Smartphone theft is at a crisis point. Over 446,000 handheld devices are stolen every year, equating to 1,222 phones per day. Our devices are more expensive to insure than ever and the global mobile phone insurance market is expected to be worth more than $40 billion by 2025. That’s why Lox’s mission is to better control smartphone thefts by creating the world’s first decentralized security network, giving the power back to smartphone owners rather than wireless carriers or other third parties.
The Challenges: Siloed Data, Proof-of-ownership, and Data-sharing
Wireless device data is locked behind silos, allowing stolen phones to be sold on the black market with ease. This makes it very difficult to retrieve information from your device such as where it comes from, its previous owners, and purchase dates. Essentially, your smartphone data, even though you own it, is very hard to acquire. Network providers don’t help the situation either, as they operate in silos and aren’t keen on sharing any device information with users, insurers, or law enforcement.
Furthermore, insurers often struggle to send the right information to owners. Say, for example, you buy your new smartphone from a well-known high-street retailer, but you insure it with another provider. If your phone is stolen, your insurer will need the relevant information from your network provider, but your network provider won’t release this data until receiving proof of ownership from the retailer. This struggle to receive the relevant smartphone information causes a chain reaction, as permission is needed from multiple different bodies.
This lack of data sharing also works in the favor of criminals, as it makes it challenging for good citizens to return lost phones to their original owners. With this lack of information and resistance to share data, lost phones are much harder to identify.
Lox Network – the Solution to Better Security
Lox Network returns the power of owning your data back into the hands of smartphone users everywhere, with an innovative decentralized security network. The LOX Network runs on a proprietary hybrid blockchain with a series of functions and features. The network sits on the Ripple XRP ledger and uses its power, speed, cost efficiency and—most importantly—its decentralization to give users easier access to their data and place control over their smartphones in their hands.
At the core of the network are its non-fungible tokens: SmartNFT and SmartLOX tokens. They are used to bridge both the users’ unique digital and physical ownership and the bond between SmartNFT and SmartLOX acts as proof-of-ownership for smartphone users.
With Lox Network, you’ll be able to report your own device lost or stolen, track it yourself, and exchange important data when buying or selling a device. This is the world’s first decentralized security network to truly control data ownership and share essential data between key parties through a peer-to-peer ecosystem.
Transforming Wireless Device Security for Good
This innovative solution to smartphone crime and fraud will go a long way in reducing insurance costs and making device ownership cheaper for users. Currently, insurance premiums are relatively high due to the increasing value of modern handsets, the sensitive data they store, and the fact that more smartphones are being stolen than ever before.
When mobile device users subscribe to the LOX Network, there is also the potential to have their insurance premiums lowered thanks to the enhanced security and traceability being part of the network will provide.
Furthermore, there’s the potential for insurance payouts to become virtually automated as phone data becomes more readily accessible to insurers and users, with the relevant information accessible at the click of a button instead of a lengthy, cumbersome, and frustrating drawn-out process. In short, Lox Network streamlines the entire process and—ultimately—rightfully return control to smartphone owners everywhere.
Discover How LOX Enhances Your Wireless Device Security
LOX Network has created an innovative new solution to smartphone theft. The unique model bridges the users’ unique digital and physical ownership thanks to the proprietary NFTs, allowing owners to control the security of their devices. What’s more, the LOX Network is not restricted by silos thanks to the unique decentralized hybrid ledger built on the XRP blockchain. Through the decentralized blacklist, LOX Network helps the smartphone security industry change for good.