I have a question about Core Data encryption. I'm storing some sensitive user data in a Core Data SQLite database. The critical values are all transformables and I'm using AES256 to encrypt and decrypt them 'on the fly', including an individual IV for every value. The encryption key is the SHA512 hash of the password the user has chosen. This works very well so far.
Now about the user password. When the user launches the app he is asked for his password. The password is being hashed with SHA512 and stored in the iOS keychain. For every write or read operation the NSValueTransformer will get the password from the keychain. If the app is being closed, I delete the password hash from the keychain.
In my Core Data database I have a special entity which has a random number != 0 as it's only value. To test if the user has entered the correct password I fetch this entity and read the number. If it is =! 0, I know that the password was correct because when the decryption fails the NSValueTransformer always returns 0.
Now my actual questions: Would you consider this a good approach on encryption? How else would you test if the entered password is correct?
I'm a little concerned that storing the password hash in the keychain while the app is running makes everything slower, because the NSValueTransformer has to access the keychain all the time. Would it be sufficiently secure to just keep the password hash in memory, so it'll be deleted when the app closes?