Protocol proposal - feedback appreciated [repost]

Hi I made an earlier post outlying an idea for a protocol I had but I think it was explained too poorly (so I've deleted that and tried to do a better job here).

Quick bit of background, Im a college student who's been in crypto seriously for about a year.

The fundamental difference between this and the fiat system is custody over keys and one of the big barriers IMO is people being afraid to store their own keys. So I've come up with an "insurance" protocol for your keys.

Essentially, I want to know what people think about an open source protocol idea I have. Simply speaking its a way to back up your keys by encrypting them with information only know would know and then storing this on the blockchain.

A basic illustration could be, I could take my keys encrypt them with my bank details, passport number mothers maiden name etc. and store that (on chain). I would also have some record of what I have used for the encryption i.e.e mothers name bla bla bla.

Obviously the stuff you encrypt it with has to be stuff you won't forget in 50 years and that only you should know (I have a list of such things)

The motivation for this to have a copy of keys accessible should you lose a hardware wallet, change pc, metamask goes down etc or any black swan events like this - but it could be a good backup.