- Experts from the Valencian company S2 Grupo have pointed out that the consequences of these errors can cost millions to the companies. The application of Blockchain technology is key to the secure development of this type of contract.
- These are the conclusions presented by S2 Grupo this afternoon at the VLC Softing macro-event held in the Innovation City of the Polytechnic University of Valencia, which brought together the main companies in the technology sector.
Valencia, June 12, 2018.- S2 Grupo, a company specializing in cybersecurity and critical systems management, has ensured that the application of Blockchain technology is key to the cybersecured application and development of so-called “smart contracts” (intelligent contracts that have been created in code as computer programs that run automatically).
Recently, blockchain technology has been promoted as an element of change for many industries because it allows them to save costs, accelerate processes and increase their security. The distributed accounting technology that emerged from Bitcoin has promising applications beyond digital currencies and has taken hold in all sectors (financial, logistics, educational, videogames, etc.) as the way to guarantee transparency and trust, from the point of view of cybersecurity, in automated processes. In this sense, one of the most promising cases of the use of blockchain technology is precisely the development of intelligent contracts.
These are the main conclusions presented today by S2 Grupo in the IV edition of VLC Softing, a macro-event held in the City of Innovation of the Polytechnic University of Valencia in which about 250 attendees from the leading Valencian technology companies participated. This year has focused on the power of software as an engine of innovation.
“The purpose of Blockchain is, mainly, to decentralize systems, eliminate intermediaries in processes and provide trust and transparency to automated processes, which is why its application in smart contracts is so important“, said Miguel A. Juan, managing-partner of S2 Grupo.
“The blockchain provides intelligent contracts with a decentralized environment of trust. There is no central point that can control the execution. Once a contract is deployed, it cannot be changed or manipulated. Therefore, all participants can rely on the execution“, continued Miguel A. Juan.
Smart contracts and cybersecurity
S2 Grupo has also insisted that the development of intelligent contracts does not help to avoid cybersecurity risks, but it does allow the automation of processes in a reliable way.
“We must bear in mind that, like any automation, intelligent contracts can introduce cybersecurity risks. Being contracts created in code exposes them to the risk of possible programming errors and, therefore, to cyber-attacks. There are several cases in which a lot of money has been lost due to intelligent contracts with vulnerabilities“, explained Miguel A. Juan.
In this area, the objective of S2 Grupo focuses on making secure intelligent contracts with which to avoid any type of vulnerability and, therefore, any access to cyber attackers. To this end, the company’s experts have pointed out that the programming of intelligent contracts and the execution of any software in a blockchain environment requires an approach to software engineering and it is essencial to follow the processes with an exhaustive care and carry out security audits before deploying any project to ensure the cyber-protection of any environment.