. Reliable auditors will keep you updated about which stage your project is in.
Build Long-Term Relationships With Auditors
Conducting an AI audit shouldn’t be a one-time transaction. Ideally, you should be looking to establish a relationship if you had a good experience with your auditor. There are a few reasons for this, with the main one being that, as the audit company gets to know your systems and working methods better, they will be able to offer even better advice. Your projects will be more secure, which will bolster your own reputation.
A Blockchain AI audit company that you maintain a business relationship with may also offer you continuous monitoring services or periodic re-audits, once again enhancing security. They can also update and advise you on changes to best practices and regulations. When the government is acting to enhance Blockchain security, access to expert advice on the latter is highly valuable. Some firms even go beyond advice, actually training your staff to deal with new challenges.
Conclusion
Hiring a Blockchain AI audit company gives small Blockchain projects an affordable and convenient way to enhance their security and avoid costly errors. But while budget considerations are important, audits should really be seen as an investment, not a cost.
In an area where one mistake can permanently mar a developer’s reputation, nothing could be more important than understanding what auditors do and how to find ones you can trust. Once you do, your own reputation as a reliable and trustworthy partner will be enhanced, resulting in more business coming your way.
