It’s a known fact that Blockchain technology, which is the building blocks of bitcoin and other cryptocurrencies, is the most secure, decentralized and transparent form of data storage.
However, it’s also a fact that the Ethereum smart contract blockchain has a 0.36 percent fail rate. As insignificant as this smart contract fail rate may seem, it is possible of making an organization lose billions of dollars, within a twinkle of an eye.
The Fujitsu team is well aware of the limitation of smart contracts and has announced the creation of a perfect solution.
Zero Risk Smart Contracts
Japan-based technology giants Fujitsu Laboratories Ltd and Fujitsu Research and Development Center Co. Ltd, have announced the successful creation of an automatic smart contracts risks detection technology.
The team has developed an algorithm that quickly spots risk-affected transaction sequences on Ethereum smart contracts.
According to Fujitsu, this new system can comprehensively spot six types of risks in smart contracts, which are easily overlooked during manual reviews. The solution seamlessly identifies where risks are on the source codes.
Fujitsu has said that their risk detection technology will help developers create safer smart contracts:
Blockchain offers functionality known as smart contracts, in which a contract can be automatically formed in the system, and by using these, contracts can be checked and executed automatically. Because smart contracts are copied to multiple locations and executed in a distributed manner, once a contract has been executed, it cannot easily be stopped, and it cannot be revised even if risks are found in the smart contract,“
Fujitsu noted, adding that:
In fact, there has been an incident in which, because a smart contract to create an automatic investment trust application on a blockchain was flawed, a huge amount of capital was improperly transferred.”
A Revolutionary Solution
As per the Fujitsu team, this new algorithm completely identifies hidden bugs in the source code that might make the application vulnerable to manipulations and attack by unauthorized persons. In Fujitsu’s words, the technology can:
“Identify bugs in the source code that might give rise to a risk of someone abusing the language specifications of Ethereum to fake the origin of a transaction call, by using symbolic execution to virtually execute transactions under a variety of circumstances.”
The team also explained that the solution has the power to accurately identify and debug the exact part of the source code that the risk is.
Fujitsu boasts its new risk verification tool has a detection rate of 100 percent and an accuracy rate of 88 percent, a feat that has never ever been achieved by previous systems:
Where previous verification tools had a detection rate of about 67 percent, this new technology was capable of 100 percent detection, excepting a few items, and that in terms of precision it achieved an accuracy rate of up to 88 percent, enabling both highly accurate risk detection as well as source code risk location identification,” Fujitsu declared.”
Fujitsu firmly believes that its latest solution will help developers create more reliable smart contracts and it will contribute to the effective application of blockchain technology across various industries.
Fujitsu has also hinted that it will continue to develop innovative verification technologies for other blockchain-based frameworks like Hyperledger Fabric and others.
The team is also focused on creating solutions that will facilitate the development of 100 percent secure blockchain solutions.
If the Fujitsu smart contracts verification technology can successfully, eliminate the 0.36 percent fail rate of smart contracts, then we can say Fujitsu has just solved a giant problem indeed.