That's a good summary. There is only one App to manage and upgrade, not thousands or tens of thousands of copies of the original code but as this diagram suggests each tenant still has the flexibility to individualize the front end. As with tenants in an apartment building each tenant has their on privacy and can individualise its presentation, but for each tenant it is as if the others aren't next door. Others can't look in and see or steal your data.
There are degrees of multi-tenancy too.
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That's a good summary. There is only one App to manage and...
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