Security Audit

Smart Contract Auditing Services: Everything You Need to Know

Published on: November 1, 2022

Smart Contract Auditing Services: Everything You Need to Know

A smart contract audit is a process of evaluating a smart contract for security vulnerabilities and compliance with best practices. Why is it important to have a smart contract audit? Because if you don’t, your contracts could be hacked – and that could lead to disastrous consequences. In this article, we will explore smart contract auditing services in detail, and take a look at the top 11 companies in the space. We’ll also discuss the benefits of smart contract auditing.

What is Smart Contract Audit Service?

A smart contract security check is a thorough inspection of the project’s smart contracts. These are essential to safeguard the money put into them. Because all transactions on the blockchain are permanent, stolen money cannot be recovered if it is stolen.

Smart contracts are frequently reviewed, developed, and submitted to the project for them to operate within a final report. A final report detailing any outstanding mistakes and the effort already done to address performance or security concerns will then be published.

List of Top 11 Smart Contract Auditing Services Company

  • Astra Security
  • Hacken
  • CertiK
  • Slowmist
  • Quantstamp
  • OpenZeppelin
  • Trail of Bits
  • Consensys Diligence
  • Kudelski Security
  • ChainSecurity
  • PeckShield

Important Factors to Consider in a Smart Contract Auditing Services Company

The following factors are important to consider when looking for a smart contract auditing service:

  • The size of the company – You want to make sure that the company you choose is large enough to have the resources and expertise necessary to properly audit your smart contracts.
  • The experience of the company – You want to choose a company with extensive experience in security audits, preferably with experience specifically in smart contract audits.
  • The reputation of the company – Choose a company with a good reputation to avoid any issues.
  • The price of the service – You want to get a competitive price, but don’t sacrifice quality for the price.
  • The turnaround time – You want to make sure that the company you choose can complete the audit in a timely manner.
  • The depth of the audit – When selecting a company to audit your smart contracts, be sure to pick one that will do a complete job.
  • The report format – The company you select should give a report that is straightforward for you to understand and take action upon.
  • The communication style of the company – You want to make sure that the company you choose will communicate with you in a way that is clear and concise, and that they are responsive to your questions and concerns.
  • The flexibility of the service – You want to make sure that the company you choose is willing to work with you to tailor the audit to your specific needs.

Exploring Top 11 Smart Contract Auditing Services Companies in Detail

Astra Security

What separates Astra Security from the competition is that our security experts will run over 1200 tests on your system. This includes static and dynamic code analysis, configuration checks, network configuration flaws, permissions checks, and so on. Consequently, if you’re searching for a comprehensive blockchain security assessment then look no further than Astra Security. 

If you subscribe to Astra’s service, you will gain access to a shared dashboard that allows you to check for vulnerabilities in your Blockchain system at any time. If you patch these vulnerabilities, our security engineers will re-scan the system to ensure that all patches are working properly.

The aspects of Astra Security’s Blockchain security model are as follows.

  • Secure Architecture Review: Astra provides an extensive security analysis of your Blockchain system’s design to prevent any potential breaches from occurring.
  • Payment platforms review: Astra uses its own, trustworthy governance framework to examine the processes and technology associated with blockchain systems.
  • Security Assessment: The purpose of this security audit is to find issues that may be present in smart contracts and apps.
  • Review of APIs and SDKs: Assessing the hosting services for the platform is part of this phase.

Hacken

Founded in 2017 by security specialists and white hat hackers, Hacken is a company that provides services to help make sure your cybersecurity is up to par. They dedicate themselves to educating people about ethical hacking so that more people can join the community and prevent future cyberattacks.

Hacken has launched several products, including the Hackenproof BugBounty platform with over 10,000 ethical hackers. Additionally, they continue to invest in blockchain security ecosystem development – such as their $1.5M investment in Cer.live – while also launching other internal projects like hVPN and hPass. In total, they have over 700 projects in their portfolio which are valued at around $100B altogether.

CertiK

CertiK is a blockchain security company that was founded in 2018 by professors from Columbia and Yale. What sets CertiK apart is its use of formal verification and AI technology to provide end-to-end security audits for smart contracts. By combining these two forms or verification, they can mathematically validate the safety of smart contracts – something that other companies have yet to perfect.

In addition, the organization has established “CertiK Chain”, a blockchain that is security-centred and developed to upgrade the safety of smart contracts. CertiK claims to have examined above 1,800 projects and assessed more than $278B in total market capitalization valuation. The company has done audits for popular chains like BNB chain, Terra, Polygon, and The Sandbox. It is also supported by well-known companies such as Binance, Coinbase, and Golden Sachs.

Slowmist

SlowMist is a blockchain security firm founded in 2018. The professionals at SlowMist have more than a decade of experience in network security and helping to secure some of the world’s most influential cryptocurrency exchanges, such as Binance, OKX, Huobi, Pancakeswap, and Crypto.com.

In addition to security audits and other services, SlowMist also offers a variety of products related to security, including MistTrack (a cryptocurrency tracker), Anti-money laundering (AML) software, Vulpush (vulnerability monitoring), and SlowMist Hacked (crypto hack archives). The firm has partnered with various international and domestic security firms such as Akamai, Cloudflare, FireEye, and BitDefender.

Quantstamp

Quantstamp is globally renowned for its smart contract auditing, which has secured over $200B in value. Selected from a pool of tech giants such as Google, Facebook, Apple, and the Ethereum Foundation– their team of experienced PhDs and security professionals are the best in the industry.

