Personal Finance App Development: Complete Guide | Agilie

The banking industry has changed forever: we can no longer imagine a bank without its mobile app. It&rsquo;s a tool, which helps to expedite processes and makes the interaction with the bank more convenient. The brightest example of a successful solution is Monzo. In this article, we are going to find out what clients like about its digital banking app. In addition, we&rsquo;ll consider the main alternatives to Monzo.&nbsp;Explore our expertise in <a href="https://agilie.com/blog/how-to-create-a-mobile-banking-app" target="_blank" rel="noopener">mobile banking app development</a> to create secure and user-friendly financial solutions tailored to your needs.&nbsp; &nbsp;&nbsp;
<h2 dir="ltr">What is Monzo?</h2>
Monzo is a popular mobile bank, which practices a modern approach to the provision of banking services. The financial company doesn&rsquo;t have branches: all operations are carried out through its mobile application. It allows founders to decrease costs and commissions for clients.&nbsp;
The general principle of work is the same as in other banking institutions: users make instant transactions, open deposits, take loans, and so on. But all they need to do is just open the application.
The digital banking app of Monzo helps clients enhance their budgeting and organize finances. The most useful features we would like to note are:
<ul>
<li dir="ltr" aria-level="1">
User-friendly graphics that allow understanding spending better;
</li>
<li dir="ltr" aria-level="1">
Splitting bills;
</li>
<li dir="ltr" aria-level="1">
Keeping track of who owns the money you sent;
</li>
<li dir="ltr" aria-level="1">
Automatic transferring money to a savings account;
</li>
<li dir="ltr" aria-level="1">
Receiving notifications if certain bills are higher than your set limit;
</li>
<li dir="ltr" aria-level="1">
Scheduling transactions.
</li>
</ul>
The variety of wonderful features is one of the reasons why the bank is so popular. However, there are numerous other players in the market. Let&rsquo;s find out the best alternatives to Monzo.
<h2 dir="ltr">5 Alternatives to Monzo</h2>
<h3 dir="ltr">Revolut</h3>
<img style="display: block; margin-left: auto; margin-right: auto;" src="https://d12zh9bqbty5wp.cloudfront.net/images/f9e66e179b6747ae54108f82f8ade8b3c25d76fd30afde6c395822c530196169-1676580883511.png" alt="Alternatives to Monzo Revolut" width="796" height="597" />
A perfect solution if your main task is to transfer money with minimum charges. Revolut is operating in 130 countries, so you can easily use its card abroad. Moreover, the bank offers users the opportunity to buy and hoard cryptocurrencies such as Bitcoin, Ether, and Litecoin.
Revolut was founded in 2015 as a fintech startup, so the company is still developing. It explains the presence of certain relevant problems, which will be solved after a while (we hope).
Pros:
<ul>
<li dir="ltr" aria-level="1">
Holding money in several currencies;
</li>
<li dir="ltr" aria-level="1">
Ever-expanding set of features (crypto trading added in 2019, virtual cards, and so on);
</li>
<li dir="ltr" aria-level="1">
Premium subscriptions with different perks (for example, travel insurance).
</li>
</ul>
Cons:
<ul>
<li dir="ltr" aria-level="1">
Strict security rules (your account may be temporarily frozen without notifications).
</li>
<li dir="ltr" aria-level="1">
Poor client support. Perhaps, the company doesn&rsquo;t have enough resources to provide users with great new features and qualitative support at the same time.&nbsp;
</li>
</ul>
Anyway, Revolut is one of the best alternatives to Monzo taking into account its mobile application and features offered to users.
Link: <a href="https://www.revolut.com/" target="_blank" rel="nofollow noopener">Revolut</a>
<h3 dir="ltr">The credit thing</h3>
<img style="display: block; margin-left: auto; margin-right: auto;" src="https://d12zh9bqbty5wp.cloudfront.net/images/f9e66e179b6747ae54108f82f8ade8b3c25d76fd30afde6c395822c530196169-1676580896585.jpg" alt="Alternatives to Monzo The credit thing" width="1024" height="512" />
An app-based market player, which features not only the full set of banking services but also its human customer service (unlike Revolut). An important remark: The Credit Thing isn&rsquo;t actually a bank; this is an e-money agent of PrePay Technologies Ltd authorised by the Financial Conduct Authority.
The company appeared in 2020. And it has a good chance to become one of the main alternatives to Monzo.
Pros and benefits:
<ul>
<li dir="ltr" aria-level="1">
Protecting money from fraud. If you notice something suspicious, the team of The credit thing is always on hand to help;
</li>
<li dir="ltr" aria-level="1">
Low fees or their absence (even abroad);
</li>
<li dir="ltr" aria-level="1">
Full control over your card in the mobile application;
</li>
<li dir="ltr" aria-level="1">
Excellent customer support (in WhatsApp or iMessage);
</li>
