Towards a Smart Contract-Based, Decentralized, Public-Key Infrastructure

Abstract

Public-key infrastructures (PKIs) are an integral part of the security foundations of digital communications. Their widespread deployment has allowed the growth of important applications, such as, internet banking and e-commerce. Centralized PKIs (CPKIs) rely on a hierarchy of trusted Certification Authorities (CAs) for issuing, distributing and managing the status of digital certificates, i.e., unforgeable data structures that attest to the authenticity of an entity’s public key. Unfortunately, CPKI’s have many downsides in terms of security and fault tolerance and there have been numerous security incidents throughout the years. Decentralized PKIs (DPKIs) were proposed to deal with these issues as they rely on multiple, independent nodes. Nevertheless, decentralization raises other concerns such as what are the incentives for the participating nodes to ensure the service’s availability.