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Solving a blockchain conundrum: Biometrics could recover lost encryption keys

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. You could later revoke access to that information.

The still-nascent distributed ledger technology, however, faces a vexing problem: what does a user do if they lose their private key? Essentially, a lost key means they lose access to all of their data – and if that data happens to include bitcoins or other cryptocurrency, they lose their digital money as well.

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.

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