What Is Crypto Audit and Why Do the Companies Need It

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Today, few people can imagine their life without electronic payment systems. Every month the world presents new variants of payment system projects. Naturally, such popularity is due to demand. 

How is Cryptocurrency Becoming Popular

The first thing users pay attention to is globalization and financial advantage. Let’s imagine that you are a small entrepreneur who sews good tracksuits. Your office is in city A, the production is in city B, and the raw materials are bought in another country. Would you like to provide your company with a simplified system for managing your own assets? Of course, you would. This is how cryptocurrency becomes popular. It’s all about demand. At a minimum, it has a decentralized system, meaning it is independent of transactions between wallets. Cryptocurrency coins are not tied to the exchange rate of state currencies. Also, the transactions themselves are considered anonymous, as the user can only know about the person to whom he transfers money and his wallet number. Another fun fact that again bypasses established economic rules is the lack of a coin issuing center. Cryptocurrency is mined by anyone from anywhere on the planet. One last thing worth mentioning is the profitability of transactions. Compared to bank transfers, it is cheaper. 

Cryptocurrency is a movement “towards the future” that was supported by global businessmen and Influencers. Among them are Elon Musk, Paul Graham, Jack Dorsey, Dan Egan, and others. To summarize, all of these people agree on a few things:

  • Growing markets are hit very hard by inflation, cryptocurrency could potentially protect them.
  • Cryptocurrency has proven to be a very useful money transfer tool and is unlikely to disappear. 
  • Simplification of the entire banking system as such. Many experts believe that this will draw attention to more serious problems, as it will save humanity from financial red tape. 

The Companies That Support Crypto

World-renowned holdings are also interested in the cryptocurrency market, as well as the technology, on the basis on which it is built. Visa (the credit card network) has applied for 50 blockchain patents, ranging from a real-time payment system to cryptocurrency-related technologies. Samsung used “transparency” technologies to control the fulfillment of contracts by its subsidiary. Microsoft, namely its cloud division, launched a tool that develops blockchain applications. Mastercard has surpassed Visa and applied for 80 patents. Of particular note is the one designed to tie cryptocurrencies to traditional bank accounts. Importantly, the ability to link a high-speed payment system with blockchain-based payments will be able to solve the problem of payment processing time and will bring huge income to the company, and simplify the lives of cryptocurrency users. 

Intel went even further. It presented a platform that allows companies to create their own blockchains. Special mention should be made of Google, which is investing massively in the blockchain. For example, the company launched a payment startup that allows firms to send and receive payments in different currencies instantaneously. Bitcoin in this case acts as a kind of intermediary for the holding company. One way or another, global holdings are slowly beginning to incorporate cryptocurrency and its technology into their lives, once again proving that it has a future.

What is Blockchain

It is natural for the attentive reader to ask, “What is blockchain, why is it good, and why are all the business giants after it? A blockchain is a chain of blocks whose information cannot be changed. You can only put in new information without correcting previously recorded information. This is what makes it different from a standard database. For example, you own a mobile accessory store. You have made a delivery of a certain amount of products into the warehouse and entered the data into the system. Sometime later, a defect or breakage was detected through the fault of the seller in the store. You can’t correct the original quantity anymore, you can only add how many goods were spoiled and why. That is, this technology allows for a more transparent accounting system for the enterprise. Blockchain is also called a “distributed registries” system. A large number of independent users store the entire chain of transactions, as well as the list of owners, on their computers. That is, even if several computers fail, the data entered will not be lost. Naturally, everything is securely hidden and encrypted. 

Thus, let’s conclude, blockchain is the future in information accounting and is primarily aimed at the interests of businessmen of different levels. It doesn’t matter if you’re selling vegetables at the grocery store or investing in art. 

What About Crypto Audit

Once you understand the basics of blockchain, the key question is who can do the crypto-audit and all the necessary system security checks? Choose a team of young professionals who achieve notable results in a short time. One of the most successful examples of a quick and successful entry into the global market is a company specializing in blockchain audit. The need for crypto-audit is driven by the demand for a wide range of services, as could be provided by IT Companies in New Jersey, from secure information storage to structuring important data. There are several stages of the audit:

  1. The first takes place even before the audit. The security team of the company conducting the crypto-audit should become familiar with the architecture of your project in detail and understand the options for its operation. 
  2. The second is possible after a detailed analysis. Specialists begin to simulate various threats that can damage the system. A striking example is spoofing (situations when a person or program, masquerades as another and allows to obtain illegal benefits, by falsifying data) and detection of DDoS attacks on the blockchain system.

Also, a crypto audit allows securing smart contracts from any public access. This provides an opportunity to protect clients’ assets and avoid the potential risks of losing them. In addition, the passing of this kind of verification by projects shows your future partners how reliable you are. Every self-respecting investor understands that the first thing is to secure the investment. 

Finally, I would like to add that every new system that is recognized as “future” is worth the attention of any entrepreneur. At least because the world is evolving by leaps and bounds and is increasingly rejecting the standards offered in the past. When you choose a cryptocurrency and a system to work with it, you choose development.

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Written by Guest User