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That doesn't actually fix anything, it just replaces one problem with a set of worse problems. There's no good way to manage the private keys. Many borrowers will inevitably lose control of their keys, either accidentally or by hacking. Then what?



That problem isn't a whole lot different than what happens today when you lose control of your SSN. I'm not advocating for your private key to become your ID, in fact it'd be best if each time you took out a loan you used a new key. How is a private key any harder to manage than a all the myriad of personal and private info we are required to manage today. At least this way you're the only person responsible for managing it, not every single FI and bank.


Nobody really has "control" of their SSN anymore; most have been leaked one way or another. The only effective control is locking your credit files.

Even if you generate a new private key for every loan it wouldn't help much. A significant fraction of borrowers will still lose control of their keys during the life of the loan. So the reality is that to make such a scheme workable would require one or more trusted central authorities to perform identity management and key recovery. Who would do that work and what's the funding model?




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