How Fintechs are Ensuring Cyber Security for Users

Every monetary transaction made by both individuals and corporate bodies are facilitated by financial service providers, the most traditional among them being commercial banks, insurance companies, mortgage banks and companies, among others. However, over the last decade, financial services have been evolving due to the fast growth and disruptive development of the internet and information technology. Thanks to these technological advances, including the internet, mobile technologies, data analytics and artificial intelligence, financial services and products are now being offered not only by traditional service providers, but by a new sector: Fintech.

Fintech companies are beginning to take over a substantial portion of the total financial service market share using mobile and internet powered products and services. In fact, Fintech is currently one of the fastest growing sectors, at a speed 9 times faster than the traditional banking industry. However, with these innovations come new challenges: How can Fintechs ensure seamless data sharing? Or cybersecurity? It is just as important to focus on the solutions that Fintechs are bringing to the table, as it is to think about how exactly they plan to accomplish that goal.

We at Konzortia Capital think of cybersecurity as our main priority, as we believe it is our duty to ensure the security and comfort of our customers, their data and their money. That is our IT team has been working tirelessly to develop the Konzortia Capital Distributed Ledger (KCDL), a transformative technology that has the potential to change banking forever.

Distributed ledger technologies are databases consensually shared and synchronized across a network and spread over multiple geographical locations. As their name implies, they are opposed to centralized ledgers, what most companies use. Centralized ledgers are more prone to cyber-attacks and fraud due to their single point of failure

A distributed ledger is much safer, as it is inherently harder to attack thanks to its existence across several locations and participants. For a distributed ledger to be attacked successfully, all the distributed copies need to be attacked simultaneously. DLT also uses cryptography for several purposes, such as identity verification and data encryption, which ensures the safety of the ledger and its participants.

The Konzortia Capital Distributed Ledger will be a technological network employing distributed ledger technologies to create a secure, transparent and efficient network for all participants. Its unique design will allow us to take financial services to the next level while ensuring the protection of our customers’ data, and it has the potential to truly revolutionize the financial industry forever.

Do you want to become a part of this digital revolution? Join now, and experience the returns your portfolio truly deserves.

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