NFTs, or non-fungible tokens are a form of digital ledger that can be sold and traded. Although most people associate NFTs with digital art, they’re being trialled and applied in several industries including pharmaceutical, food distribution, and fashion. They’ve even been used to raise money for the Ukraine appeal.
Read on to discover how LOX is using the power of NFTs to tackle key challenge in mobile device security.
Currently, mobile phone carriers operate blacklists that tag lost or stolen smartphones using the device’s unique International Mobile Equipment Identity Number, or an IMEI. While this goes some way in preventing mobile devices from being lost or stolen, there are significant issues with the current blacklist model.
One major problem with the current smartphone security model is that wireless carrier blacklists don’t interoperate with each other, leaving massive blindspots. Unfortunately, criminals only need to ship blacklisted phones to another country for them to be functional again, allowing phone theft to proliferate in a globalized world.
LOX is overcoming this issue with its new dual NFT proof-of-ownership model that includes SmartNFT and SmartLOX. This unique model bridges the users’ unique digital and physical ownership thanks to proprietary NFTs, allowing owners to control the security of their devices. This also means the LOX Network is not restricted by silos thanks to its unique decentralized hybrid ledger built on the XRP blockchain. LOXs global blacklist makes reselling stolen phones much harder for criminals, since they can no longer carry them across borders.
IMEI blacklists are not publicly accessible, making it difficult for law enforcement, insurance companies, and individuals to access and use blacklist data. This not only makes it difficult for stolen phones to be tracked down and recovered, but also means individuals do not have the full ownership rights to their mobile devices. Instead, all control rests in the hands of wireless carriers. Because of this, carriers may delay the release of device information for extended periods, making it difficult for insurance companies to process claims give payouts to victims of theft.
LOX is set to give device ownership back to the individual by utilizing NFTs. By minting device and user information as an NFT, ownership is verifiable on the blockchain. Creating a dual NFT proof-of-ownership model gives users access to their phone data at all times and allows them to be in control of reporting their phone as lost or stolen. Not only that, using LOX Network’s decentralized blacklist API integration and the forthcoming Lostorstolen web-based app, all parties (including insurers and law enforcement) can access device status information.
LOX Network has created an innovative new solution to smartphone theft. Our unique model bridges the users’ unique digital and physical ownership through unique NFTs, which allow owners to control the security of their devices. What’s more, the LOX Network is not restricted by silos thanks to its proprietary decentralized blacklist built on the XRP ledger.
Discover how we can better secure your wireless devices here.