Blockchain Could Interrupt the Secondary Mobile Phone Market

Blockchain technology is making a huge impact across different industries. Mobile devices, in particular, is one of the sectors that benefits from blockchain technology. It helps users organise, secure, and control their online data and digital profiles. Blockchain architecture also helps phone owners locate their phones if ever they lose them. 

On a different note, mobile devices sold in second-hand marketplaces that delivers almost the same functions and features new phone models have has gained a stable market over the years. These phones are being sold as long as it serves their sole purpose. It is a sustainable way of using gadgets and the phones are being utilised until it is no longer usable. 

Blockchain technology is advancing every day and it is putting the second-hand phone market at risk. Given the demands of the users nowadays are lea ing towards new cellular trends, it is projected that it will interrupt the second-hand mobile market. 

Insurance for Mobile Phones

Regardless of the item, you are trying to get insurance on, be it a car or a phone, there are two factors that need a closer look at. The severity and the frequency are important to know how secure your expensive mobile phone is under the protection of your insurance company. 

The severity is the aspect that follows the cost of the claim and frequency is the number of times you are allowed to make a claim. However, making a claim will depreciate the value of the item and it will be considered unusable. Hence, filing of claim fr your damaged phone will be strictly limited to one. It also relates to the maximum cost of replacement and the price considered will be the current value of the phone when bought brand new. 

As for environments that buy and sell mobile devices, providing the customers “risk pools” data regarding the condition of the phone will give the potential buyers know and understand how damaged the phone is. Additionally, the money left in the risk pool and how many claims the phone has been under must also be provided. 

Grades of Mobile Devices

Grading the device has several factors to consider. Second-hand phone sellers provide buyers with the grade level of the phone and a comprehensive description of the different grades. The functions and the condition of the phone will be readily available for customers to help them come up with a purchase decision. The users will be informed with important data that will give them the best hint of what to purchase. 

The constant change in the digital industry is significantly enhancing the quality of life and delivering convenience and more comfort. Blockchain technology is one of the innovations that will help the second-hand phone industry provide better information about the product to earn their trust and also promote a sustainable way of using mobile phones. With blockchain technology, users will have more control over what they purchase and they can prevent themselves from buying an unusable second-rate mobile phone. 

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