Smart Contracts Continue to See More Adoption, Recognition

Smart contracts, which are defined as electronic records verified by the use of a blockchain and as being legally binding due to their immutable blockchain-based nature, are continuing to receive more adoption and recognition worldwide.

The latest of such recognition is the announcement of concluding a partnership between ChainSecurity, a smart contracts auditing firm, and Swiss branch of leading auditing firm PwC.

The synergy entailed no acquisition and ChainSecurity’s core delivery and development teams joined PwC to help it become “the world’s leader in smart contract auditing”. ChainSecurity has track record of smart contracts and blockchain audits, as it concluded more than 75 contract globally, and with longstanding relationship with PwC Switzerland.

PwC Switzerland and Europe head and partner of risk auditing Andreas Eschbac, said:

“As an integral part of PwC Switzerland, the team of ChainSecurity will focus on accelerating PwC Switzerland blockchain audits, including technical audits of smart contracts and blockchain platforms as well that risk hedging services for customers with crypto assets.”

Together, Chainsecurity COO Matthias Egli and CTO Hubert Ritzdorf will be leading smart contracts’ assurance team for the company.

PwC’s Manager and Head of External Communications Konradin Krieger, said:

“We expect market demands to increase quickly as blockchain becomes more mainstream and, as demonstrated with bringing in the ChainSecurity team, we are very invested in building up our capabilities around blockchain in a way where we are ahead of the market. We will continue to grow the team to anticipate these needs based on how we see the market developing.”

The announcement of the partnership came a few days following another major stride towards legalizing smart contracts, which is the legalization of smart contracts in the State of Illinois, making them valid documents for securing deals and for use as evidence in court.

With the implementation, Illinois becomes the first state to recognize smart contracts in 2020, paving the way for further adoption among other states as the year progresses. The introduction of the law in Illinois is going to have a larger impact on further adoption across the country.

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