I have been thinking about a way of storing a "digital testament" without using a physical safe, which is the typical solution I have read. Here is my idea roughly:
- Generate a strong key pair using GPG/some other standard tool.
- Encrypt the sensitive information using the previous key.
- Store the public key with enough redundancy.
- Split the private key using a secret sharing tool. Let's say 3 shares, 2 to recover the secret.
- Make my 3 witnesses keep a written-down copy of their shares, plus the encrypted payload.
In this way I can update the payload (if more sensitive information needs to be stored later) without updating the shares.
I'm barely a crypto/security aficionado, and I know that complexity is the enemy of security, and that devising your own security schemes is asking for trouble.
What are the flaws of this method?