One of the greatest innovations ever made with Blockchain technology is undoubtedly the smart contracts project initiated by Ethereum a couple of years back in 2014. It has been one of the reasons why the Ethereum cryptocurrency has been one of the most stable we know. But that doesn’t rid it of flaws in its system build.
With flaws comes a risk for all those invested in the project. That is why Japanese tech giant Fujitsu is stepping into the picture. The firm has announced to the public that it is developing or has developed a new technology that can detect and verify these risks and flaws in the smart contracts platform.
The announcement was made after Fujitsu Research Development Centre and Fujitsu Laboratories confirmed they have partnered to work on the development of an algorithm that can detect the flaws in any smart contract in Ethereum. The company explained in their announcement:
“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. 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.”
The Nature of the Ethereum Smart Contract Fix
The Japanese tech house shed more light on the nature of the risks that were present in smart contracts and how they fixed them. In the statement, they explained the identified errors to be within six categories of which could be accidentally skipped during a manual critique. However, with their technology one could detect the errors that exist in any contract as well identify the source code for the error.
According to Fujitsu, the technology actually identifies “100%” of all risks in the smart contracts and is 88% accurate. Fujitsu has publicly shown itself as one of the very few technology giants that are looking into the Blockchain arena as some still remain sceptical about the technology (as to why, we still don’t know).
It has been actively involved in the development of Hyperledger Fabric and from its recent projects seems pretty much committed to the Blockchain course, particularly the development of security fixes and systems for Blockchain technology. The future of the firm in the development of securities for Blockchain technology was somewhat also foreshadowed during the public announcement of their fix for Ethereum Smart Contracts:
“Because over-identification of risk is rare, this technology will enable more efficient smart contract development, and combined with the risk location identification technology, it is also expected to reduce the workload involved in tasks such as specification comprehension, code evaluation, and fixing the code. This technology will contribute to the efficient application of blockchain technology to a wide variety of fields,”
With Ether gradually entering “bearish” mode in the month of March, can this news and the involvement by a major tech firm be any form of Kickstarter or confidence boost for the Ethereum community? Let us know your thoughts and views via Telegram.
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Categories:Crypto News Ethereum News