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I want to create a contract that stores encrypted data that is accessible only a selected user on the blockchain.

A ideal scenario would be to encrypt the data using the user's public key, such that the user can decrypt the data using their private key. Is there a public and private key equivalent on the Ethereum blockchain?

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Is there a public and private key equivalent on the Ethereum blockchain?

It is possible to do public private key encryption with ethereum addresses: How to encrypt a message with the public-key of an Ethereum address

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