<li dir="ltr" aria-level="1">
Detailed expanses in graphics.
</li>
</ul>
Cons:
<ul>
<li dir="ltr" aria-level="1">
A very young startup, so it has enough things to improve.
</li>
</ul>
Link: <a href="https://thecreditthing.com/" target="_blank" rel="nofollow noopener">The credit thing</a>
<h3 dir="ltr">Starling Bank</h3>
<img style="display: block; margin-left: auto; margin-right: auto;" src="https://d12zh9bqbty5wp.cloudfront.net/images/f9e66e179b6747ae54108f82f8ade8b3c25d76fd30afde6c395822c530196169-1676580914605.png" alt="Alternatives to Monzo Starling Bank" width="1482" height="750" />
The solution for instant payments and other financial operations was launched in March 2017. Today, Starling Bank is serving more than 2 million accounts including 350 thousand accounts of small businesses.
The company has earned the top customer score of 88%. Its services are related to both individual clients and small/middle companies. All transactions are easily performed online with the help of the digital banking app.
Pros:
<ul>
<li dir="ltr" aria-level="1">
Good control over your funds (you can restrict or block some payments);
</li>
<li dir="ltr" aria-level="1">
Paperless statements;
</li>
<li dir="ltr" aria-level="1">
Free cash withdrawals abroad;
</li>
<li dir="ltr" aria-level="1">
No foreign transaction fees;
</li>
<li dir="ltr" aria-level="1">
The opportunity to integrate your account with marketplaces.
</li>
</ul>
Cons:
<ul>
<li dir="ltr" aria-level="1">
The integration is available on platforms, which Starling bank cooperates with;
</li>
<li dir="ltr" aria-level="1">
Only UK residents are able to open accounts.
</li>
</ul>
Link: <a href="https://www.starlingbank.com/" target="_blank" rel="nofollow noopener">Starling Bank</a>
<h3 dir="ltr">First Direct</h3>
<img style="display: block; margin-left: auto; margin-right: auto;" src="https://d12zh9bqbty5wp.cloudfront.net/images/f9e66e179b6747ae54108f82f8ade8b3c25d76fd30afde6c395822c530196169-1676580968604.png" alt="Alternatives to Monzo First Direct" width="1478" height="754" />
It&rsquo;s one of those rare true banks, which operate totally online. First Direct was created in 1989, so it has proven its reliability.
There are several reasons why we have included the financial establishment in the list of the main alternatives to Monzo:
<ul>
<li dir="ltr" aria-level="1">
Wide range of services (from current accounts and mortgages to worldwide insurance and ID theft assistance);
</li>
<li dir="ltr" aria-level="1">
Amazing customer support;
</li>
<li dir="ltr" aria-level="1">
Absence of bots (all decisions regarding your account are made by real people);
</li>
<li dir="ltr" aria-level="1">
Convenient, easy-to-use application and website.
</li>
</ul>
However, the bank also has a few drawbacks:
<ul>
<li dir="ltr" aria-level="1">
First Direct accepts new clients only with good credit records;
</li>
<li dir="ltr" aria-level="1">
&pound;10 fee if your turnover on your account is less than &pound;1,000 per month.
</li>
</ul>
Thus, we recommend looking up to First Direct because this company has proven the effectiveness of its strategy.
Link: <a href="https://www1.firstdirect.com/" target="_blank" rel="nofollow noopener">First Direct</a>
<h3 dir="ltr">Monese</h3>
<img style="display: block; margin-left: auto; margin-right: auto;" src="https://d12zh9bqbty5wp.cloudfront.net/images/f9e66e179b6747ae54108f82f8ade8b3c25d76fd30afde6c395822c530196169-1676581039760.jpg" alt="Alternatives to Monzo Monese" width="1600" height="900" />
Monese is a digital bank founded in 2015. It&rsquo;s a great option if you wish to set up a UK account without the need to prove your address, credit story, and so on. The number of services is enough for most people (the bank is constantly expanding the range of features). Besides GBP, clients can open a EUR account as well.
Pros:
<ul>
<li dir="ltr" aria-level="1">
Quick and simple setup;
</li>
<li dir="ltr" aria-level="1">
Smooth application with an excellent user experience;
</li>
<li dir="ltr" aria-level="1">
Premium subscription options with extra privileges.
</li>
</ul>
Cons:
<ul>
<li dir="ltr" aria-level="1">
No deposit guarantee (no a banking license);
</li>
<li dir="ltr" aria-level="1">
Limits on withdrawals, top-ups, and spending money;
</li>
<li dir="ltr" aria-level="1">
Insufficient customer support.
</li>
</ul>
The bank is betting on its application, which, by the way, deserves praise.
Link: <a href="https://monese.com/gb/en" target="_blank" rel="nofollow noopener">Monese</a>
<h2 dir="ltr">Summing up</h2>
Nowadays, the basis of any financial company is a digital banking app. Clients wish to operate completely online: they avoid visiting branches by all means. The best alternatives to Monzo will help you figure out what to improve in your company and mobile app. You can adopt certain tactics and approaches to increase customer loyalty, expand the range of services, and, as a result, boost your development.

