The Keychain
The keychain is a feature from older non-Unix versions of
MacOS (MacOS 9 and further back). The keychain is not a mainstream Unix thing.
The keychain is a MacOS X service with an API that app developers can use
to hold users passwords for various applications.
It is a secure store of passwords and encryption keys.
Instead of remembering one passwd per app, the user only needs to
remember the keychain passwd.
For example, BBEdit for Mac OS X includes
Keychain support for FTP site passwords (see BBEdit Preferences:FTP
Settings for more information). By using the Keychain, BBEdit can
securely store your FTP site passwords. To access them, you need
only your Keychain password.
The Keychain can store encryption keys as well as passwords.
With other UNIX flavors, private portions of encryption keys (like
SSL certificates) are stored in regular files and protected only
by UNIX file permissions and thus can be copied if a user has
sufficient privileges. Using the Keychain, the private portion of
the key cannot be copied, making it harder for an attacker to
get the key to use on another machine in an impersonation attack.
There is some info about Keychains and Unix security
http://developer.apple.com/internet/macosx/securitycompare.html.