Ethereum developers propose ERC-7512 proposed standard to achieve on-chain verification of smart contract audit information.

BlockBeats news on September 19th, Ethereum developers proposed a new standard, ERC-7512, aimed at enhancing the security of decentralized Ethereum applications by allowing anyone to use and verify smart contract audit information on-chain (rather than off-chain). The proposal was jointly made by developers from projects such as Safe, Ackee Blockchain, OtterSec, ChainSecurity, OpenZeppelin, and Hats Finance. The goal of ERC-7512 is to ensure that audit details, such as who conducted the audit and their findings, can be parsed by contracts to verify their authenticity. Currently, audits are manually provided by teams without on-chain representation of their authenticity. The need for this standard arises from losses resulting from issues found in smart contracts: in the first half of 2023, over $650 million has been lost due to DeFi-related scams and hacks.