Our world has become highly digitized and more technology-driven, resulting in an ever-increasing amount of data being generated and collected. From personal information to business records and scientific research, data has become the world’s most valuable commodity. Privacy issues and data breaches have made daily headlines as companies that handle large volumes of sensitive data become victims of security breaches and privacy issues. Consumers are becoming more concerned about the privacy and security of their data, and governments worldwide are introducing more data protection regulations. The need for safe and secure data storage and access controls has become more paramount than ever. 

What Is Key Management?

Key management ensures that the encryption keys used online and in security systems are kept safe and only given to people allowed to have them. Keys protect data, like passwords, messages, and files, so only the intended recipient can read them. Think of encryption keys like the keys to your house – you do not want just anyone to have them because they could enter your home and steal your valuables. Key management involves creating robust keys that are safely stored and accessible only to people who need them. 

According to Entrust’s “2022 Global Encryption Trends Study.”  currently, 62% of companies have an encryption policy, and 59% of businesses find key management to be highly challenging: Encryption is the easy part, but managing keys, storing the key securely, controlling who can access the data, and complying with privacy regulations from multiple countries makes it difficult for companies. 

Encryption is easy; managing the keys used to encrypt the data is more challenging, given the volume of data generated. Key management is vital to ensure that the data is protected and compliant with regulations.

Key Management Challenges In Web2 And Web3

Key management is vital to securing data in Web2 and Web3 environments. However, there are many challenges that users face when managing their keys.

In Web2, one of the biggest challenges is the insane number of accounts and passwords people need to manage. With so many web services and subscriptions, keeping track of all the passwords and keys takes time and effort. Users reuse or use weak passwords for convenience, which can jeopardize their security. 

In Web3, key management is more complex because Web3 or blockchain technology is decentralized, meaning users are solely responsible for managing their keys. Since no central authority manages their keys, there is no way to reset passwords if forgotten. Managing keys can be a daunting task, especially for users who are not very tech-savvy.

Additionally, blockchain introduces new types of keys, such as smart contract keys and governance keys, in addition to traditional private keys, which all need to be managed by the user concurrently. The security of these keys is critical, as losing them can result in the loss of valuable assets. Without the assistance of a central authority to help users recover lost or stolen keys, these assets are lost forever. Therefore, users need to manage their keys carefully, use best practices for securing keys, and stay up-to-date with the latest developments in key management technologies to protect their assets and maintain the integrity of the blockchain.

Why Public Key Infrastructure (PKI) is Outdated?

While Public Key Infrastructure has been a valuable technology in the past, many experts believe there is a need for better key management options in the current fast-paced, complex technology environment. 

What is PKI? PKI is a security technology that uses digital certificates to verify the identities of users and devices on a network. However, PKI is considered outdated because of limitations that make it less effective in the current advanced and fast-paced digital landscape. PKI has been widely used to provide security and privacy for traditional web applications but is less suited to managing the unique challenges posed by emerging technologies such as AI and Web3.

One of the main limitations of PKI is its centralized architecture, which relies on trusted third parties to issue and manage digital certificates. This approach can lead to single points of failure, creating vulnerabilities exploitable by malicious actors. In addition, PKI was designed to be used in a hierarchical and static network architecture, which is not suited to the decentralized and dynamic Web3 and AI systems.

Another challenge for PKI in managing AI and Web3 is the need for more fine-grained and granular access control. Traditional PKI systems provide binary authentication (i.e., authenticated or not authenticated). In contrast, AI and Web3 systems require more nuanced authorization mechanisms that can support complex access policies and governance models.

PKI can also be expensive and difficult to manage, especially for small organizations. Additionally, it can be vulnerable to attacks, such as certificate spoofing or revocation attacks, which can compromise the entire security of the system. 

While PKI has been an effective tool for securing traditional web applications, its centralized architecture and binary authentication model make it less suited to managing the complex security and privacy challenges of AI and Web3. As these technologies continue to evolve, new approaches to security and privacy will be needed to ensure their safe and secure use.

QiPass: The New Paradigm in Key Management 

QiPass, NamaChain’s novel application, is a universal, fully decentralized Key & Identity manager with zero-knowledge offline authentication and compatible with any Blockchain platform. It is a security solution that is more flexible, scalable, and cost-effective. It addresses all the challenges of managing keys. It makes key management more user-friendly and accessible while maintaining the most robust data security and privacy.  

What’s fantastic about QiPass is that, unlike any other key management solution today, the keys are never stored anywhere, offering stronger encryption, more robust authentication mechanisms, and better protection against threats such as phishing and malware. 

While some new Web3 wallets are designed to help users securely manage their keys and simplify interacting with decentralized applications, QiPass is universal and seamlessly manages keys for apps and dApps. It can be synced with any device, making it effortless for users to access their apps and dApps from anywhere. The simple Web2-style password reset function ensures users are never locked out of their accounts. 

We are excited to launch the Qipass alpha next month. If you are a company looking to provide strong authentication and the convenience of single sign-on for your users, or you are a developer who would like to try the app and make key management a breeze, please email us at info@namachain.com for access.