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January 21, 2022
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LOX Network: Better Wireless Device Security

Smartphone theft is at a disaster level. Over 446,000 handheld gadgets are stolen yearly, equating to 1,222 telephones per day. Our gadgets are dearer to insure than ever and the worldwide cell phone insurance coverage market is predicted to be value greater than $40 billion by 2025. That’s why Lox’s mission is to raised management smartphone thefts by creating the world’s first decentralized safety community, giving the facility again to smartphone homeowners slightly than wi-fi carriers or different third events.

The Challenges: Siloed Data, Proof-of-ownership, and Data-sharing

Wireless machine knowledge is locked behind silos, permitting stolen telephones to be offered on the black market with ease. This makes it very troublesome to retrieve data out of your machine resembling the place it comes from, its earlier homeowners, and buy dates. Essentially, your smartphone knowledge, regardless that you personal it, could be very exhausting to accumulate. Network suppliers don’t assist the state of affairs both, as they function in silos and aren’t eager on sharing any machine data with customers, insurers, or legislation enforcement.

Furthermore, insurers typically wrestle to ship the fitting data to homeowners. Say, for instance, you purchase your new smartphone from a widely known high-street retailer, however you insure it with one other supplier. If your cellphone is stolen, your insurer will want the related data out of your community supplier, however your community supplier gained’t launch this knowledge till receiving proof of possession from the retailer. This wrestle to obtain the related smartphone data causes a sequence response, as permission is required from a number of totally different our bodies.

This lack of knowledge sharing additionally works within the favor of criminals, because it makes it difficult for good residents to return misplaced telephones to their unique homeowners. With this ignorance and resistance to share knowledge, misplaced telephones are a lot more durable to establish.

Lox Network – the Solution to Better Security

Lox Network returns the facility of proudly owning your knowledge again into the fingers of smartphone customers in every single place, with an modern decentralized safety community. The LOX Network runs on a proprietary hybrid blockchain with a collection of features and options. The community sits on the Ripple XRP ledger and makes use of its energy, pace, value effectivity and—most significantly—its decentralization to provide customers simpler entry to their knowledge and place management over their smartphones of their fingers.

At the core of the community are its non-fungible tokens: SmartNFT and SmartLOX tokens. They are used to bridge each the customers’ distinctive digital and bodily possession and the bond between SmartNFT and SmartLOX acts as proof-of-ownership for smartphone customers.

With Lox Network, you’ll have the ability to report your personal machine misplaced or stolen, monitor it your self, and change vital knowledge when shopping for or promoting a tool. This is the world’s first decentralized safety community to really management knowledge possession and share important knowledge between key events by way of a peer-to-peer ecosystem.

Transforming Wireless Device Security for Good

This modern answer to smartphone crime and fraud will go a great distance in decreasing insurance coverage prices and making machine possession cheaper for customers. Currently, insurance coverage premiums are comparatively excessive because of the growing worth of recent handsets, the delicate knowledge they retailer, and the truth that extra smartphones are being stolen than ever earlier than.

When cellular machine customers subscribe to the LOX Network, there may be additionally the potential to have their insurance coverage premiums lowered because of the improved safety and traceability being a part of the community will present.

Furthermore, there’s the potential for insurance coverage payouts to turn out to be nearly automated as cellphone knowledge turns into extra readily accessible to insurers and customers, with the related data accessible on the click on of a button as a substitute of a prolonged, cumbersome, and irritating drawn-out course of. In quick, Lox Network streamlines the whole course of and—finally—rightfully return management to smartphone homeowners in every single place.

Discover How LOX Enhances Your Wireless Device Security

LOX Network has created an modern new answer to smartphone theft. The distinctive mannequin bridges the customers’ distinctive digital and bodily possession because of the proprietary NFTs, permitting homeowners to regulate the safety of their gadgets. What’s extra, the LOX Network is just not restricted by silos because of the distinctive decentralized hybrid ledger constructed on the XRP blockchain. Through the decentralized blacklist, LOX Network helps the smartphone safety trade change for good.

 

Image: Pixabay

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