Feel free to contact us to discuss your future or existing project. One of our specializations is the financial industry, so we are able to bring to life any of your ideas. Moreover, we&rsquo;ll consult you about must-have features to guarantee your success.

<span style="color: #0d0d0d; font-family: S&ouml;hne, ui-sans-serif, system-ui, -apple-system, 'Segoe UI', Roboto, Ubuntu, Cantarell, 'Noto Sans', sans-serif, 'Helvetica Neue', Arial, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol', 'Noto Color Emoji'; font-size: 16px; white-space-collapse: preserve; background-color: #ffffff;">Uncover the best alternatives to Monzo through our comprehensive and detailed analysis in this enlightening article.

Monzo is a popular digital bank, which attracts clients with its thoughtful application 📱 In this article, we have gathered the best alternatives to Monzo. We believe they will help you improve your digital product 🔝

The best alternatives to Monzo with a high-quality digital banking app

Modern solutions have penetrated into numerous industries including the financial field. Every day we interact with various gadgets and do not even realize how they improve our life and the state of the economy. In this article, we are going to consider the IoT in banking: the benefits of different systems and reasons to start their implementation.
<h2 dir="ltr">What is IoT Technology?</h2>
The IoT technology in any enterprise is a set of devices connected to the Internet. The holistic system is managed by special software with or without Artificial Intelligence (AI). True smart solutions, which we deploy, are able not only to collect but also to analyze data by representing it in a meaningful way.
Without a doubt, the Internet of Things is a leading technology in the near future. Specialists have estimated that the IoT market had exceeded $500 million in 2021. And the growth is going to continue: by 2027, the market will cross the $2 trillion mark.
<h2 dir="ltr">Benefits of the IoT in the Banking Industry</h2>
The Internet of Things is usually associated with smart homes but actually, the technology has a significant spread in the production and service spheres. Let&rsquo;s find out what the IoT might offer you as an entrepreneur and your clients.
<ul>
<li dir="ltr" aria-level="1">
Personalized service. The IoT systems are about gathering and analyzing data related to the needs and habits of your audience. As a result, you are able to provide services that would meet all users&rsquo; requirements. According to some research, one in three millennials can easily change the bank if the convenience of use and banking offers don&rsquo;t match the initial expectations.
</li>
<li dir="ltr" aria-level="1">
Boosting business processes. The mainstream among the mobile banking trends is the refusal of human labor because it&rsquo;s too expensive and irrational. Automated systems can easily replace a part of employees by processing requests and operations. A good example is a time for opening a new account, which is reduced to five minutes in some modern banks and is performed in a mobile app.
</li>
<li dir="ltr" aria-level="1">
Simplified switching to the online business model. There are financial establishments, which don&rsquo;t even have branches: they are operating completely online saving a decent amount of income. IoT solutions allow you to adapt faster and easier to the ever-changing world.
</li>
</ul>
Moreover, implementing IoT solutions lays the foundation for a structural transformation of your business in the future by simplifying it.
<ul>
<li dir="ltr" aria-level="1">
Expanding the range of services. If you know the hobbies and preferences of customers, you can offer more services. You are able to link the financial industry to channels where users leave their money. The bottom line is to provide bonuses and financial rewards to an audience segment, which takes advantage of the offers of your partners. The list may include gyms, restaurants, train stations, and so on.
</li>
<li dir="ltr" aria-level="1">
Simplifying the decision-making process. The main benefit of IoT in banking is receiving answers to numerous questions about your clients. Thanks to the IoT, banks get a huge amount of information that helps them make the right decisions regarding the launch of new products and development in general.
</li>
<li dir="ltr" aria-level="1">
Eliminating fraud. It&rsquo;s a merit of technologies that enhance the security level.
</li>
