GETSecured SmartCover: Insurance with security risk scoring

Inspiration

As a seasoned entrepreneur and security leader with over 18 years of industry experience, I've always been passionate about leveraging technology to solve pressing problems. The inspiration for GETSecured SmartCover came from my deep involvement in the AI, Cybersecurity, and DeFi space and the realization of the significant risks posed by smart contract failures. Having witnessed the loss of over $400M due to such failures, I felt compelled to create a solution that would make DeFi safer and more reliable for everyone.

Smart contracts are autonomous, self-executing contracts with the terms of the agreement directly written into code. They are immutable and distributed on the blockchain, which means they are transparent and cannot be modified once deployed. However, this immutability also means that any vulnerabilities in the smart contract code are permanent and can be exploited by malicious actors. In 2021, DeFi hacks and exploits totaled $10.5 billion, more than triple the amount lost in 2020 (https://cointelegraph.com/news/immunefi-report-10b-in-defi-hacks-and-losses-across-2021).

How it is done today and what’s wrong with that:

The current approaches to smart contract security include manual auditing by experts and automated security tools. Manual auditing is time-consuming, expensive, and prone to human error. Automated tools, while faster and cheaper, often lack the ability to fully understand the context and logic of a smart contract, leading to false positives and negatives

What it does

Our Solution: AI-Powered Smart Contract Auditing & compliance analysis

Our solution is an AI-powered smart contract Insurance that considers security risk of the smart contract and decides whether to provide insurance or not. It uses a trained AI model to evaluate the security risk score based on the vulnerabilities found, and then automates the Insurance provisioning through smart contracts both in solidity and flow, making it faster and more cost-effective than manual auditing and underwriting.

Our Solution | |--- AI-Powered Auditing | |--- Understands context and logic | |--- Evaluates the security Risk Score based on vulnerabilities found | |--- Decides on whether to provide insurance or not and then provides insurance if all looks good | |--- Faster and more cost-effective than manual auditing

Unique Selling Proposition: Continuous Learning and Improvement

Our AI-powered tool is designed to continuously learn and improve from each audit it performs. This means that with each audit, the tool becomes more accurate and efficient, providing better value for our customers over time.

Market Validation: High Demand for Smart Contract Auditing and Insurance

The demand for smart contract auditing services is high, as evidenced by the increasing number of DeFi projects and the growing value locked in these projects. As more businesses and individuals use DeFi services, the need for secure and reliable smart contracts will only increase. (https://www.realvision.com/shows/crypto-daily-briefing/videos/defi-hacks-reach-a-record-high-4200?tab=details)

How we built it

GETSecured SmartCover was built leveraging my extensive experience in product engineering and security. I utilized a range of coding languages and frameworks, including Python, NodeJS, Angular, and others, to develop a robust and scalable platform. The project was developed following an agile methodology, with a strong focus on test-driven development (TDD) to ensure code quality and reliability. To fetch real-time regulatory information and apply it to smart contracts, I integrated Chainlink oracles, which provided accurate and up-to-date data. Furthermore, I leveraged AI models to predict and mitigate smart contract vulnerabilities, training the models on vast datasets of known vulnerabilities and using advanced machine learning techniques to enhance their accuracy. Then we created the insurance smart contracts that consumed the AI-based risk scoring and disburse the insurance.

Chainlink API calling contract in Sepolia - 0xEAfb7d59A2254cc5529aB43161d189871123e973 Chainlink Insurance contract in Sepolia calling the API and deciding whether to give insurance or not - 0x2240f29398570ad1184fC06C17f57C01d921Cc0F

Challenges we ran into

One of the major challenges I faced during the development of GETSecured SmartCover was ensuring the platform's compatibility and functionality across multiple blockchains. The DeFi landscape is diverse and fragmented, with various platforms operating on different blockchain networks. Overcoming this challenge required extensive research and implementation of blockchain-agnostic solutions that could seamlessly integrate with various blockchains.

Additionally, creating an AI model capable of accurately predicting smart contract vulnerabilities was a complex task. It involved data preprocessing, feature engineering, and model optimization to achieve high accuracy and reduce false positives and negatives.

However, with my background in AI/ML and product development, I was able to overcome these hurdles and create a robust and reliable platform.

The third challenge was to understand chainlink and Flow architecture and implement the smart contracts there that call our external APIs and then use that smart contract in our Insurance smart contract. It is much more complex than I thought!

Accomplishments that we're proud of

We believe in the potential of DeFi to revolutionize the financial industry. However, we also recognize the risks and challenges that come with it, especially in terms of smart contract security. By providing reliable and efficient smart contract risk scoring and creating a fully automated insurance and lending platform, we aim to make DeFi safer and more accessible for everyone.

What we learned

Building GETSecured SmartCover was a journey of continuous learning. I delved deeper into the intricacies of smart contract vulnerabilities and the regulatory landscape surrounding DeFi. I gained a comprehensive understanding of the different types of vulnerabilities that can be present in smart contracts, including reentrancy attacks, integer overflow, and unauthorized access. I also learned about the evolving regulatory frameworks governing DeFi platforms and the importance of compliance in the decentralized ecosystem. Additionally, I honed my skills in AI and blockchain technology, exploring how these could be leveraged to create a real-time, multi-chain contract security, insurance, and compliance platform.

What's next for GETSecured SmartCover: AI for Contract Safety & Compliance

Enhancing AI and Expanding to Other Blockchains and Integrating with DeFi Platforms

GETSecured SmartCover is just the beginning of our mission to make DeFi safer and more secure.

We also aim to enhance the AI capabilities of our platform, incorporating advanced anomaly detection algorithms and real-time risk assessment mechanisms.

Our future roadmap includes expanding our services to other blockchain ecosystems.

Furthermore, we will actively seek partnerships and collaborations with leading DeFi platforms to integrate our solution and provide comprehensive contract security, insurance, and compliance services. This will allow us to serve a wider range of customers and increase our market share.

Ultimately, our goal is to establish GETSecured SmartCover as the go-to platform for ensuring the safety and compliance of smart contracts in the ecosystem.

Throughout my career, I've always been driven by the desire to create innovative solutions that can make a real difference. With GETSecured SmartCover, I believe I've done just that.

This project is not just about winning a hackathon, but about making DeFi safer and more accessible for everyone. And I'm excited to see where this journey will take me next.