CEO MONTHLY / ISSUE 5 2022 28 LOX’s Mission to Revolutionise Wireless Device Security Using Blockchain Technology and the CEO Behind It LOX Network puts the power of device ownership in the hands of owners rather than wireless carriers. Its mission is to recover lost or stolen devices through global data sharing. The company’s founder and CEO, Lucas Collins, has been recognised by CEO Monthly as Most Influential CEO, 2022 - London, the United Kingdom. Let’s take a closer look at how he and his team are providing global security for the world’s wireless devices. ur phones are an important part of our lives. They store treasured memories, they help us to run our businesses, and—as has been exemplified in recent times—they connect us with our loved ones. Many of us know all too well the feeling of dread that sinks in when we lose a mobile device. According to Forbes, 70 million mobile phones are lost each year—that’s an eye-watering two devices every second! LOX Network’s founder and Chief Executive Officer, Lucas Collins, is on a mission to change that. Lucas has a bachelor’s degree in Business/ Managerial Economics from Eastern Mediterranean University, and two decades of management and leadership experience working for leading UK mobile device retailers including Orange, Phones4u, EE, and Dixons Carphone. Lucas is also the owner of Chase Side Retail and The Brothers Retail, so he’s well equipped with the experience and desire to lead a team and revolutionise the global infrastructure for wireless device security. Lucas launched LOX Network in the third quarter of 2020 and is proud to have developed the world’s first fully decentralised security network. The LOX Network is targeting and dismantling the global industry for wireless device theft by using blockchain technology to create a decentralised blacklist that prevents lost and stolen devices from being reentered into the secondary market. So, how does blockchain technology fit in to all of this? Simply put, blockchain is a decentralised record of digital transactions. LOX is creating the world’s first global IMEI blockchain (International Mobile Equipment Identity). Its users can add the device’s serial number (IMEI) and ownership details to the blockchain when they purchase a phone. Being decentralised, all networks and phone manufacturers have access to this data, including law enforcement, insurance companies, and the general public. LOX’s decentralised system enables Lucas’s vision “to make device data universally accessible.” When a phone is reported missing, it is blacklisted and will therefore appear as stolen should anyone activate it. Phones significantly lose their value when they’re blocked and blacklisted, and can’t be connected to any other cellular network worldwide. This deters theft and increases the likelihood of stolen phones being returned. As Lucas notes, “the only deterrent stronger than getting caught is a lack of reward.” The LOX token ($LOX), the company’s native currency, is central to its network and forms part of the LOX reward structure. Device owners can create bounties that are paid in $LOX, incentivising the recovery of lost and stolen devices. Users who find such devices and return them to their owners receive a reward paid in $LOX. They’ll also receive a $LOX reward when finding a blacklisted device with no apparent owner. These three incentives are designed to increase the recovery rate of lost and stolen devices, ultimately serving Lucas’s ambitious aim of eliminating global wireless device theft. LOX’s model uses NFT technology and a hybrid blockchain to improve mobile security. Its hybrid blockchain pairs SmartNFTs to SmartLOX NFTs, creating a bond that is at the core of its ecosystem. It bridges its users’ unique digital and physical ownership of their wireless devices through non-fungible tokens (NFTs). The user creates a SmartNFT representation of themself, including name and contact information. They then mint a SmartLOX NFT that represents their wireless device, recording Mar22566 O
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