It is becoming a major problem. Each year over 446,000 smartphones are taken, which is equivalent to 1222 devices per day. It is more costly to protect our devices than ever, and by 2025 the worldwide mobile insurance market will be worth over $40 billion. 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 Problems: Siloed Data and Proof-of Ownership. Data-sharing
Silos protect wireless device data, which makes it easy for stolen devices to be sold on black markets. It is very hard to get information such as the origin of your phone, previous owners and date purchased. It is extremely difficult to access your smartphone’s data even though it belongs to you. 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.
Insurance companies often fail to provide the necessary information. Let’s take, for instance, the case where you bought your phone from a well-respected high-street shop but have it insured 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. As multiple entities require permission to access the information on your phone, this can cause a chain reaction.
The lack of data sharing is also a benefit to criminals. It makes it difficult for citizens and good people to return phones that have been lost to their rightful owners. It is much more difficult for lost phones to be identified due to the lack of information available and resistance to sharing data.
Lox Network – the Solution to Better Security
Lox Network gives smartphone users the ability to own their data with an innovative security network. The LOX network runs on a hybrid blockchain that has a variety 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.
The network’s non-fungible tokens, SmartNFT tokens and SmartLOX tokens are at its core. 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.
Secure Wireless Device Security: A Good Idea
The innovative approach to smartphone fraud and crime will help reduce insurance costs, and make device ownership more affordable. Due to the rising value of smartphones, their sensitive data, and the fact there are more thefts than ever, current insurance premiums can be quite high.
Mobile device owners can subscribe to the LOX Network to lower their insurance premiums due to the increased security and traceability that the network offers.
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.
Learn How LOX Increases Wireless Device Security
LOX Network created a new innovative solution for 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. LOX Network’s decentralized blacklist helps make smartphone security more efficient.
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