The EY organization has launched advanced artificial intelligence (AI) capabilities in its EY Blockchain Analyzer: Smart Contract and Token Review (SC&TR) tool. This new AI-driven functionality enhances smart contract vulnerability detection, improves test coverage, and accelerates the contract simulation process, making smart contract reviews more efficient and robust. With the integration of AI, users can automate contract reviews using natural language prompts, significantly reducing manual efforts while increasing security. This innovation positions businesses to deploy smart contracts with greater confidence, reducing review times for EY teams by 50%.
Why Smart Contract Security Matters
- Market Growth:
- The smart contract market is projected to reach $2.5 billion by 2032, growing at a 29.6% CAGR from 2023 to 2032 (Allied Market Research).
- As adoption grows, so do risks associated with undetected vulnerabilities.
- Security Challenges:
- Traditional testing methods may overlook hidden vulnerabilities.
- Flaws in smart contracts can lead to financial losses and security breaches.
Features of EY’s AI-Powered SC&TR Tool
- Automated Smart Contract Reviews:
- AI-driven testing engine automates vulnerability detection.
- Users can review contracts using natural language instead of code.
- Improved Test Coverage & Efficiency:
- Trained on a vast library of tests to detect complex vulnerabilities.
- Enables higher test coverage with the same resources, enhancing security.
- Faster Deployment & Reduced Risk:
- Eliminates time-consuming manual steps like sandbox simulations.
- Reduces the likelihood of human error in smart contract testing.
How AI Transforms Smart Contract Testing
- Efficiency Gains:
- AI accelerates the review process, reducing EY team workload by 50%.
- Faster contract simulation enables businesses to deploy securely and swiftly.
- User-Friendly Approach:
- Natural language processing replaces traditional coding in contract reviews.
- More accessible smart contract testing for businesses and developers.
Expert Insights
Paul Brody, EY Global Blockchain Leader:
“To unlock the full potential of smart contracts, businesses must remove time-intensive manual processes. The EY Blockchain Analyzer: SC&TR tool demonstrates how AI and blockchain can complement each other to improve security and efficiency.”
Avner Geifman, EY Israel Emerging Tech Leader:
“Our AI-powered test engine now offers greater smart contract coverage and a user-friendly experience. By enabling natural language-based assessments, we simplify the testing process for businesses.”
EY’s latest AI integration in the SC&TR tool represents a major advancement in smart contract security and blockchain automation. By streamlining the review process and enhancing vulnerability detection, this innovation enables businesses to confidently deploy smart contracts while reducing risk and operational inefficiencies.
