TOPIC #0005

Lose Private Key

TOPIC #0005: Lose Private Key

Your private key - that gives you access to your identity, your UBI-Wallet, your blockchain data and allows you to go online and communicate - is of course very important. So you don't want to lose it. There are however many situations possible where you lose your private key that normaly looks something like this: ""E9873D79C6D87DC0FB6A5778633389F4453213303DA61F20BD67FC233AA33262"". Now you can get a stroke and forget it; Perhaps you gave it for safekeeping to your partner, but both you and your partner died in a car-crash and now your children can't get their inheritance; You get demency or you simply forgot it. This issue MUST be solved to be able to live in a global society where peoples privat keys are very important.

Storing the private keys in encrypted databases that are only accessable for the global court is too risky. So the best way to deal with it, is probably to put them in a fysical safe deposit. This can be done in local facilities that are especially designed for this, with special security systems. For example you could have your key stored at 3 random places. These safes could have a destruct-all-keys safety system that arranges that - in case of a burglary - the keys are destroyed automatically in the facility that is being robbed.

Probably the most crucial question of the self-sovereign identity is if the global court should be entitled - in certain circumstances - to confiscate your private key? The first intuition is that it should be impossible for the Global Court to get your privat key. But what if the person the Global Court is after, is a terrorist leader of which it is proven that this person is responsible for the death of many people and leads an organization that promotes this terrorism. The Global Declaration of Human Rights says "No one shall be subjected to arbitrary interference with his privacy, family, home or correspondence". The key is the word "arbitrary". Usually the police has to obtain a surveillance order from the court. In the new - fully encrypted - blockchain ecosystem, the Global Court should be able to obtain your private key so the police can do a proper investigation once this has become not arbitrary according to the Global Court. It is however up to the people how they store their private keys. Because people themselves are always able to add encryption on everything they do, and are always able to pay each other in valuable items like diamonds, there is no point forcing everyone to give the global court access to their private keys.

Another issue is when someone steals you private key. This is discussed in TOPIC #0007 Stolen Private Key.

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