Smart Contracts by being self-executed, need to be continuously checked for security flaws and vulnerability holes in the code.
This process of carefully executed investigation into the code of a smart contract is referred to as auditing a smart contract. Any product that is up for a clearly defined purpose needs to be checked for quality before launch. That is precisely what auditing a smart contract involves.
A smart contract can be subjected to different forms of attack which mandates the need for an audit. Some of the few attacks that smart contracts regularly face are -
Race Conditions refer to the system’s behaviour where the chain of events does not occur as per the expected chronological order. In Smart Contracts, this attack usually happens when external contracts take over control flow.
Another type of attack happens when some function is called repeatedly before the instruction for the first function is completed. Often multiple directions of functions overlap resulting in an attack called Reentrancy.
These type of attacks warrant the need for robust auditing of smart contracts. You can always consult with smart contract developers from Blockchain App Factory to help you with a smooth transition to the world of digital contracts from conventional ones!