Smartphone theft is at a disaster level. Over 446,000 handheld units are stolen yearly, equating to 1,222 telephones per day. Our units are dearer to insure than ever and the worldwide cell phone insurance coverage market is anticipated to be value greater than $40 billion by 2025. That’s why Lox’s mission is to higher management smartphone thefts by creating the world’s first decentralized safety community, giving the facility again to smartphone homeowners quite 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 equivalent to the place it comes from, its earlier homeowners, and buy dates. Essentially, your smartphone knowledge, despite the fact that you personal it, could be very exhausting to amass. Network suppliers don’t assist the scenario both, as they function in silos and aren’t eager on sharing any machine data with customers, insurers, or regulation enforcement.
Furthermore, insurers typically wrestle to ship the appropriate data to homeowners. Say, for instance, you purchase your new smartphone from a well 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 information sharing additionally works within the favor of criminals, because it makes it difficult for good residents to return misplaced telephones to their authentic homeowners. With this lack of awareness 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 palms of smartphone customers all over the place, with an progressive 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, price effectivity and—most significantly—its decentralization to provide customers simpler entry to their knowledge and place management over their smartphones of their palms.
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 be capable of report your individual machine misplaced or stolen, monitor it your self, and trade necessary knowledge when shopping for or promoting a tool. This is the world’s first decentralized safety community to actually management knowledge possession and share important knowledge between key events by a peer-to-peer ecosystem.
Transforming Wireless Device Security for Good
This progressive 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 rising worth of recent handsets, the delicate knowledge they retailer, and the truth that extra smartphones are being stolen than ever earlier than.
When cell machine customers subscribe to the LOX Network, there’s additionally the potential to have their insurance coverage premiums lowered due to the improved safety and traceability being a part of the community will present.
Furthermore, there’s the potential for insurance coverage payouts to develop into just about 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 an alternative of a prolonged, cumbersome, and irritating drawn-out course of. In brief, Lox Network streamlines your complete course of and—in the end—rightfully return management to smartphone homeowners all over the place.
Discover How LOX Enhances Your Wireless Device Security
LOX Network has created an progressive new answer to smartphone theft. The distinctive mannequin bridges the customers’ distinctive digital and bodily possession due to the proprietary NFTs, permitting homeowners to manage the safety of their units. What’s extra, the LOX Network just isn’t restricted by silos due to the distinctive decentralized hybrid ledger constructed on the XRP blockchain. Through the decentralized blacklist, LOX Network helps the smartphone safety business change for good.
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