Smart contracts are one of the latest innovations to result from blockchain technology, and its implementations in industry have made it a revolutionary creation. Automatically generating once certain criteria has been met to instigate them, smart contracts have been a game-changing introduction to many industries – including music, art and even diamond supply chains.
However, flaws in the system that can leave contracts susceptible to security breaches can occur if the smart contract has an error within its coding. This can lead to exploitation from cybercriminals, and has been the source of many high-profile thefts on cryptocurrency websites.
Here at SnT, members of the Services and Data Management (SEDAN) research group have been helping Spuerkeess to understand the risks of using smart contracts and help to mitigate them in future application. In an article that was published in this morning’s Paperjam newsletter, Prof. Radu State, Head of SEDAN, and doctoral researcher Christof Ferreira Torres discuss their work with Spuerkeess, the main risks associated with smart contracts and what you can do to protect your business if you’re currently using – or considering implementing – smart contracts.
The article can be found here.