Private Key Protection

What is a private key, and why is it essential to cryptocurrencies?

Private keys are a very long stream of texts randomly generated from a blockchain and other distributed ledger systems as ownership credentials to access/modify cryptographic data.

• A private key is a secret text stream that is used in cryptography and cryptocurrency to claim ownership and carry out cryptographic data transactions.

• Private keys are represented as large strings of alphanumeric characters randomly-generated texts with hundreds of digits.

• A cryptocurrency wallet associates a set of public addresses and private keys. Anybody can deposit cryptocurrency assets at a public cryptocurrency address.

• But, cryptocurrency funds cannot be withdrawn/spent/removed from a cryptocurrency wallet address without having access to the corresponding private key.

• The private keys are paramount in the cryptocurrency domain because if a cryptocurrency holder loses the private keys of their cryptocurrency wallets, all the cryptocurrency assets are lost forever. It is known as the "Private key-loss conundrum" of blockchain.

The above points clarify how important the private keys to cryptocurrencies are.

We have developed a technique for private key protection

I have been into information security research for many years.

I and my co-researcher from the US have developed a technique for private key protection. The same technique may also be used to protect any long and complex text passwords.

• Our proposed method can preserve and protect private keys and passwords.

• The technique converts the private keys and passwords into our episodic images.

• The private keys and the passwords are encrypted and hidden inside some graphical images which are connected to our episodic memory.

Episodic memory means the memory of everyday events, such as the memory of somebody's first pet dog. Images of the pet dog are examples of episodic images. Such images connected to memorable episodic past life are easily remembered.

Our method provides a secured solution to protect private keys

Our developed technique consists of two graphical images to encrypt and hide the large text streams of the private key.

• One needs only to remember which images are your visual passwords.

• One can choose images from their memorable episodic real life.

• Since the images are connected to real life, they are hard to forget.

• The technique involves graphical passwords, which are hard to hack (or crack) because guessing/hacking graphical images is impossible by any software.

Our graphical security solution may find applications in any blockchain security system.

• Our method can be utilized by cryptocurrency projects and other blockchain-based cryptographic applications to secure wallets and private keys.

• Our proposed technique may also be used to protect large and complex passwords.

• Traditional password security systems may adopt our proposed technique without significant modification and additional computational resources.

Bringing it altogether

I have been working in information security research for many years.

• I and my research collaborator from the US have developed a solution to preserve and protect private keys and passwords inside graphical images.

• Our graphical security solution may find applications in any blockchain and distributed ledger-based security systems.

This research will be presented at an international conference, Applications of Digital Image Processing XLV, in San Diego, CA, USA on 24 August 2022.

Image Screenshot Source

Postscript

In this blog article, I briefly describe our recent information security research which is scheduled to be presented at an international conference in San Diego, California, USA this month August 2022.

I have tried my best to describe the technique in simple words without going through any deep technological details.

I hope that some of you may like this share!

Sponsor information:-

Image Source TheGuy – Follow him on Noise and Hive for more insights.

Cheers!

Unity (Debesh Choudhury)

Text Copyright © 2022 Debesh Choudhury — All Rights Reserved

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Disclaimer: All texts are mine and original. Any similarity and resemblance to any other content are purely accidental. The article is not advice for life, career, business, or investment. Do your research before adopting any options.

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#privatekey #password #blockchain #cryptocurrency #datasecurity

Aug 07, 2022