In recent years, artificial intelligence (AI) has found its way into nearly every sector and industry, transitioning from a faraway concept largely associated with Sci-Fi scenarios and prospects of a dystopian future into a real-world technology with broad applicability that has the power to impact and transform the world as we know it.
So, the intersection of AI with another disruptive technology like blockchain should come as no surprise. More precisely, this convergence refers to the use of AI systems in blockchain code auditing. That could help different platforms like Ethereum tackle some longstanding technical challenges and improve the network’s overall performance, which would obviously also have a positive impact on the Ethereum price. So, for those whose crypto and blockchain-related curiosities go beyond questions like “what is the price of Ethereum” and “what are the latest predictions about Bitcoin”, this should make for an interesting read.
As a technology that aims to develop machines and systems that mimic human intelligence, AI can take many shapes and forms, with voice assistants and catboats, content generators, predictive maintenance, customer service, data analysis, personalization, and process automation being among its most common and popular use cases. Now it seems there’s a real possibility that AI could enter the blockchain realm as a solution for code auditing. This idea has been advanced by none other than Ethereum’s co-founder Vitalik Buterin in a tweet and has received support from the networks’ developer community.
AI-enhanced Code Audits
In a post on X (former Twitter), Buterin said that he is excited about AI’s potential applicability in improving code audits and identifying bugs in blockchain projects. The Russian-Canadian programmer admitted that bugs in code represent a real concern for the Ethereum network at the moment, and any solution that could help address this issue is more than welcome.
Following the ChatGPT craze, the AI sector has become a fertile ground for investing, with almost $29 billion invested in generative AI in 2023 alone. More recently, the new products launched by OpenAI and Nvidia’s robust market performance have led to significant appreciation in the price of AI-based crypto tokens. Interest in AI is obviously increasing and there are good reasons for this trend. AI has demonstrated its efficiency across a broad range of use cases and industries and could also prove useful in a blockchain context. But how exactly can AI assist with code auditing?
Performing coding audits is already a common practice in blockchain development. These checks are generally conducted with the help of automated tools in order to improve accuracy and efficiency. However, despite the advantages that these tools provide, they have a major shortcoming in that they are static and can’t keep up with the evolution of the blockchain sector and the changes that occur over time.
That’s where AI can step in. Having the ability to train and learn from new data, AI can easily refine its algorithms and adapt its processes to different contexts, based on changing circumstances. Therefore, AI can identify risks and vulnerabilities with much greater accuracy than conventional analysis systems.
Apart from its growing complexity, the blockchain space is also known for its rapid progress. But this fast development also brings along new risks, hazards and challenges. That’s why blockchain projects require assessment tools that can keep abreast with the industry’s evolution, and AI is the only technology that fits the bill.
If we focus strictly on Ethereum, the blockchain stands as a beacon of innovation in the crypto industry, constantly rolling up upgrades and updates to address its weaknesses and improve security, scalability and performance. As expected, there’s a certain degree of risk involved in implementing so many changes to a system, which underscores the need for thorough code assessment.
Other developers have brought into discussion AI’s potential as a forecasting tool. AI might not be a crystal ball that can tell us what’s going to happen in the future, but it can analyze past data and experiences in order to predict forthcoming hazards. Based on the idea that prevention is better than cure, AI can serve as a valuable tool for predictive analytics by helping developers detect potential issues such as bugs, inefficient code patterns and other flaws that can affect the blockchain’s performance.
Therefore, AI technology can complement current auditing tools and human examinations, promoting code quality and leading to more robust and efficient blockchain platforms.
Ethereum’s Bug Problem
Although blockchain technology is largely regarded as safe and secure, this doesn’t mean the crypto industry is immune to security risks. Recent data reveals that the total losses experienced by cryptocurrency users due to scams, rug pulls and hacks in 2023 amount to approximately $2 billion, and code bugs and vulnerabilities seem to be the root cause of the problem.
Unfortunately, Ethereum is no stranger to these issues either. In fact, Ethereum registered the biggest losses of all blockchains owing to its extensive ecosystem with a multitude of high-value projects and a large number of users. Ethereum recorded approximately 170 incidents this past year, causing the network to lose almost $1.35 billion.
This proves that Ethereum is a platform that appeals not only to developers and investors but also to cybercriminals who are looking to exploit any existing flaw and vulnerability to their advantage. Therefore, leveraging AI capabilities to identify potential risks and improve code audits can help developers limit the likelihood or the extent of attacks in the future.
Wrapping Up
Bugs in the code have been a pervasive issue for Ethereum over the years, causing not only financial losses but also affecting the network’s reputation and credibility. The solution proposed by Vitalik Buterin of using AI-backed code audits can represent a major step forward in ensuring greater security and reliability for the platform. With fewer vulnerabilities and enhanced efficiency, Ethereum could bolster its standing as a leader in the blockchain space.
