Bluebik Titans Company Limited (Bluebik Titans), a system developer and cybersecurity consultancy under Bluebik Group Public Company Limited (BBIK) which is a leading consultancy on end-to-end digital transformation, unveils its new service, “Smart Contract Audit”, together with its world-class partner Least Authority, a leading smart contract audit company. The new service can detect and prevent security loopholes in the development of blockchain-based decentralized applications (DApps) and decentralized finance (DeFi) systems in hope of creating end-to-end decentralized security.
Market Research Future expects the value of DeFi markets will grow annually by 46.8% on average during 2022 and 2032 and reach US$446 billion in this period. However, combined damage from cyberattacks on DeFi is estimated highly at US$5.51 billion. Therefore, Bluebik Titans sees demand for security on blockchain-based systems and thus launches the Smart Contract Audit service which has potential for steady growth.
Polnsutee Thanesniratsai, Director of Bluebik Titans Company Limited, said many businesses are expanding their platforms and services to blockchain networks. This concerns especially the development of DApps which are the applications or digital programs that run on blockchain or peer-to-peer (P2P) networks. Meanwhile, attacks and security risks have risen significantly on blockchain networks and have direct impacts on businesses in terms of damage and weakened confidence in blockchain-based project development. Therefore, Bluebik Titans introduces the new service, “Smart Contract Audit”, which covers all dimensions of consulting about DAapps and their security risks. The service includes the comprehensive assessment of risks and loopholes in relation to programming on smart contracts (smart contract audit).
“Blockchain, DApp and DeFi investments are likely to grow among business organizations such as fintech, banking and large-scale businesses that see opportunities in spending on ecosystem development on Web3. However, the security risks of projects have formed a major challenge. So, we would like to help tighten security for blockchain-based business development. Collaboration with Least Authority which excels in smart contract audit strengthens the cybersecurity services of Bluebik Titans and attracts new clients in Thailand and all corners of the world,” Mr. Polnsutee said.
Least Authority is recognized as a leading smart contract audit company of the world. It has conducted security checks for many world-renowned projects such as Metamask, Ethereum 2.0, Core DAO Layer 1, Dogecoin and Wordcoin. The combined expertise of Least Authority and Bluebik Titans ensures the security and reliability of business development on blockchain networks and builds confidence among all parties involved in the development, Mr. Polnsutee concluded.