Given the number of breaches happening on the ongoing basis is indicative of the problem in the space – it’s simply too lucrative of a target for the hackers to pass up. All the payment and personally identifiable information (PII) is aggregated and it’s being duplicated multiple times across the payment chain! That means that a hacker can hack any of the spots they chose and get a massive amount of user and payment data which they can in turn quickly sell to rogue players that will make use of that data.
This creates problems for users on several levels – 1) it becomes a hassle to remove the erroneous charges (if bank or payment network takes responsibility), 2) the purchasing data is NEVER private
With the decentralized approach, the only party that sees (MINIMUM) data about the customer and purchase is the merchant themselves, drastically narrowing down hacking opportunities.
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