Lox Network, a decentralized smartphone security network leveraging blockchain and NFT technology, will integrate Apple and Samsung’s mobile devices into its network to combat phone theft.
Since smartphones have become an integral part of our everyday lives, smartphone crime is also on its meteoric rise. Last year, smartphone theft costs $30 billion in losses. Organized cartels resell the devices in black markets around the world making billions of dollars, creating a demand for stolen devices. To combat such crime, Lox Network proposes a decentralized solution to report, blacklist, and even retrieve stolen devices.
The Lox team will first integrate the world’s leading smartphone devices from Apple and Samsung and aim to launch the platform next year.
By adopting a trio system, two NFTs and the network’s native token, Lox Network allows smartphone users to store their information on the immutable XRP ledger and claim digital ownership of the smartphones.
With the SmartNFT platform, users can create an NFT for their digital representation including name, email, and additional information, and another NFT for their smartphone storing the model, IMEI number and other identifying information. Both the NFTs are then paired on the SmartLOX app to create proof-of-ownership on the XRP ledger.
In case a device is stolen, the owner can report the crime through the SmartLOX app. Lox
The network will track down the device with the identifying information, blacklist and lock the device. To help owners retrieve lost devices, Lox Network empowers users to create bounties on the platform by paying LOX tokens.
“Lox Network puts the power of device ownership back to the owners, not wireless carriers. Integrating Apple and Samsung devices is only our first step into combating theft and retrieving assets. We will expand our network to cover more devices such as smartwatches and even ebikes,” said Lucas Collins, CEO of Lox Network.
Recently, to expand their ecosystem, Lox Network has partnered with a couple of blockchain companies including StackOS, SoluLab, Bitwork, and Coin Liquidity Solutions.