</ul>
Each of the mentioned things leads to one crucial goal of any company: increasing revenue by improving customer loyalty.
<h2 dir="ltr">How to Apply the Internet of Things to Banking?</h2>
It&rsquo;s impossible to cite all existing scenarios of using IoT technologies within the article. So, we are going to list the brightest ones.
<h3 dir="ltr">Security</h3>
A high-security level is the basis of the financial industry. So, in order to have a clue about who is making a transaction or trying to access a certain resource, companies must perform authentication.
Technologies aimed at your clients:
<ul>
<li dir="ltr" aria-level="1">
Logging to ATMs using a smartphone. Let users scan a QR code on the ATM screens to enter their personal accounts. It will allow your clients to have an expanded range of services and secure their operations;
</li>
<li dir="ltr" aria-level="1">
Approval of payments. If the system sees a new recipient and the amount of money is decent, it may ask for the transaction approval through a phone call or an SMS code. The first method involves a robot that requests the user to tap, for example, the number 1 on the keyboard.
</li>
</ul>
IoT in banking aimed at your employees:
<ul>
<li dir="ltr" aria-level="1">
Video surveillance. It&rsquo;s not necessary to keep records 24/7: smart systems allow starting the process after detecting movements. Moreover, there are solutions, which are able to recognize people (of course, if they are close enough to the camera and are looking straight into the lens);
</li>
<li dir="ltr" aria-level="1">
Pass system. To know who comes in and out, you should take care of passcards. All the employee needs to do is scan it. After that, the data about the person will be recorded and the door will open.
</li>
</ul>
Thus, The Internet of Things provides strong data protection with multiple authentication options.
<h3 dir="ltr">Expediting assistance</h3>
Modern technologies make visiting bank branches more organized: people can sign up for an electronic queue in a special self-service terminal. The computer will display a message when it&rsquo;s your turn.
In order to save time and money, modern banks have refused the use of paper bills and documents: the operations are performed electronically; clients sign documents on a tablet and then receive a receipt by email or in a bank application. So, the benefits of IoT in banking are obvious: such an approach to the assistance process is fast and eco-friendly.
<h3 dir="ltr">Offering a unique user experience</h3>
Wallets look different nowadays: it&rsquo;s usually smartphones with NFC chips. However, there are other options: smart bracelets, smartwatches, or even rings! Everything of these is a big part of the Internet of Things, which generates a new user experience.
The last thing we would like to mention is control over cars/planes, which are in rent. IoT solutions allow tracking their locations and parameters inside them such as temperature, humidity, and so on. It&rsquo;s important to keep the transport in proper condition.
<h2 dir="ltr">Main Risks You Should Be Aware Of</h2>
We have listed numerous reasons why you should implement IoT systems. However, we are going to be honest with you: there are certain risks if you entrust the development to an unprofessional team.
<ul>
<li dir="ltr" aria-level="1">
Using uncertified hardware. Such devices have an insufficient level of cyber security and do not often receive updates. As a result, storing data on them becomes insecure.
</li>
<li dir="ltr" aria-level="1">
Lack of visibility and device management. Unmonitored and untracked devices cause suffering. IoT in banking is about convenience and complete control, not about trying to make solutions work.
</li>
<li dir="ltr" aria-level="1">
Stealing data. Such endeavors should be prevented at the hardware and software levels. Modern gadgets have special chips, which make it impossible to compromise information.
</li>
<li dir="ltr" aria-level="1">
Ill-considered decisions at the very beginning of implementation. It&rsquo;s a big problem taking into account the conservatism of the banking industry. You cannot sometimes follow the mobile banking trends because your financial establishment requires preparation. And it may cost an arm and a leg.
</li>
</ul>
Agilie is here to help you implement all your ambitions despite the existing challenges. We know what a quality product should look like and how to ensure an unprecedented level of security.

