In an electronic mail despatched to Cointelegraph, a PwC spokesperson defined that no acquisition occurred and a number of ChainSecurity groups joined the agency.
Hand in hand
According to a press launch revealed by the agency on Jan. 5, PwC hopes that, with ChainSecurity’s group, the agency will turn into “the world’s leader in smart contract auditing.” PwC Switzerland and Europe head and associate of danger auditing Andreas Eschbach mentioned in an electronic mail to Cointelegraph:
“As an integral part of PwC Switzerland, the team of ChainSecurity will focus on accelerating PwC Switzerland blockchain audits, including technical audits of smart contracts and blockchain platforms as well that risk hedging services for customers with crypto assets.”
PwC’s supervisor and chief of the group of exterior communications Konradin Krieger defined additional to Cointelegraph that no precise acquisition occurred. He defined that “the core delivery and development teams from ChainSecurity joined PwC Switzerland.”
Krieger famous that Chainsecurity COO Matthias Egli and CTO Hubert Ritzdorf will likely be main the agency’s Smart Contract’s Assurance group collectively. He additionally mentioned:
“We expect market demands to increase quickly as blockchain becomes more mainstream and, as demonstrated with bringing in the ChainSecurity team, we are very invested in building up our capabilities around blockchain in a way where we are ahead of the market. We will continue to grow the team to anticipate these needs based on how we see the market developing.”
When requested about how the capabilities of ChainSecurity’s group will likely be employed by PwC, Krieger defined that the agency’s clients want a mix of technical and authorized abilities which could be offered by combining the 2 corporations. He defined:
“While ChainSecurity previously was only able to offer their technical expertise, in connection with PwC Switzerland they can offer a more useful and more coherent service to their customers. […] PwC’s broad competences around regulatory concerns, ranging from data privacy over compliance to KYC/AML, enable the newly joint team to offer broader and more comprehensive services.”
According to its official web site, ChainSecurity spun off from the ETH Zurich college’s ICE heart blockchain safety laboratory and secured over $1 billion in funds so removed from main blockchain initiatives. The group is comprised of PhDs and graduates from ETH Zurich with expertise in cybersecurity, program evaluation and machine studying.
Per the press launch, ChainSecurity has collaborated with greater than 75 blockchain corporations. As Cointelegraph reported in January, the group additionally found a safety vulnerability in an Ethereum replace. The discovery resulted within the builders suspending the arduous fork and prevented the vulnerability from being added to the blockchain.
The promise of good contracts
Smart contracts are seeing wider adoption and ever-growing expectations concerning their potential. Last month, the vp of blockchain merchandise at occasion tickets distribution large Ticketmaster mentioned the worth that good contracts can carry to the ticketing business. At the time, he famous that the agency needs to assist 400-500 million good contract-enabled tickets.
Still, a lot consideration is being dedicated to the safety of such contracts, given how disastrous the exploitation of a flawed good contract could be. One well-known instance is the June 2019 The DAO theft, which noticed about $60 million in crypto property stolen by way of a wise contract vulnerability.