CertiK has successfully completed an audit to formally verify the security of Flowchain, an IoT Blockchain providing a distributed ledger for peer-to-peer IoT networks and real-time data transactions. With the Flowchain “tokenized hardware” technology, enterprises can tokenize their sensitive information and the valued data as digital assets and store the assets on the public blockchain to ensure the data security and privacy.
In order to secure its smart contracts and mitigate security risks, Flowchain chose to CertiK as its security partner. Founded in 2017 by professors from Yale University and Columbia University, CertiK is a leading software security provider, leveraging Formal Verification technology that stemmed from research conducted in the academic labs. Through its rigorous verification engine, CertiK mathematically proved that the smart contracts of the FlowchainCoin token, the digital assets of Flowchain, are secure and robust enough to avoid some of the most critical vulnerabilities that have notoriously plagued the blockchain ecosystem.
Flowchain provides advanced IoT solutions for enterprises with the exclusive IoT Blockchain Technology through three approaches: IoT Private Cloud Solution, IoT Gateway Solution, and IoT Blockchain Solution. Using Flowchain Private IoT Cloud, the assets from the IoT devices can be customized, audited, and stored in blockchain-based enterprises’ private cloud systems. The IoT gateway is capable of gathering information, communicating with the wireless sensor network, and submitting the information data to the public blockchain system. Additionally, by integrating with IPFS, Flowchain OS can act as an off-chain system to transfer the digital assets of enterprises from one trusted party to another.
With CertiK’s security auditing proof, Flowchain is ready to move to the next level and provide robust digital asset services, cost effective Edge Computing, and comprehensive IoT solutions to enterprises.
CertiK is a blockchain and smart contract verification platform founded by top Formal Verification experts from Yale and Columbia University. Incubated by Binance Labs, Certik has strategic partnerships with the world’s leading crypto exchanges such as Binance, OKEx, and Huobi, as well as protocols such as NEO, ICON, and QuarkChain.
CertiK’s formal verification method works differently than traditional testing approaches: rather than working manually, CertiK mathematically proves blockchain ecosystem and smart contracts are hacker-resistant and bug-free at scale. CertiK has secured over $4B in asset value, auditing several projects across all major protocols, including BNB, Terra, Crypto.com, and TUSD.