This week, we saw once again another data-centric giant getting hacked. This time it was Apple being hacked for over 90GB worth of files over the span of a year and it is still unconfirmed if customer data has been compromised or not.

But this is, once again, the result of centralized systems’ achilles heel — data security.

Photo by Markus Spiske

Data Security

This downside of centralized systems isn’t shared with decentralized systems such as blockchain that aren’t contained in a central location, meaning that they don’t have a single point of failure and cannot be changed from a single computer. They are decentralized and distributed ledgers that are continually updated and kept in sync and with each block connected to all blocks before and after it. While hackers can break into traditional centralized networks and find all of the data in a single location, with blockchain this becomes inconceivable.

Data Validation

Not only it doesn’t have a single point of failure but blockchain also ensures your data is encrypted, which means that modifications in previous data is practically impossible on a vastly distributed network. It also allows for cryptographic signatures of documents or files to be saved which assures the users that files are un-tampered without needing to save entire files on the Blockchain and due to its decentralized nature the user can always cross check the file signatures across all of the ledgers and nodes in the network to verify that they haven’t been changed. Thus, offering a reliable and independent data verification which is already being used by leading cyber security companies to prevent data tampering.

Leios Brings Decentralization to Global Fund Transfers

Such an attack is not possible in the Leios system. Whether it be remittance transfers internationally or just sending funds to someone across the street, Leios brings the advantage of decentralized data storage to traditional fiat. By relying on stablecoins as its primary store of value, the Leios system cannot be hacked for funds because it does not hold any, nor does it have access to any single person’s wallet. This not only saves Leios tremendous costs and time in terms of securing data, but allows for our users to not have to every worry about what happens to us or even what we decide to do, because all money in our system belongs to, and is controlled by, the customers themselves.

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