Handling Public and Private Keys
Encryption keys management is one of the most critical components in cryptoeconomies. Every cryptocurrency holder has a cryptowallet for their funds, and every cryptowallet has a public and private key. Key management is complicated enough for hardcore cryptocurrency users, but it becomes even more complicated when trying to introduce cryptocurrency to mainstream consumers who aren’t as tech-savvy. This is especially true of efforts to introduce cryptocurrency to mobile as many key management solutions are tailored to desktop.
The burden of key management:
Any app developer hoping to integrate cryptocurrency transactions in their application needs to make sure that user’s private keys are protected at every stage of the transaction, especially since the average user is unlikely to take all of the necessary tamper-proof security precautions on their own. This means that the burden of proper key management and encryption will fall squarely on your shoulders.
Unfortunately, proper encryption and secure transactions are something that requires expertise beyond software development.
In software development, if you find a bug, you get a second chance at getting it right. When there are errors in your encryption, all sensitive data is at risk. Without a full IT and system administrator team, many companies – even well-established ones – struggle with encryption. For developers without a full systems security team behind them, this represents a huge barrier to integrating blockchain technologies into their mobile apps.
The good news is that, as blockchain technology begins to develop and go more mainstream, more and more options for key management are opening up for developers interested in introducing their users to crypto. Developers interested in exploring integrating a cryptoeconomy into their apps should pay close attention to developments in this space.