# What are the Actual Flaws in Important Smart Contracts (and How Can We Find Them)?

**Authors:** Alex Groce, Josselin Feist, Gustavo Grieco, Michael Colburn  
**arXiv:** [1911.07567](https://arxiv.org/abs/1911.07567)  
**Date:** 2019-11-18  
**Summary page:** https://www.summarizepaper.com/en/arxiv-id/1911.07567v2/

## Key points

- Smart contract security is a critical issue in the world of blockchain technology
- Understanding potential weaknesses in contracts is one of the most significant challenges in this area
- A recent paper titled "What are the Actual Flaws in Important Smart Contracts (and How Can We Find Them)?" provides an insightful summary of Ethereum smart contract audits conducted for 23 professional stakeholders
- The study was conducted at a leading company specializing in blockchain security using both open-source and proprietary tools, as well as human code analysis performed by professional security engineers
- The researchers categorized 246 individual defects, making it possible to compare the severity and frequency of different vulnerability types
- The paper's findings shed light on several crucial aspects of smart contract security, including comparing smart contract and non-smart contract flaws to identify areas where vulnerabilities were more likely to occur and estimating the efficacy of automated vulnerability detection approaches
- By identifying common weaknesses and comparing their severity across different types of contracts, we can develop more effective strategies for securing these critical components of blockchain technology.

## Summary

In the world of blockchain technology, smart contract security is a critical issue that requires careful attention. One of the most significant challenges in this area is understanding the likelihood and severity of potential weaknesses in contracts. In a recent paper titled "What are the Actual Flaws in Important Smart Contracts (and How Can We Find Them)? ", authors Alex Groce, Josselin Feist, Gustavo Grieco, and Michael Colburn provide an insightful summary of Ethereum smart contract audits conducted for 23 professional stakeholders. The study was conducted at a leading company specializing in blockchain security using both open-source and proprietary tools. The team also employed human code analysis performed by professional security engineers to avoid reporting issues mostly prevalent in low-quality contracts. The researchers categorized 246 individual defects, making it possible to compare the severity and frequency of different vulnerability types. The paper's findings shed light on several crucial aspects of smart contract security. For instance, the team compared smart contract and non-smart contract flaws to identify areas where vulnerabilities were more likely to occur. They also estimated the efficacy of automated vulnerability detection approaches. Overall, this paper provides valuable insights into how we can better understand and address smart contract security issues. By identifying common weaknesses and comparing their severity across different types of contracts, we can develop more effective strategies for securing these critical components of blockchain technology.