EY has unveiled new artificial intelligence (AI) capabilities for its Blockchain Analyzer: Smart Contract and Token Review (SC&TR) tool, significantly improving the efficiency and accuracy of smart contract testing. The updated tool, designed to streamline the contract review process and strengthen vulnerability detection, is expected to cut review times for EY teams by more than 50%.
The SC&TR tool leverages AI to automate the complex process of smart contract testing, addressing a growing need for enhanced security in the rapidly expanding blockchain market. tool will be available for client use in Q1 2025.
The enhanced SC&TR tool aims to mitigate these risks by improving the depth and accuracy of contract testing. Its integrated AI capabilities allow for greater code coverage, reducing the chance that vulnerabilities will go undetected during manual reviews. The tool automates key aspects of the review process, including sandbox simulations and test creation, eliminating manual errors and accelerating the contract deployment timeline.
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“To capitalize on the true value that smart contracts can bring, enterprises first need to remove several of the manual processes that are highly time-intensive and can easily overlook vulnerabilities in the testing process. Our EY Blockchain Analyzer: SC&TR tool is a testament to how blockchain and AI can complement one another to automate and improve processes, leading to – in this case – more efficient smart contracts,” said Paul Brody, EY Global Blockchain Leader.
Securing Contracts with the Blockchain
The integration of AI into the SC&TR tool represents a significant step forward for smart contract security. By enhancing automation and increasing test coverage, EY aims to help clients deploy contracts with greater confidence and efficiency in an increasingly complex blockchain environment.
The new AI feature enables users to simulate and test contracts using natural language prompts and the tool’s advanced testing engine. Trained on a vast library of existing tests and simulations, the AI-driven system identifies vulnerabilities more effectively, improving overall testing outcomes while reducing resource demands. This ensures that clients can achieve higher accuracy and faster turnaround times without increasing costs.
One of the key benefits of the updated SC&TR tool is its ability to automate the identification of potential weaknesses in smart contracts before deployment. Traditional manual reviews are often time-consuming and prone to human error, but the AI-powered system minimizes these risks by conducting continuous, automated testing under various simulated conditions.
As blockchain adoption accelerates across industries, the need for secure and reliable smart contract deployment has never been greater. Smart contracts, which are self-executing agreements stored on a blockchain, are increasingly used in finance, supply chain, and decentralized applications (dApps). A single vulnerability in a smart contract can lead to significant financial losses and reputational damage.
Understanding Emerging Technologies
Blockchain technology significantly enhances security by providing a decentralized, tamper-resistant, and transparent framework for recording and verifying transactions. Unlike traditional centralized systems, where data is stored on a single server vulnerable to hacking, blockchain distributes data across a network of nodes. This decentralization makes it difficult for a single point of failure to compromise the system.
Smart contracts—self-executing agreements coded into the blockchain—enhance security by ensuring that contract terms are automatically enforced without the need for intermediaries, reducing the risk of fraud and human error. Additionally, blockchain’s transparency ensures that all transactions are traceable and auditable
The SC&TR tool empowers businesses to strengthen their smart contract security posture, improving the likelihood of successful and secure contract deployments. By combining AI’s analytical capabilities with EY’s expertise in blockchain security, the SC&TR tool sets a new standard for smart contract testing.
With automation reducing review times by half and enhancing vulnerability detection, EY’s AI-powered SC&TR tool positions itself as a vital resource for businesses navigating the growing blockchain landscape. As the smart contract market continues to expand, EY’s strategic investment in AI underscores its commitment to providing innovative solutions that address the evolving needs of the digital economy.
What This Means for SAPinsiders
Prepare for growth and its associated challenges According to Allied Market Research, the smart contract market is projected to grow to $2.5 billion by 2032 at a compound annual growth rate (CAGR) of 29.6% from 2023 to 2032. This rapid growth comes with increased risks, as hidden vulnerabilities within smart contracts can lead to significant security breaches and financial losses. Companies will need advanced tools in order to keep pace and reduce risk.
Accommodating the rise of the blockchain. Approximately 45% of organizations were implementing blockchain technology for secure information exchange, highlighting its significant role in enhancing security measures. Additionally, a survey indicated that 42% of businesses utilizing blockchain benefited from its security capabilities. Moreover, 81% of the world’s top 100 public companies have adopted blockchain technology, underscoring its growing acceptance in the corporate sector. Organizations should prepare for the rise in this technology.
Blockchain and AI – better together. Blockchain’s decentralized and immutable nature ensures that the data AI relies on is secure and tamper-proof. AI models depend on large datasets to improve accuracy, but poor data quality or manipulation can distort outcomes. Blockchain provides a reliable, verifiable source of data, ensuring the integrity of AI inputs. Technologies like EY’s (SC&TR) tool helps address a growing need for enhanced security in the rapidly expanding blockchain market.
