MADANA engaged ChainSecurity to perform a security audit of the MADANA PAX, an Ethereum-based smart contract. ChainSecurity audited the smart contract which is going to be deployed on the public Ethereum chain. To guarantee that the MADANA PAX contract is secure and functionally correct, ChainSecurity formally verified the contract’s code with respect to 24 relevant functional requirements.

The security audit consisted of:
1) formalizing 24 functional requirements;
2) verifying the correctness of the MADANA PAX contract with respect to the formalized requirements;
3) analyzing the contract for generic security vulnerabilities; and
4) a thorough manual audit of the contract for compliance with best security practices.

During the audit, the verification of the MADANA PAX contract revealed one design issue, which was acknowledged by MADANA. No security or trust issues have been found and ChainSecurity considers the code to be secure. The employed coding practices and documentation are up to a high standard.

MADANA, a German blockchain tech start-up, provides an easily implementable patented solution for data analysis that allows participants to establish a data market while preserving Privacy by Design in a GDPR compliant way. MADANA enables companies to make better use of data and acquire more unique insights, especially from their customers. MADANA is therefore developing the decentralized Market for Data Analysis (MADANA Platform) to connect Data Producers, Plug-In Providers and Data Analysis Buyers on a blockchain-based infrastructure. With their patented solution they analyze encrypted data within so called Trusted Execution Environments (TEEs), whilst giving back control to Data Producers with the possibility to monetize the whole process with one of the first cryptocurrencies (MADANA PAX) under German law.

To learn more about MADANA visit www.madana.io