What it means
A lifecycle rather than a storage choice
Key management covers both technical controls and human responsibilities. An encrypted key file is only one component: access approval, separation of duties, backups, incident response and evidence of authorized use also matter.
Blockchain-specific consequences
Losing required authorization material can make assets inaccessible, while theft can enable unauthorized actions. Recovery differs between simple key-based accounts, smart accounts and custodial services. A rotation plan must identify what can actually change: replacing an API key is different from moving funds or updating a blockchain account’s authorized signers.
Related concepts
Cryptocurrency wallet, Hardware wallet, Multi-party computation, Multi-signature wallet.
In practice
A concrete example
A business records who can approve signing, where recovery material is held and how access is replaced after a signer leaves.
Technical notes & boundaries
NIST key-management guidance is general. Apply controls to the actual account and algorithm; do not assume every blockchain private key can be rotated in place.
Go to the source.
Original references used for this definition. Product details and standards can change.