Smartphone theft is at a moment of crisis. More than 446,000 handheld devices are stolen every year, equivalent to 1,222 mobile phones per day. Our equipment is more expensive than ever, and the value of the global mobile phone insurance market is expected to exceed US$40 billion by 2025. This is why Lox’s mission is to better control the theft of smartphones by creating the world’s first decentralized secure network, empowering to give back to smartphone users instead of wireless operators or other third parties.
Challenges: isolated data, proof of ownership, and data sharing
The wireless device data is locked behind the island, which makes the stolen phone easily sold on the black market. This makes it very difficult to retrieve information from your device, such as the source of the device, the previous owner, and the date of purchase. In essence, even if you have smartphone data, it is difficult to obtain. Network providers are also of no avail, because they operate in silos and are not keen to share any device information with users, insurance companies, or law enforcement.
In addition, it is often difficult for insurance companies to send correct information to owners. For example, you buy a new smartphone from a well-known high street retailer, but you insure from another supplier. If your phone is stolen, your insurance company will need your network provider to provide relevant information, but your network provider will not release this data until it receives the retailer’s proof of ownership. Because of the need for licenses from multiple different agencies, efforts to receive related smartphone information will cause a chain reaction.
The lack of data sharing also benefits criminals, because it makes it difficult for good citizens to return their lost phones to their original owners. Due to the lack of information and resistance to sharing data, lost phones are more difficult to identify.
Lox network-a solution to improve security
Lox Network returns the right to own data to smartphone users everywhere through an innovative decentralized security network. The LOX network runs on a proprietary hybrid blockchain with a series of functions and features. The network is located on the Ripple XRP ledger, using its powerful features, speed, cost efficiency, and most importantly decentralization, allowing users to more easily access their data and control the smartphone in their hands.
The core of the network is its irreplaceable tokens: SmartNFT and SmartLOX tokens. They are used to connect users’ unique digital and physical ownership, and the link between SmartNFT and SmartLOX serves as a proof of ownership for smartphone users.
With Lox Network, you will be able to report your own device lost or stolen, track it yourself, and exchange important data when buying or selling the device. This is the world’s first decentralized security network that truly controls data ownership and shares important data between key parties through a peer-to-peer ecosystem.
Revolutionize wireless device security
This innovative solution for smartphone crime and fraud will greatly reduce insurance costs and reduce the cost of user-owned equipment. At present, due to the increasing value of modern mobile phones, the number of sensitive data stored in mobile phones, and the number of stolen smartphones than ever before, insurance premiums are relatively high.
When mobile device users subscribe to the LOX network, as part of the network will provide enhanced security and traceability, their insurance premiums may also be reduced.
In addition, as insurance companies and users have easier access to phone data, insurance claims may become almost automated, allowing you to access relevant information at the click of a button, rather than a lengthy, cumbersome, and frustrating process. In short, Lox Network simplifies the entire process and finally returns the control right to smartphone users everywhere.
Learn how LOX can enhance the security of your wireless devices
LOX Network has created an innovative new solution for smartphone theft. Thanks to the proprietary NFT, the unique model links users’ unique digital and physical ownership, allowing owners to control the security of their devices. More importantly, due to the unique decentralized hybrid ledger built on the XRP blockchain, the LOX network is not restricted by silos. Through a decentralized blacklist, LOX Network helps the smartphone security industry change forever.