What does making a smart contract ‘smarter‘ mean? It simply means freeing the contract from every possible security flaw so it can be deployed on the blockchain. This process safeguards it against all hacker exploits and keeps the funds safe.
Securing a smart contract is as tedious as building an aircraft control system, says every expert who does smart contract audits. Thus, there is no question about overlooking the vulnerabilities within smart contracts. So, “How do you secure your smart contracts“?
ImmuneBytes is a credible blockchain audit firm with a prominent presence in the dynamic web 3.0 space for the last few years. In this blog, we will try to answer the above-discussed question and make securing your smart contracts hassle-free for you.
Our auditors have enlisted five ways to improve the security of smart contracts. Let us begin!
5 Ways To Enhance Smart Contract Security
Due to the immutable nature of blockchains, if a smart contract gets deployed on the network, then it cannot be reversed. Therefore, it becomes mandatory to look for all the vulnerabilities and eliminate them so that hackers do not exploit those security breaches.
These are the five best practices to secure your smart contracts.
- Be cautious with the extra functionalities.
The functionalities of smart contracts are very rich, which is the reason for the popularity of platforms like EOS and Ethereum. We must also pay attention to the price of this functionality, that is, security breaches.
Therefore, when you work with those protocols that align with the working of the smart contracts, you must stick to the best practices for that corresponding blockchain network. Else, you will add fatal vulnerabilities to your source code.
Interestingly, some networks, such as Zilliqa and Cardano, have added more restrictions to their smart contracts. As a result, the security of the codes in these networks has improved.
2. Be cautious with the programming language you choose
The programming language used to write a smart contract is crucial to keeping it secure. You must always pick a language that would maintain its security if given a choice.
We’ve got you covered if you need clarification about which programming language to choose for building a smart contract.
It is seen that many blockchains invent their programming languages so that the bugs/errors in the code can be minimized. Even the most experienced developers resist committing an error while writing a smart contract with popular programming languages.
On the contrary, some programming languages have simpler semantics. Developers can easily work on them and avoid mistakes when building a smart contract.
Irrespective of your chosen programming language, follow the best practices for that blockchain.
3. Use practices that are blockchain-specific
We can classify smart contracts as software; however, we must also take care of the development practices. Those practices are built on the specifics of blockchain technology.
Did you know that if you commit a development mistake in a blockchain, you will incur a much higher price than other software solutions?
4. Regularly get your codes tested and audited by experienced professionals.
Foreseeing everything that comes with developing a smart contract is impossible. Therefore, it is a must to run preliminary tests to take care of its security.
Using different testing options is a great way to cover basic contract functionality and release it on the test network first. We carry out both manual and automated tests.
There’s a reason why ImmuneBytes is considered to be a credible smart contract auditing company. It is because we are home to over 15+ web 3.0 cybersecurity professionals who have assessed more than $4.1B on chain value in just two years!
Security audits play a pivotal role in ensuring the high-level security of smart contracts. The reason behind this is that professional auditors carry out this process. They find the vulnerabilities and help you fix and optimize them with their recommendations.
5. Employ additional testing tools
There is no harm in using additional testing tools. For every blockchain, we have a different set of tools that are specific to that network.
Here is a list of the most popular testing tools for Ethereum.
- Test coverage analyzers
- Symbolic execution
- Formal verification
These are the top 5 ways to keep your smart contracts secure. If you make sure to follow these steps, then you can save yourselves from several hacks.
What If Your Smart Contracts Are Not Secure?
Knowing the vitality of keeping your smart contracts safe, it is time to look on the other side of the grass. Here are some potential risks your business might encounter if your smart contracts are not secure.
- Code vulnerabilities
- Lost funds
- Lack of smart contract logic
- Inefficient access control
Of course, you would want to avoid these risks, wouldn’t you? So, if you’ve finally decided to utilize blockchain technology for your business, ensure to hire the best blockchain audit firm with just the right experts to take care of your smart contracts.
Smart contracts are a well-liked solution with several advantages: they are reliable, precise, and more economical than conventional legal contracts. However, a smart contract is susceptible to coding flaws and undiscovered vulnerabilities like any other program.
The blockchain network you deal with, the programming language you employ, and the testing tools you utilize are just a few of the numerous variables that might impact a smart contract’s security. Follow industry best practices for the specific language and platform you’re using, test your contract before publishing the final version, and you can increase the security of smart contracts.
Understood how to make smart contracts ‘smarter‘?
Our team of skilled blockchain developers and security testers at ImmuneBytes can assist you in enhancing the security of smart contracts on any platform. Contact us, and we’ll respond to you right away.
The Poly Network attack that resulted in the loss of $611M was due to compromised smart contracts! It’s high time to secure your smart contracts. Learn more.