Japanese Cybersecurity Company Partners With ConsenSys to Detect Vulnerabilities on Smart Contracts

On November 8, 2018, Global cybersecurity firm NRI Secure Technologies (NRI ST) in collaboration with Ethereum-focused development studio ConsenSys has launched a new product dubbed Blockchain Security Monitoring Service.  The infant service will monitor and track vulnerabilities present in information systems and services that use blockchain technology.

ConsenSys’ Role in This Venture

To begin with, the product will be used to scan for vulnerabilities in smart contracts on Ethereum. NRI Secure Technologies is a subsidiary Japan’s of the Nomura Research Institute. NRI ST is an already established name for providing cybersecurity services.

However, this new product will include multiple scanning tools in the security log monitoring service – NeoSOC. The NeoSOC will monitor the behavior of smart contracts and will notify the company if it detects any vulnerability. Once the company receives the information, it can immediately stop using the system process and corresponding ‘malicious’ program.

Apart from NeoSOC, another tool in the offing known as Mythril which is being termed as ‘a smart contract security diagnosis and analysis tool’ and brought into play by ConsenSys’ Diligence team. One of the most prominent features of Mythril is that it can diagnose the behavior of a smart contract and track vulnerabilities present on the blockchain.

Commenting about the collaboration, Tom Lindeman, the co-founder of ConsenSys Diligence said:

“ConsenSys Diligence is extremely happy to forge a new partnership with NRI Secure, who are widely recognized as leaders in managed security services and also leading edge pioneers in the Ethereum blockchain security space.”

Further adding that it was the company’s vision to bring smart contract analysis services to companies across the world and develop Ethereum as one of the safest platforms in the world.

Launching Pre-Emptive Strikes

Although this may come across as proactive action, it is indeed not. Recent media reports revealed that group of analysts from two American universities found that an absence of diversity in Ethereum smart contracts could potentially pose a risk to the Ethereum blockchain.

Not just that, but earlier this year, a report by a portal, Dataconomy stated that while Ethereum has traditionally been seen as a secure ground, it has had its share of hackers. The report indicated that while blockchain is extremely tough to hack into, but code exploits and other malicious activities have resulted in many investors, companies, and exchanges losing hundreds of millions in losses.

The report further quoted a study by Ernst & Young (E&Y), that nearly 10% of the amount raised in Initial Coin Offerings (ICOs) was lost due to fraud or errors in coding.

What’s your take on the new collaboration between NRI ST and Consensys? Let us know your thought in the comments section.