If you don't own the private key, that means you don't own the cryptocurrency. If the private key is stolen, you loose the digital coins. And if you loose the private key, the digital coins under that wallet are lost forever. In principle, your crypto coins are lost for you and for others too, because nobody can ever access it without the private key. There is no provision to recover the lost private keys. This is the characteristic of accessing decentralized asset in the distributed ledgers.
The common advice floating in the air is known to all - "Take care of your private keys". One must save the private key in a secured place, either printed on a paper, saved in a electronic form or stored in a hardware wallet. Each and every storage may fail under certain circumstances.
A lost private key means the user loses all the data and the associated assets, in case of bitcoin the user loses all the digital money! The distributed ledger community couldn't give any sure shot solution for recovering the data, associated digital assets or bitcoin. This is an unfortunate situation that can often happen in real life.
Can we have a solution for the private key-loss conundrum?
Do you think decentralized apps will be accepted by the general mass despite of "Blockchain's private key-loss conundrum"? Do you think that biometrics and digital identity may provide with a solution to this problem? I would love to get your views and suggestions. If you like this article, please click "Like" and "Share" it among your acquaintances and network.
Text Copyright © 2019 Debesh Choudhury— All Rights Reserved
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