Our team has the necessary expertise and resources, so feel free to get hold of our manager to start working on your project. We can also help in <a href="https://agilie.com/blog/how-to-create-a-mobile-banking-app" target="_blank" rel="noopener">creating a fintech app</a>.&nbsp;

Examples of using the IoT in the fintech industries: the main benefits

The benefits of IoT in banking are obvious: modern technologies are the only way to automate most processes  and expedite the service for your clients  So, learn from the article how the IoT can help in doing your business

IoT in Banking and Fintech: the Main Benefits and Bright Examples

What <span id="docs-internal-guid-1589b7f8-7fff-bd47-5af1-3962569c8350" style="font-size: 11pt; font-family: Calibri, sans-serif; color: #000000; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">are <span style="font-size: 11pt; font-family: Calibri, sans-serif; color: #000000; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">fintech solutions<span style="font-size: 11pt; font-family: Calibri, sans-serif; color: #000000; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">? How can they help your business grow? Follow the link to get all your answers.

What are fintech solutions? How can they help your business grow? Follow the link to learn all about the fintech industry and the best ways to interact with it 🎯

Digital financial services | What is financial technology?

A personal finance app is a good startup idea. But where to start? Follow the link and find it out!

Various mobile personal finance apps are easy to use and good for budget planning. A striking example is the highly popular Mint. So mint clone app development is a good startup idea 

How To Build A Money Management App Like Mint

IoT payments have completely transformed the world of finance&hellip; Follow the link to learn more.

Contactless payments have made transactions easier and safer. Internet of things payments went even further and completely transformed the world of finance 

IoT Payments: Application of The Internet of Things Technology in Payments | Agilie

How to choose the best crypto wallet app? Follow the link if you want to learn the answer.

How to choose the best crypto wallet app to store bitcoins? 

Top 7 Crypto Wallet Apps

Explore the process of mobile banking app development. Identify the core elements required to build the mobile banking-relevant app.&nbsp;

Explore the process of mobile banking app development. Identify the core elements required to build the mobile banking-relevant app. 

