What turns out to be a vital aspect of a smoothly functional business today is security. An attack on your enterprise can negatively impact your productivity, resources, credibility and, most importantly, profit. You might be wondering as to what makes code Security Audit a must in the ICO/IEO/STO environment. It is because majority of current threats are directed towards the software program and its vulnerabilities. This is why IEO Consulting Services and IEO launch services incorporate code Security Audit as one major aspect of the services they render towards ieo challenges and solutions. Therefore it is always commendable that you give your undivided attention to this security aspect either by directing ample priority towards it or by outsourcing the job to the best ieo development services out there. While the desired impacts of Code Security Audit could be many, some of the most desirable ones are as follows
Credibility Challenges Solution
Be it an ICO, STO or IEO, the project naturally comes with development of blockchain, Coin/Token and Dashboard. Analysing the code and functionality of these three components is always a must. It will ensure that each part is secure and any vulnerability is solved. It will go a long way in solving IEO credibility challenges since it will boost the confidence of investors with regards to the process and funds stored. Investors and traders have one preference in common, that is, to invest in tokens and coins which possess zero vulnerability.
Mention may also be made that an audit enables you to showcase that your product licenses are up-to-date and the code steer clear of copyright infringement. The incorporation of a high-quality code will furnish you with the proof required to scale up potential bids from buyers and therefore enhance the company’s valuation. As it provides buyers a chance to have their questions answered regarding their purchase they will find value in a manual audit. As such it gives rise to transparency and buyers can determine how much of the codebase was done by in-house developers, how much is from a third party, what methodologists did the developers employ to write the code. It allows buyers to be aware, if any, of security vulnerabilities or functional loopholes that can attract hacking or leakage of trade secrets/data.
Liability Exposure Minimization
Code Security Audit scans your blockchain platform and makes for a fully functional product that is bug-free, thereby minimizing and obliterating a potential future hacking event once your blockchain platform moves into the market. Hackers on the prowl will target vulnerabilities and functional gaps, and a successful hacking event could prove detrimental to your company since it will result in significant loss of capital and depletion of customers’ trust.
Customers’ trust is everything. How far you go with your project will be determined by the level of trust you have with your customers. Losing a bulk of capital is one thing, losing your customers’ trust is another. But both have the potential to deal a heavy blow to your project. Code vulnerabilities have the potential to sabotage your blockchain venture and cost billions of losses. This is where the importance of a code security audit comes into play. A code security audit can secure your system by carrying out verification, identification of failure spots and weak cryptography. The technical team in action will audit the entire code against rigid security protocols and thereby thwart future liability.
A proper audit of smart contract codes will help you avoid hacks that have the potential to cost your company a loss in terms of millions. A hacking is the last thing you want to experience because the damage that a hacking will deal to your company will go beyond loss of money. The years of efforts that went into building your brand reputation would go wasted. With reputation gone everything is gone. Indeed there is no doubt you are navigating an anonymous digital world, but a thorough code audit will see you through. This is to say that prioritizing code security will always pay off.
