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Mainly known as the technology behind cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH), blockchain is making its way to other areas such as banking, healthcare, fashion, voting, and even the justice system. The U.S. Securities and Exchange Commission (SEC) wants to stay ahead of the game and is now scouting for a blockchain forensics tool that can be used to analyze smart contracts.
With the increasing adoption of digital currencies and usage of smart contracts, the SEC is making sure that it has the technological capability to perform its regulatory oversight in such a scenario. The agency is calling for software firms to make their bids for a tool that could be used to analyze smart contracts, according to Bitcoin.com.
“The United States Securities and Exchange Commission (SEC), 100 F Street, NE, Washington, DC 20549, intends to procure a distributed ledger technology (DLT) smart contract analysis tool to analyze and detail code within blockchains and other distributed ledgers, in support of its efforts to monitor risk, improve compliance, and inform Commission policy with regard to digital assets,” the SEC wrote.
One of the requirements of the blockchain forensics tool is that it should be able to detect and identify changes to the contract even if they are done using administrator login ids. The SEC also wants the software to have the capability tracing the manner of disbursement of token sales funds as well as detecting potential issues such as blacklisted and whitelisted addresses.
Interested software companies can submit their proposals until August 13. However, the SEC specified that it will only accept bids from firms classified as “small businesses,” which are companies with valuations of $30 million and below.
Since the rise of the cryptocurrency industry, the SEC has already investigated a number of cryptocurrency firms. The analysis tool would be a big boost to its investigative capability as it will give the agency the “ability to track the movement of crypto transactions more closely, particularly those contracts in the multi-billion-dollar decentralized finance (Defi) industry.”
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