Mobile Banking App Development: Ultimate Guide | Agilie

Blockchain has become a paradigm shift that changes the operations of different industries. Nevertheless, like any other disruptive technology, a lot of myths and misconceptions have appeared. We should differentiate between fact and fiction to use blockchain technology effectively and responsibly. We can better understand what blockchain is (and isn&rsquo;t), how it functions, and the varied applications it holds besides cryptocurrencies by clarifying these misconceptions.
<div id="form-description" class="form-description" data-title="Key Takeaways" data-text="Blockchain is not just about Bitcoin; it is the technology that can transform different fields. 

Blockchains are strong but not flawless, and being aware of the possible weak sections is a very important thing in keeping the network safe.

Educational investment and partnerships with software development experts are the main factors for businesses that will use blockchain technology.">
<div class="form-description-title">Key Takeaways</div>
<ul style="text-align: justify;">
<li dir="ltr" aria-level="1">
Blockchain is not just about Bitcoin; it is the technology that can transform different fields.&nbsp;
</li>
<li dir="ltr" style="text-align: left;" aria-level="1">
Blockchains are strong but not flawless, and being aware of the possible weak sections is a very important thing in keeping the network safe.
</li>
<li dir="ltr" aria-level="1">
Educational investment and partnerships with software development experts are the main factors for businesses that will use blockchain technology.
</li>
</ul>
</div>
<h2 dir="ltr" role="presentation">&nbsp;Myth 1: Blockchain and Bitcoin Are the Same</h2>
Among the most common myths about blockchain technology is the confusion between the blockchain and Bitcoin. Blockchain and Bitcoin were created simultaneously, so they are widely believed to be the same thing. However, we must understand that blockchain is a much broader term. It is the technology that created Bitcoin. While Bitcoin is indeed the first and most famous application of this technology, equating the two is like saying that Google is the Internet.
Blockchain is a decentralized digital ledger technology (DLT) that records transactions across multiple computers so that the records cannot be altered retroactively, without the alteration of all subsequent blocks and the consensus of the network.
This makes blockchain a naturally secure and transparent method of data and transaction recording.&nbsp;
Bitcoin is a type of digital currency based on blockchain technology and used for secure, anonymous, and decentralized financial transactions. The blockchain of Bitcoin acts as a public ledger for all the transactions in the Bitcoin network, thus, it is possible to transfer digital currency securely without the use of intermediaries like banks or governments.&nbsp;
Blockchain technology can be much broader than purely financial transactions. It can be used in different industries with various aims. Nowadays, many businesses are studying how blockchain can improve their operations (read more about <a href="https://agilie.com/blog/enterprise-blockchain-development-how-businesses-derive-benefits" target="_blank" rel="noopener">enterprise blockchain development</a> and <a href="https://agilie.com/blog/enterprise-blockchain-development-how-businesses-derive-benefits" target="_blank" rel="noopener">enterprise-grade blockchain development</a>).

