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This is something that I've thought about extensively. I'd be interested to hear your thoughts. My thesis is thus: In the Information Age, data is subject to a
by sroerick 12y ago
This is something that I've thought about extensively. I'd be interested to hear your thoughts.
My thesis is thus: In the Information Age, data is subject to a kind of reverse economies of scale. That is to say, the more data you have, the more difficult it becomes to secure.
A website like MTGox is always going to fail. Period. Entropy is a thing, and there's no way to prevent 100% of security leaks. You can see the credit card economy leaking constantly as well.
What I imagine happening as time goes on is that businesses will start hiring someone to manage their public keys. Businesses already trust accountants with their finances. It's not a huge leap to imagine a specialized service industry catering to small business and dealing with private key management.
I feel as though trusting one person with only your company's data is going to be much, much more feasable from an economic perspective than trusting a large company with yours and 5000 other business's private keys.
This obviously won't work with the current "Payment Processing" infrastructure. It has drawbacks, certainly. But it seems like a world that can actually legitimately exist, in contrast to the MTGoxes and Moolahs of today.
I hope this makes sense. I'm not a infosec guy, so I'd love to hear criticisms of this paradigm/theory.