Fujitsu’s Latest Technology Detects Blockchain Smart Contract Risks
- to be commercialized in 2018
Fujitsu’s Latest Technology
Japanese multinational information technology equipment and services company, Fujitsu (FJTSY), has developed a new technology that is adept at detecting blockchain risks. In an announcement, the company made known that the new technology can verify in advance the risks associated with smart contracts, as reported by econotimes.
In the light of instances where a huge amount of capital was improperly transferred because a smart contract to create an automatic investment trust application on a blockchain was flawed, Fujitsu Laboratories and Fujitsu Research and Development Center have developed algorithms to identify risk-affected transaction sequences on the Ethereum blockchain, using symbolic execution technology.
Critical for Avoiding Business Losses
Risk detection in smart contracts is critical to businesses. Instances of defrauding smart contracts lead to business losses. 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 within that particular smart contract. However, the algorithms developed by Fujitsu are able to detect six types of risks in smart contracts, which could be overlooked in a manual review, and can then identify the relevant locations in the source code.
Boon for Blockchain Developers
Fujitsu’s latest technological development is a boon for blockchain developers who would now be able to rapidly develop safer smart contracts. It is also expected to reduce the workload involved in tasks such as specification comprehension, code evaluation, and fixing code.
The company will be commercializing this technology during the tax year 2018, while also focusing on broad technology development relating to building secure systems using blockchain.