Centralized key management refers to a system where a single entity holds and administers cryptographic keys for multiple users or assets. This approach simplifies key handling for individuals but concentrates control in one location. The central authority is responsible for safeguarding these keys, which protect digital assets and transaction signing capabilities.
Context
The discussion surrounding centralized key management often centers on the trade-off between convenience and security in digital asset custodianship. While offering ease of use, it introduces a single point of failure, making the system a prime target for external attacks or internal misconduct. News reports often highlight the risks associated with such systems when breaches occur.
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