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Halborn Chosen as Smart Contract Audit Firm by SBI-DAH as Part of Project Guardian Pilot



November 27th, 2023

In the current financial landscape, digital assets have established themselves as indispensable components for the future of capital markets and operations. Halborn, a world-renowned leader in blockchain security, is proud to announce that it has audited the smart contracts behind the world’s first cross-border repo with a natively-issued digital bond fully executed and settled on a public blockchain, transacted by SBI, UBS and DBS. 

The transaction was conducted as part of the Monetary Authority of Singapore’s (MAS) Project Guardian, a collaborative initiative with policymakers and the financial industry that seeks to test the feasibility of applications in asset tokenization and DeFi while managing risks to financial stability and integrity.

This initiative aims to enhance the security of protocols and best practices surrounding digital assets, setting a new benchmark for the financial industry. Halborn’s cybersecurity insights and solutions, combined with the technical proficiency and expertise in digital assets of leading financial institutions like UBS and SBI, result in a resilient ecosystem for digital assets. The cooperation, analogous to a three-legged stool, illustrates how each leg is crucial for balance, establishing a platform that epitomizes strength, dependability, and security.

Core Focus Areas

Smart Contract Audits: The cooperation prioritizes the validation and security of smart contracts, fundamental elements of blockchain-based applications.

Protocol Security: It advocates for the execution of stringent security protocols to safeguard the foundational blockchain frameworks.

Asset Custody: The collaboration works toward secure, efficient solutions for digital asset storage and handling.

Regulatory Compliance: It ensures that all protective measures adhere to  regulatory requirements across multiple jurisdictions.

Halborn’s Work and Impact

During their rigorous security assessments, particularly of smart contracts, Halborn identified and addressed security concerns, showcasing their commitment to thoroughness and excellence in securing digital transactions. These remediations are part of a proactive approach to not only fortify current digital asset infrastructures but also anticipate potential future vulnerabilities.

This meticulous attention to detail in the audit process, especially in the realms of Smart Contract Security Assessment and Protocol Security, served as a cornerstone of the initiative, solidifying the digital asset ecosystem against an array of threats. The proactive identification and remediation of system vulnerabilities underscores the depth of their commitment to creating a secure digital asset environment.