The Fujitsu team has solved a major issue with blockchain security. They have created a new piece of tech that can accurately and dependably locate and debug smart contract risks. The team has high hopes for their new solution and will continue to work on making blockchain perfect.
Even a small risk is too much!
Blockchain technology is not just the backbone of cryptocurrencies, like Bitcoin, it is also the most secure, decentralized and transparent method of data storing to date. This technology is a boon to many industries but has a limitation. There is a .36% fail rate on the Ethereum smart contract blockchain.
It seems minuscule, but that fraction of a percent is causing companies billions of dollars. The Fujitsu team, the Japanese tech giant, has announced that they have solved the problem. They have created an automatic smart contract risk detection technology. This is an algorithm that can identify risk-affected sequences on Ethereum.
Fujitsu says that their new detection system can spot six types of risks and that the code identifies the location of these risks. These types of risk can easily be missed during manual detection.
Once the contract is executed, tracking down each instance and stopping its deployment is difficult, even if a risk is identified. The algorithm will be able to do this in order to stop the contract and kick it back to revision status. The potential issues with smart contract security are not acceptable to Fujitsu, and others, so the team is glad to report the successful use of the algorithm.
100% Safe on the Blockchain
The Fujitsu team says that the new algorithm is able to call out and remove hidden bugs in their exact location within the source code. These types of bugs can cause vulnerabilities leading to manipulation and attack by unauthorized entities. The tech could stop, for example, someone from misusing the language of Ethereum to spoof transaction calls by using symbolic execution.
This will protect the system in numerous circumstances. According to the team, the new tool has a 100% detection rate and an 88% accuracy rate. These are very high success rates that have not been previously accomplished within the system. Previously, detection was around 67%.
Fujitsu is excited about this new technology because it will help developers to create better contracts in the future. It also should assist in the practical application of blockchain for its many possible uses. The team will likely continue developing innovative verification technologies, hopefully covering issues on other blockchains, like Hyperledger Fabric.
The overall goal is to obtain 100% secure blockchain solutions and further the propagation of the technology, mitigating and eliminating risk. The elimination of the .36% failure rate on the Ethereum network is major news and will have lasting and cost-effective ramifications for industries of all kinds.