Contract Vault, a leading Crypto Valley-based platform for customizable legal and smart contracts and ChainSecurity, one of the top providers of fully automated formal smart contract audits have announced a strategic partnership. The goal of the partnership in its initial phase will be to promote the safe and secure usage of smart contracts in a growing number of businesses and to further integrate the services of the two companies.
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 an Initial Coin Offering (ICO).
The partnership and the eventual resulting commercial collaboration between ChainSecurity — a spin-off startup of ETH Zurich’s ICE center 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.
“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.”
“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.”