May 17, 2018 3:11 AM
PT Blockchain could one day solve the online privacy problem by encrypting or scrambling personally identifiable information and issuing each person a random string of bits – a private key – created explicitly for unscrambling their data. The person holding the blockchain private key could issue various public keys controlling who has access to the personal data on the blockchain.

So, for instance, if a car rental agency needed to verify you have a driver’s license, you could use a public key to give them access to that information. For example, Bitcoin scrambles user information through the use of the AES 256-bit encryption algorithm, which creates a 256-bit private key that can be represented by 32 or 64 alpha numeric characters.

“For Bitcoin, there simply is no key recovery. If you lose your private key, you’ve lost your Bitcoin,” said Martha Bennett, a principal analyst at Forrester Research.

Lance Morginn, director and co-founder of the Blockchain Intelligence Group, believes the blockchain industry and government regulators will need to collectively come to terms on a standard for reclaiming a lost private key. The Blockchain Intelligence Group is a private company that offers blockchain search and data analytics tools; it has already been working on ID management with U.S. regulators and law enforcement agencies.

The most likely method for reclaiming a private key would be to physically go to a secure facility where the key’s owner would have to pass a number of security measures before the key is restored. “It’s going to come down to a multitude of biometric devices. Read more from computerworld.com…

thumbnail courtesy of computerworld.com