Amid the rising trust issues in the digital world, many businesses have started utilizing smart contracts to enhance the security quotient. In addition to providing security and transparency, smart contracts foster an environment of trust between two parties.
While various industries such as healthcare, finance, supply chain, sports, and more are eagerly adopting smart contracts due to increasing security concerns, a small error while writing and deploying them can result in huge financial losses. This is where the concept of smart contracts security audit comes into the picture.
Smart contracts security audit practices are followed to audit smart contracts for any kind of flaws, existing & potential errors, and compilation issues to ensure the quality of code. Entrepreneurs looking to launch error-free Blockchain applications must leverage smart contract audit services from a renowned smart contract audit company.
However, estimating the smart contract audit cost could be tricky yet challenging. This blog sheds light on some noteworthy factors that could help you determine the smart contract audit cost. But before moving any further, let’s understand some benefits of following smart contract audit practices in your organization.
Perks of Adopting Smart Contracts Audit Practices
The following are some reasons why you must adopt smart contract security audit practices:
Eliminates Post Deployment Errors
Conducting routine smart contract audits on a Blockchain application during the development lifecycle could avoid potential errors after the app launch.
Prevents Cyber Attacks
Smart contract audits could help you identify entry points for potential hacks and update your threat model for risks that may evolve in the future.
Saves Developers’ Time
Instead of performing multiple tests on a Blockchain application during the testing phase, a thorough smart contract audit could bring security to the Blockchain code and save your time and money in the long run.
Factors to Consider for Estimating the Smart Contract Audit Cost
Though the total cost of performing a smart contract audit depends on numerous factors, here are some crucial ones:
Size of the Project
One of the noteworthy factors that could help you determine the cost of your smart contract audit is the app size. The size of your Blockchain project depends on the app’s complexity and the total number of features you’re willing to integrate into your application. Performing a thorough smart contract audit on a complex project may take more time than expected which will lead to a higher audit cost.
The Number of People Involved in the Auditing Process
The cost of your audit relies heavily on the number of people involved in the auditing process. Moreover, factors such as tools and technologies required to audit an application, maintenance & post-delivery services, and project management cost also contribute to the smart contract audit cost.
Type of Blockchain platform
The price of an audit also varies from platform to platform. For instance, the estimated cost for performing an Ethereum smart contract development and audit depends on Ethereum’s gas fees, storage fees, contract execution process, and many more factors. On a similar note, the smart contract audit cost for Blockchain platforms like Tron, Solana, Polkadot, and more may depend on their features and architecture.
Smart Contract Audit Process
The smart contract audit process followed by a smart contract audit company may also affect the audit cost. From code assessment to expert review to creating detailed audit reports, there are countless steps involved in the detailed smart contract audit process. The strategy and process being followed may also differ from one smart contract audit company to another.
To conclude, factors such as project size, team size, type of Blockchain platform, and more could help crypto enthusiasts determine the estimated smart contract audit cost. In the present scenario, adopting the smart contract audit practices in your organization is crucial to not only save your time and money but also to prevent post-launch errors and cyber-attacks. In addition to that, you can also use some smart contract security tools such as Oyente, SmartCheck, Securify, Gasper, Solgraph, and more to find bugs and errors. If you’re one of the entrepreneurs looking to get smart contract audit services from a renowned smart contract audit company, then it is advisable to get in touch with smart contract developers at Antier.
The team of experts at Antier harness its experience and expertise to audit smart contracts for existing and potential errors, security flaws, compilation issues, and more – to ensure the quality of the code. We boast a team of more than 500 experts who help you refine your offering and suggest the best tech approach. We provide a complete report comprising vulnerability details along with mitigation guidance after a deep smart contract audit. We back enterprises at all stages of the Blockchain development lifecycle such as auditing, testing, and formal verification.