Smart Contract Advisory
MBA, CISA, CCSK, CFSA, CCSFP
Smart contracts are innovative auto-executing agreements built on the blockchain. They automate workflow and process large volumes of transactions with minimal human involvement. They’re governed by rules that both contracting parties establish and agree upon, then are executed on a blockchain with a permanent, transparent record of the transaction. Baker Tilly has developed a governance framework for smart contract creation and management, enabling companies to understand their risk, monitor results and develop and maintain their contracts securely.
As a leading CPA advisory firm, Baker Tilly can give you the full scope of support, translating our knowledge of traditional operations to the forefront of industry innovation. Our digital assets team is prepared to help you target risks, integrate processes with ease and get the most out of your smart contract implementation.
To establish quality and precise processes, we have created a simple five-step framework. Our framework will help you achieve governance requirements, establish data integrity, maximize profitability, protect the smart contract users and ensure internal flexibility and evolution with the ever-changing smart contract processes.
A governance review will allow your company to mitigate common risks and understand what is needed for a successful contract. We do this by:
For a smart contract to be successful, the necessary data must be available and usable in a timely fashion from trustworthy sources. We encourage our clients to clearly document how they are comfortable with the data’s availability, timeliness, usability and trustworthiness. It is important to ask:
The ability to define target metrics (e.g., volume, return) will help you prioritize spend and assess program success. Evaluation will include:
Prior to contract release, a smart contract “audit” can review the code and detect possible security concerns. Testing will include:
Once your smart contract governance process is established, your organization must continue to evolve with the ever-changing ecosystem. We will help you do this by:
Guiding you through the ever-changing digital assets landscape and how it affects you and your organization.