Block Chaining Password Management
A blog post I was reading about “tokens” and developing block chain’esque protocols for solving a wide variety of problems from file system storage to prediction markets got the wheels in my head turning. What else can we do with this stuff? How about Password Management?
Password Management Blockchain
So how would this stuff work?
- You login to a client (it could be web or native or an app) with a sufficiently strong private key phrase (think 12+ words)
- You add a new entry (username, password for a provider).
- These three items are hashed using the private login phrase and a new transaction is published to the network. This is important, unlike Bitcoin we need transactional privacy similar to Monero.
- The network mines this new transaction along with others and adds them to the block chain.
- For retrieving your passwords, log back in to the client with your phrase and it re-constructs your passwords from the globally encrypted and available blockchain.
There is no database with hashed passwords that people can hack and take down. Instead, it is replaced with a globally available block chain from which you can filter out your passwords with your pass phrase. Throw on top a small transaction fee and incentivize mining with either ASIC or regular CPU proof-of-work mining rewards and it might actually work.
De-centralized systems are just coming off age and password management looks to be a great fit.