Venrai provides a suite of compliance advisory, security audit and technology development services to those organisations possessing appetite to seize the disruptive benefits afforded by blockchain technologies.
What is the opportunity?
Blockchain can most succinctly be described as the “Internet of Value”. Whereas the internet itself is merely a digital communication network, excitement quickly ensues when considering what is made possible by building on the internet as a backbone. Never before has it been possible to transmit digital assets over the internet in such a way that provenance and immutability are unquestionable. This is primarily achieved through the use of massive networks of computers, continuously verifying the authenticity of digital assets on ledgers distributed all around the world.
At this stage it is a rarity to come across those unaware of the Bitcoin blockchain, which has been in operation for well over a decade, but there are now many other somewhat less known blockchains that allow us to venture into avenues such as Decentralised Finance (DeFi), using “smart contract” technology. Quite simply, smart contracts move beyond the basic mechanisms of transmitting cryptoassets such as bitcoin from one wallet to another, and allow for increased programmability, meaning that peer-to-peer services such as cryptoasset lending, including flash loans, are now a possibility. The most established and commonly used smart contract blockchain networks include those of Ethereum, Cardano and EOS.
Likened to the dot-com boom of the late 1990s, the current phase of blockchain expansion is rife with opportunity for businesses. Back when it was in its infancy, many companies opted to ignore the opportunities afforded by the internet, as it was at the time difficult for some decision makers to envisage such a transformational digital future. Hindsight can be bittersweet. It is now very easy to point out those companies that had the foresight to adapt or even drive this change, as Facebook and Amazon now lead by market capitalisation on the S&P 500 index, having long left those reluctant to change in their wake.
Learning from the recent past makes it clear that ignoring emerging technologies can be perilous for a company’s long-term viability. This should also inspire organisations to investigate how blockchain technologies can benefit their operations, given its potential to disrupt the current financial landscape, and beyond. To fully explore the opportunities made possible by blockchain technologies, companies need to enlist the support of specialist partners, such as Venrai, to guide and support their digital development endeavours.
Code development solutions
The Venrai approach to blockchain code development ensures that organisations with the desire to either fully outsource or augment their in-house teams with external blockchain developer expertise, can do so seamlessly and with confidence. Venrai coordinates each engagement with fixed resources who are dedicated to project delivery. This allows for efficient project delivery and a reduction in the number of employees who require access to sensitive project information. Our commitment to quality code development is unrivalled, and throughout the development lifecycle, blockchain solutions are built with security being of paramount importance. For each project, the aim is to foster long-term client relationships, through the delivery of secure, compliant and trusted digital asset solutions.
Smart contract security auditing
One of the core offerings at Venrai is in the area of smart contract security auditing. With any programmable code, mistakes can and will be made, regardless of the experience and proficiency of in-house developers. With that in mind, smart contracts should not be trusted to store or send value prior to their being subjected to a security audit. By way of leveraging an extensive talent pool based in the UK and in Ukraine, Venrai provides its clients with a strong level of assurance on the quality of code being deployed.
Venrai takes a unique approach to auditing smart contracts; a combination of automated audit techniques alongside line-by-line code reviews performed by blockchain professionals, each of whom possess extensive smart contract development experience. Our developers have a hybrid skillset that allows them to perform thorough security reviews of blockchain projects with consistent and reliable results. This provides clients with confidence that their smart contracts will work as intended, which is vital to the success of any blockchain project. Through its strategic partnerships with decentralised smart contract insurance cover platforms and insured cryptoasset custody wallet providers, Venrai is uniquely poised to advise on additional options that, following the performance of a security audit, may further bolster the security credentials of a blockchain project.
Digital asset compliance advisory
In an increasingly digitalised world, widespread adoption of cryptoassets is on the near horizon, and regulators are already defining ground rules on permissible usage of the emerging technology. The digital asset compliance advisory arm of Venrai helps companies wishing to explore this innovative asset class, to adopt blockchain technologies in a manner that is both fully compliant with existing, and mindful of emerging UK and EU regulations. Venrai offers expertise from industry professionals with decades of experience in the traditional financial sectors, alongside a thorough understanding of existing regulatory regimes. We engage with competent authorities on every major regulatory consultation, keeping a finger on the pulse of an ever-changing regulatory landscape.
iGaming case study
A growing trend in recent years has been in cryptoasset integrations for the iGaming sector. A common misconception is that cryptoassets are most frequently used by cybercriminals for nefarious activities, the most famous example being in the use of bitcoin to transact on the Silk Road, an illegal online marketplace that was shut down in October 2013. Such operations actually account for the minority of cryptoasset usage, and the integration of blockchain technologies and cryptoassets in iGaming can in fact increase platform security, affording operators with improved data, verification and fraud protection. Smart contract blockchain technology, when deployed with security by design, is suited to service the iGaming industry’s increasing appetite for more accountability and traceability. It is for similar reasons that central banks, such as those of Japan, China and Lithuania, are racing to implement their own Central Bank Digital Currencies (CBDCs), thus demonstrating the changing tide in the perception of digital assets.
Venrai features on the blockchain security expert list maintained by the Isle of Man Gambling Supervision Commission, and is well placed to consult and provide expert opinions in regards to the security of iGaming blockchain projects. Through its efforts in increasing the security and reliability of digital assets, Venrai adds clout to any blockchain project.