LOX Network: Better Wireless Device Security
04 January 2022 - 08:05PM
NEWSBTC
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 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 Challenges:
Siloed Data, Proof-of-ownership, and Data-sharing 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. 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.
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. Lox Network
– the Solution to Better Security Lox Network returns the power of
owning your data back into the hands of smartphone users
everywhere, with an innovative decentralized security network. The
LOX Network runs on a proprietary hybrid blockchain with a series
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.
At the core of the network are its 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. 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. Transforming
Wireless Device Security for Good This 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 the 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. In short, Lox
Network streamlines the entire process and—ultimately—rightfully
return control to smartphone owners everywhere. Discover How LOX
Enhances Your Wireless Device Security LOX Network has created an
innovative new solution to 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. Through the decentralized blacklist, LOX Network
helps the smartphone security industry change for good.
Image: Pixabay
Ripple (COIN:XRPUSD)
Historical Stock Chart
From Feb 2024 to Mar 2024
Ripple (COIN:XRPUSD)
Historical Stock Chart
From Mar 2023 to Mar 2024