The partnership and the eventual resulting commercial collaboration between ChainSecurity — a spin-off startup of ETH Zurich’s ICE centre and Contract Vault — co-founded by the former Managing Director of one of Switzerland’s first cryptocurrency mining companies — highlights the significant potential for adoption in the near future.
Despite broad interest in the wide range of possible use cases for smart contracts, the lack of technical knowledge among lawyers and business leaders creates a barrier to implementation, and the scarcity of blockchain developers capable of carrying out smart contract audits leads to potential security risks.
By joining forces Contract Vault and ChainSecurity lay the foundation for the expansion of new services for legal firms and forward-looking businesses who wish to gain easy access to legally-enforceable digital contracts that incorporate smart contract elements.
Contract Vault has already partnered with Laux Lawyers and Validity Labs, two of the leading Swiss firms in the area of legal tech and smart contract development respectively.
Gordon Mickel, Managing Director of Contract Vault, sees the partnership as an opportunity to spur development across many areas;
“We see that many people are scared of smart contracts, mostly because they aren’t technical enough to understand them and how to use them. ChainSecurity’s auditing tools are a great step forward in helping businesses trust the capabilities of this new technology.”
Petar Tsankov of ChainSecurity, adds;
“For smart contracts to really catch on, we have to get to a point where they are easy to use and to use in conjunction with other areas of technology and business. We like what Contract Vault is doing to make contracts and smart contracts accessible to a broad audience. This is what the industry needs.”
In the coming months, the two companies will explore a range of technical integration possibilities, including a possible offering of services for companies wishing to use smart contracts for various stages of a Pre Token Sale (TS). Contract Vault itself is powered by the Vault Token. The Vault Token crowdsale begins on the 1st of May.
ChainSecurity brings the first formal audit platform for smart contracts, based on Swiss technology developed at the ICE centre, ETH Zurich. Based on its platform, ChainSecurity provides, for the first time in the blockchain space, automated formal smart contract audits, which offer the highest level of assurance.
The goal of ChainSecurity is to bring its platform worldwide to all blockchain projects, teams, and corporations, thereby taking the security of blockchain products to the next level.
Built in the heart of the Swiss Crypto Valley, in Zug, Contract Vault is a Blockchain-powered platform on which anyone can develop, use, resell, customise and repurpose legally sound contracts. It’s a toolkit for building contracts as simply as drag-and-drop, a marketplace for selling them and a secure environment for witnessing them.
Contract Vault is also a home for tomorrow’s smart contract automation; where fulfilled contracts automatically lead to events like money changing hands or documents being updated. From buying a home to unlocking micropayments in third world countries, Contract Vault is the new world of trust.
ICE is an interdisciplinary and interdepartmental research centre at ETH Zurich conducting fundamental research with a strong practical component. The mission of ICE is to advance the construction of secure and reliable systems (such as blockchains, networks, data centres) using formal reasoning.