Use this if you have forgotten the password of the keyring in Ubuntu, but you want to safeguard a new keyring with a password.
For Ubuntu 18.04, I used the following.
Remove old keyring: For this, we need to change the directory to keyring location, I have mentioned below.
$ cd .local/share/keyrings/
$ sudo rm *.keyring

After restarting the system you will have the new keyring created:
$ sudo shutdown -r now

Verify the new keyring exists:
$ cd .local/share/keyrings/
$ ls -ltr *.keyring