Here are a few examples:
Healthcare: Blockchain can guarantee the safety of medical records storage and sharing. Thus, they are only available to authorized personnel and patients and lead to quicker diagnosis and treatment.​
Financial Services: Blockchain is a viable solution for international payments, real-time settlements, and improving transaction transparency and security.
Digital Identity:&nbsp; Blockchain can correct identity theft and fraud by adding digital identities that cannot be changed. For example, Estonia's e-Residency program is the first of its kind, a government-issued digital identity that allows entrepreneurs from anywhere in the world to operate and conduct business online in the EU.
Real Estate: Blockchain can simplify property transactions such as sales, leasing, and financing by reducing paperwork and improving transparency.
<a class="incut--wrap" style="transition-delay: 0s;" href="https://agilie.com/blog/the-evolution-of-blockchain-from-bitcoin-to-business-applications" target="_blank" rel="noopener" aria-label="incut"><img style="height: 344px; width: 778px;" src="https://d3pxw3l8cozu05.cloudfront.net/images/f9e66e179b6747ae54108f82f8ade8b3c25d76fd30afde6c395822c530196169-1716280829344.png" width="100%" height="100%" />Learn more about the evolution of Blockchain from Bitcoin to business applications.</a>
<h2 dir="ltr">Myth 2: Blockchain Transactions Are Always Anonymous</h2>
A frequent mistake people make about blockchain technology is that it is automatically anonymous to its users. However, the truth is more nuanced. Blockchain transactions are not strictly anonymous but pseudonymous.
Pseudonymity means that a user's identity is not directly tied to their blockchain transactions but rather to a digital pseudonym, typically a public key or a blockchain address. These addresses are like a sequence of letters and numbers, giving privacy but not total anonymity.
In contrast, anonymity would mean that the transactions are entirely disconnected from any identity, even a pseudonym, making them untraceable to the user. Blockchain does not usually provide this level of anonymity because the transaction history of each blockchain address is visible to anyone who accesses the blockchain.
Most blockchains are open ledgers, meaning that all transactions are visible to anyone who wishes to view them. This level of transparency ensures that while users' identities are not directly exposed, their transaction histories and patterns can be analyzed.<span style="font-size: 11pt; font-family: Roboto, sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-variant-alternates: normal; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-position: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"> 
<img src="https://d3pxw3l8cozu05.cloudfront.net/images/f9e66e179b6747ae54108f82f8ade8b3c25d76fd30afde6c395822c530196169-1716280901953.png" />
While basic blockchain transactions offer pseudonymity, several enhancements and tools can increase privacy:
1. Mixing Services: Services like CoinJoin allow multiple users to combine their transactions into a single transaction with multiple inputs and outputs. This mixing blurs the traceability of any single coin, making it more difficult to link wallets with identities.
2. Privacy-Focused Cryptocurrencies: Some cryptocurrencies, like Monero and Zcash, are designed specifically to enhance privacy. Monero uses ring signatures and stealth addresses to hide the transactions&rsquo; origins, amounts, and destinations. Zcash allows users to shield transactions completely through its zk-SNARKs technology, which enables transactions to be verified without revealing the sender, receiver, or amount.
3. Use of Multiple Addresses: Users can increase their privacy by using multiple wallets or addresses, dispersing their transactions across several points, which makes it more challenging to link them to a single identity.
<a class="incut--wrap" style="transition-delay: 0s;" href="https://agilie.com/blog/blockchain-tech-trends-how-to-stay-ahead-of-the-curve" target="_blank" rel="noopener" aria-label="incut"><img style="height: 344px; width: 778px;" src="https://d3pxw3l8cozu05.cloudfront.net/images/f9e66e179b6747ae54108f82f8ade8b3c25d76fd30afde6c395822c530196169-1716280997458.png" width="100%" height="100%" />Explore key blockchain technology trends and stay ahead in its innovation with insights and practical examples.</a>
<h2 dir="ltr">Myth 3: Blockchains Are Unhackable</h2>
The idea that blockchains are completely unhackable is a frequently held misconception that can cause a dangerous level of complacency in security measures. While blockchain technology does offer robust security features, it is not immune to vulnerabilities. Knowing the security features employed and the situations in which breaches happen is very important for anyone who wants to use blockchain for their business.
Blockchain technology secures data through several mechanisms:
Cryptography: Every transaction on a blockchain is secured using cryptographic algorithms, which ensure that data can neither be altered nor read without the appropriate cryptographic key.