Quantstamp employs security experts who can audit blockchains in any language, including languages designed for use with blockchain applications. The company specializes in auditing various systems and protocols, such as Ethereum 2.0, Solana, BNB Chain, Cardano Maker, Curve, and OpenSea – just to name a few. In addition to this, they also develop financial backer services for ecosystems included in Layer 1 blockchains

OpenZeppelin

OpenZeppelin touts itself as “the standard for secure blockchain applications.” As a cybersecurity technology and services company, OpenZeppelin is best known for its Solidity libraries, referred to as OpenZeppelin Contracts. Developers can easily integrate OpenZeppelin’s libraries into their existing applications using the SDK.

OpenZeppelin was one of the first companies to make contract auditing and cybersecurity more comprehensive. Their “Ethernaut” game tests gamers’ ability to find vulnerabilities in smart contracts so they can advance to harder levels. They also provide a number of free services, like “Defender,” which helps projects automate their contract administration by creating automated scripts for things like secure and private transaction infrastructure.

Trail of Bits

Since 2012, Trail of Bits has been a leading cybersecurity firm, with an extensive client list that includes Adobe, Microsoft, Stripe, Reddit and more. Offering software assurance; security engineering; and research and development services allow us to better serve our clients and provide comprehensive support for their unique needs.

The company provides security audits for blockchain, software hardening, infrastructure security, threat modelling, and cryptographic review under its Software Assurance umbrella. So far, the company has conducted smart contract audits for industry giants such as yearn.finance, LooksRare, and Acala balancer nervos.

At Trail of Bits, the staff doesn’t just focus on blockchain security – they also create tools to help developers and researchers identify and fix crucial vulnerabilities. Some other notable tools they offer are Ethersplay, Slither, and Echidna.

Consensys Diligence

What sets Consensys apart from other companies is its dedication to creating innovative blockchain applications and software for the Ethereum network. ConsenSys’ Diligence cybersecurity product performs detailed security analyses of smart contracts so that projects can deploy their Ethereum application without worry.

The company has a combination of blockchain security analysis tools and experienced smart contract auditors that work together to achieve its goal. It has been successful in protecting more than 100 blockchain companies and uncovering over 200 issues. Some of the projects that have utilized the firm’s services include 0x exchange, Aave, Balancer, and Uniswap.

Kudelski Security

Kudelski Security is a Swiss-based cybersecurity firm that provides cutting-edge solutions and consulting services to help organizations bolster their cyber confidence. Kudelski has only been founded recently, but in this short time, they have already worked with esteemed cryptocurrency companies such as Binance, Solana, Crypto.com, and Input OutputHSM product family for Monero and Zcash cryptocurrencies.

So far, the company provides blockchain security services that have completed over 200 security audits and secured over $230B in market capitalization. They also help manage technology optimization, incident response times, and general responses to emergencies. 

ChainSecurity

ChainSecurity is a company specializing in security led by experts from ETH Zurich. They have many big-name clients, such as yearn.finance, Maker, Compound, Rarible, Curve, Kyber Network and PwC Switzerland. To dateChainSecurity has helped secure $17B worth of assets.

ChainSecurity’s automated audit platform not only lets projects confirm the accuracy of their smart contracts but also safeguards their assets. The company’s platform does security assessments by revealing any potential security vulnerabilities and making sure Ethereum smart contracts comply with project specifications.

PeckShield

PeckShield, is a China-based security and audit firm with international team members. The company made a name for itself in 2018 when it uncovered issues such as BatchOverflow within Ethereum smart contracts. The company’s success is due to the variety of blockchain technology experiences its team offers.

So far, the company has audited big names in the industry such as Aave, EOS, Tron and more. Through its various services threat monitoring, DAppTotal and CoinHolmes – the firm seeks to provide end-to-end protection for all blockchain users. The firm also keeps the public informed by tweeting regular updates on the latest news loan exploits, rugs etc.

Benefits of Smart Contract Auditing

As the industry of smart contract auditing services continues to grow, so do the benefits that they provide. Listed below are some key benefits:

  • Security: The primary advantages of smart contract auditing are the improved safety and reliability it offers. By having your smart contracts audited by a professional company, you can be sure that any potential security vulnerabilities will be uncovered and fixed.
  • Compliance: Another benefit of smart contract auditing is compliance. If you are working on a project that is subject to regulatory scrutiny, then it is important to make sure that your smart contracts are compliant. Smart contract auditing can help ensure compliance with industry standards and regulations.
  • Increased Efficiency: Smart contract auditing can also help increase the efficiency of your smart contracts. By uncovering any potential issues or errors, you can avoid any costly delays or disruptions in your project.
  • Peace of Mind: Finally, smart contract auditing can provide you with peace of mind. Knowing that your smart contracts have been thoroughly reviewed and vetted by a professional company can give you the confidence to move forward with your project.

Parting Thoughts

Smart contract auditing is an essential part of any blockchain project. Choose a reputable smart contract auditing services company to ensure the security, compliance, and efficiency of your smart contracts. With a professional team handling your smart contracts, you can relax and enjoy the peace of mind that comes with knowing they are in good hands.

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Saumick Basu

Saumick is a Technical Writer at Astra Security. He loves to write about technology and has deep interest in its evolution. Having written about spearheading disruptive technology like AI, and Machine Learning, and code reviews for a while, Information Security is his newfound love. He's ready to bring you along as he dives deeper.
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