This is a great device, but it is definitely not the worlds first!
This device is used on almost all public bikes everywhere in China and other countries. Unless you are talking about the company that makes these locks, I would guess your title needs correction. But good hunt nonetheless.
Pros:

• Uses bluetooth technology
• Fully prevents thieves from taking your bike
• easy to use
  Cons:
• Requires a smart phone to use
• Doesn't always work, I have used this device before and sometime you have to reset your phone for it to recognize the device