Quantstamp, a blockchain security firm, secured investment from
Nomura Holdings and Digital Garage and announced its expansion into Japan. Through establishing a limited liability company, Quantstamp Japan GK, the firm plans to help Japanese startups and enterprises to use secure blockchain technology.
Quantstamp provides services to assist in identifying and securing vulnerabilities in smart contracts. It uses an automated process to examine smart contracts for well-known issues, alongside manual auditing to help prevent security breaches in large-scale blockchain initiatives. Its services have been used to protect projects with more than $500 million of transaction value.
There have been some enormous smart contract vulnerabilities. One of the best known is the theDAO or Digital Autonomous Organization. In June 2016 a flaw in its smart contract was exploited resulting in the direct loss of more than $50 million in ether, and a 35% drop in ether’s value. Controversially Ethereum was forked (split) in order roll back and reinstate the money.
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