Decentralization: By distributing copies of the ledger across a network, blockchain reduces the risk of a single point of failure that could compromise the entire system.
Consensus Protocols: Blockchains use various consensus mechanisms, like Proof of Work (PoW) or Proof of Stake (PoS), to agree on the validity of transactions. These protocols prevent a malicious actor from changing even a single aspect of the blockchain.
<a class="incut--wrap" style="transition-delay: 0s;" href="https://agilie.com/expertise/fintech/blockchain-software" target="_blank" rel="noopener" aria-label="incut"><img style="height: 344px; width: 778px;" src="https://d3pxw3l8cozu05.cloudfront.net/images/f9e66e179b6747ae54108f82f8ade8b3c25d76fd30afde6c395822c530196169-1716281102044.png" width="100%" height="100%" />Learn more about our blockchain software development services.</a>
Despite these security measures, there are scenarios where blockchains can and have been compromised.
<h3 dir="ltr">Scenarios Under Which Breaches Have Occurred</h3>
51% Attacks: This type of attack happens when a single entity gains control of more than 50% of the network&rsquo;s mining hash rate or stake, allowing them to manipulate transactions and potentially double-spend coins.&nbsp;
Code Vulnerabilities: <a href="https://agilie.com/blog/secure-smart-contract-design-best-practices-in-solidity-programming" target="_blank" rel="noopener">Smart contracts</a>, which are self-executing contracts with the terms directly written into code, can contain vulnerabilities. One of the most famous incidents is the DAO attack on the Ethereum network. Hackers exploited a vulnerability in the DAO (Decentralized Autonomous Organization) smart contract code to siphon off one-third of the DAO&rsquo;s funds.
Phishing and Social Engineering: End-user security is often the weakest link in a blockchain system. Phishing attacks can allow attackers access to blockchain assets, bypassing network security measures, to steal private keys or wallet credentials.
<img src="https://d3pxw3l8cozu05.cloudfront.net/images/f9e66e179b6747ae54108f82f8ade8b3c25d76fd30afde6c395822c530196169-1716281254703.png" />
<h2 dir="ltr" style="text-align: justify;">Conclusion</h2>
The blockchain technology is often seen as highly popular and muddled at the same time.&nbsp; Falsified myths are only part of the misconceptions that can mislead such a fantastic technology. Similarly, proper professional knowledge and strategy can help blockchain perform to its potential in various fields.&nbsp;<a href="https://agilie.com/blog/your-own-cryptocurrency-from-scratch-everything-you-need-to-know-to-create-your-cryptocurrency" target="_blank" rel="noopener">Building your own cryptocurrency</a> can be a strategic move for businesses seeking to innovate and tap into new digital markets.
At <a href="https://agilie.com" target="_blank" rel="noopener">Agilie</a>, we understand that dealing with a complex environment is also a significant challenge. This is why we create powerful blockchain systems and wish to educate our clients regarding the breadth of blockchain-utilizing services. Therefore, such solutions can be tailored to your industry's concrete necessities and problems.
<a class="incut--wrap" style="transition-delay: 0s;" href="https://agilie.com/contacts" target="_blank" rel="noopener" aria-label="incut"><img style="height: 344px; width: 778px;" src="https://d3pxw3l8cozu05.cloudfront.net/images/f9e66e179b6747ae54108f82f8ade8b3c25d76fd30afde6c395822c530196169-1716281316627.png" width="100%" height="100%" />Contact us to find out how our blockchain development services can help you achieve your goal.</a>

Discover the truths about blockchain technology as we debunk common myths and clarify its applications to empower businesses with informed integration.

Discover the truths about blockchain technology as we debunk common myths and clarify its applications to empower businesses with informed integration.

Blockchain Myths Debunked: Separating Fact from Fiction

Read about the factors that influence accounting app development costs.

Read about the factors that influence accounting app development costs.

Costs and Time of Accounting App Development | Agilie

Discover the factors that influence fintech app development costs.

Learn about the factors that influence fintech app development costs.

Factors that influence fintech app development costs | Agilie

Read about the essence and development stages of a Peer-to-Peer lending app.

Read about the essence and development stages of a Peer-to-Peer lending app.

Guide on how to develop a P2P lending app from scratch | Agilie

Explore successful real estate blockchain startups and the development process of blockchain property app.

Explore successful real estate blockchain startups and the development process of blockchain property app.

Top 9 Blockchain Real Estate Startups to Explore | Agilie

Analyze the development process of the loan application.&nbsp;

Analyze the development process of the loan application.