Sending Public Key

[jason heddings]

I'm making use of libgcrypt for a specific encryption application.  I'm
assuming that the following is secure:
 
- Use libgcrypt to create a keypair
- Save the S-exp to an internal, protected keystore
- Base64 encode the public-key portion of the S-exp
- Broadcast the base64-encoded key to associated clients
- Use the broadcasted public-key to encrypt data
- Send encrypted data back to a server containing the keystore
- Only server can decrypt encrypted data using private keys
 
Can someone please correct me if I am wrong?  Is there a problem with this
approach, or perhaps a better one?
 
--jah