The breach has raised questions about the security of data centralisation and the risk to users. In response to growing data security risks, Fincy opted for DLT over a traditional centralised database. Apps like Fincy that store sensitive data, such as financial data and account balances, have a duty to make security a top priority
DLTs provide the enterprise-grade encryption of centralised data storage with the benefit of data immutability, meaning that individuals can trust that their historical data cannot be altered. And instead of user identity being in the form of an email address or phone number, a single, anonymous string of characters (wallet address) is used.
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