The EY organisation has announced the launch of new artificial intelligence (AI) capabilities to its EY Blockchain Analyser: Smart Contract and Token Review (SC&TR) tool. The SC&TR tool is designed to help enhance vulnerability detection in smart contracts through greater code coverage and streamline the contract simulation process for faster, more robust smart contract reviews.
The advanced AI feature enables users to automate and simulate the entire contract review process using natural language prompts and the tool’s testing engine, enhancing efficiency. Trained on an extensive library of existing tests and simulations, the feature supports the reviewer and improves the ability to detect vulnerabilities. This automation allows clients to achieve higher test coverage while using the same number of resources, reducing review times also for EY teams by 50%. This can better position businesses to deploy smart contracts more effectively and more confidently.
According to Allied Market Research, the smart contract market is expected to grow to $2.5 billion by 2032, with a compound annual growth rate of 29.6% from 2023 to 2032. As such, the risk of hidden vulnerabilities within smart contracts, which often go undetected through traditional test methods, could lead to increased security risks and also financial losses.
The SC&TR tool’s new AI capabilities eliminate several time-consuming manual steps for smart contract deployment, such as sandbox simulations and test creation, reducing the likelihood of human error. This helps enhance the efficiency and comprehensiveness of smart contract testing, empowering clients to deploy contracts and manage their security.
Paul Brody, EY Global Blockchain Leader says: “To capitalise 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 Analyser: 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.”
Avner Geifman, EY Israel Emerging Tech Leader says: “Leveraging our newly launched AI capabilities in conjunction with the test engine we’ve been developing over time within our EY Blockchain Analyser: SC&TR tool, we are now able to offer significantly greater coverage for smart contract testing. This advancement also introduces a much more user-friendly approach, allowing users to assess smart contracts using natural language instead of traditional coding methods.”
The EY Blockchain Analyser: Smart Contract and Token Review tool will be available for client use in Q1 2025.
For more information and a demo about EY Blockchain Analyser, visit: https://blockchain.ey.com/products/reviewtool.
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