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 our 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.
Read on to learn more about the issues and pain points in the wireless device industry, and discover how LOX intends to change smartphone crime for good.
Once you buy a smartphone or wireless device, you are the verifiable owner, right? Actually, it’s far from this simple. 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. In fact, the lack of data sharing can cause significant issues, as insurers often find it difficult to receive the relevant information to process your claim. 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. Unfortunately, you might have to wait weeks for your report to be logged and receive your insurance payout.
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.
Our vision is simple; we want to return the power of owning your data back into the hands of smartphone users everywhere, and we’re doing this through our innovative decentralized security network. The LOX Network is a security network running on our proprietary hybrid blockchain with impressive functions and features. Our 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 our network are our 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.
All this means that, by using our unique security 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. By creating the world’s first decentralized security network, control over data ownership and the ability to freely yet securely share essential data between key parties will be better distributed through our direct peer-to-peer ecosystem.
We’re very optimistic that our 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 our 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. Our lofty ambition is to streamline the entire process and—ultimately—rightfully return control to smartphone owners everywhere.
LOX Network has created an innovative new solution to smartphone theft. Our unique model bridges the users’ unique digital and physical ownership thanks to our proprietary NFTs, allowing owners to control the security of their devices. What’s more, the LOX Network is not restricted by silos thanks to our unique decentralized hybrid ledger built on the XRP blockchain. Through our decentralized blacklist, we’re confident we can help the smartphone security industry change for good.
Discover how we can better secure your wireless devices here.