Fincy reiterates security benefits of Distributed Ledger Technology in wake of Twitter hack

Thursday 20 August 2020 10:27 CET | News

Fincy, a money app providing alternatives to existing financial services, has reaffirmed its commitment to distributed ledger technology (DLT) following the recent security breach at Twitter.

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.

Most importantly, in the case of DLTs a single administrator cannot bypass user security protocols and act on behalf of multiple users. The Twitter attackers reportedly took advantage of the superuser feature of centralisation to carry out their attack, according to Fincy’s press release.

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Keywords: Fincy, money app, DLT, distributed ledger technology, encryption, security, Twitter attackers, data centralisation
Categories: DeFi & Crypto & Web3
Countries: World
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DeFi & Crypto & Web3

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